PHILADELPHIA—Investment demand and pricing for retail properties in Philadelphia have skyrocketed, and rents have reached their highest levels along Walnut Street, according to new research by CBRE, the commercial real estate services and investment firm, which says it's shedding light on an 'opaque' property type with the study.
The report cites “the secular reemergence of our inner cities,” as a driver of demand for high street retail shops, and predicts “an upward trajectory for the foreseeable future.”
Center City Philadelphia's average household income increased 52 percent between 2000 and 2015, and the number of households earning more than $500,000 a year nearly quadrupled in that time period, CBRE says. Households between $200,000 and $500,000 jumped 454 percent.
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