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Greater Metro Retail Market Strengthens

PHILADELPHIA-The nine-county local retail market jumped two notches to No. 23 in this year's National Retail Index from Marcus & Millichap. Strong investor demand is pushing up property prices. Stable vacancy and job growth will fuel modest gains in rental rates.

By Marita Thomas | Updated on May 22, 2003

PHILADELPHIA-The Philadelphia retail marked jumped two spots in the National Retail Index released by Marcus & Millichap. It moved to the No. 23 spot in the NRI ranking of 38 retail markets nationwide.

NRI is described as a snapshot analysis based on a series of 12-month forward-looking supply and demand indicators. Philadelphia’s rise in the ranking is attributed to a forecast of stable vacancy and modest job growth that will allow this nine-county market to strengthen in 2003.

The market added just 1.6 million sf of new retail space in 2002, down from 3 million sf added in 2001. M&M predicts this trend will continue and that just 1.5 million sf are expected to come online by the end of this year.

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