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Philly Ranked Top 2002 Retail Buyer Investment Market

PHILADELPHIA-At year-end 2002, with an average 11.25% yield and an average

By Marita Thomas | Updated on March 12, 2003

PHILADELPHIA-”By selling a New York City retail property and buying retail property in Philadelphia, a mere 96 miles away, an investor could increase returns by approximately 39% and acquire nearly three times as many square feet,” said David Frosh, president of Sperry Van Ness, a commercial real estate firm headquartered in Irvine, CA. He bases this information on his company’s year-end 2002 ranking of “America’s Top Retail Investment Markets.”

Philadelphia ranked first among US retail buyer’s investment markets in the study. It had an average yield of 11.25% and an average price of $93.33 per sf.

By contrast, with an average yield of 8.08% and an average price of $263.02 per sf, New York City ranked third among Sperry Van Ness’s top retail seller’s markets.

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