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Need for Retail Space Expected to Drop

PHILADELPHIA-Retail rents will slightly rise and more space will become available, but 'select' spots will be highly sought after, according to broker.

By Casey Freeman | Updated on July 08, 2008

PHILADELPHIA-A Marcus & Millichap second quarter retail report predicts slight upticks in both retail rents and vacancy. The report also states that the slower economy will lower consumer spending and lower the demand for space, according to the second-quarter Retail Research Report in Philadelphia by Marcus & Millichap.

The report declared that employers are forecast to add 3,000 jobs, which is a 0.1% increase. The report also claims that nearly two million sf of new retail space will open this year.

“Lenders will continue to make distinctions on assets’ credit quality and location, driving up cap rates for lesser investment-grade tenants,” Spencer Yablon, director of corporate affairs in the Philadelphia office of Marcus & Millichap, says in a prepared statement. Calls to the Marcus & Millichap office were not returned by deadline.

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