More vacant big box retail space is on the market in the Greater Philadelphia as industry bankruptcies pick up steam, according to a report from CBRE.
The asset class in the city saw the number of available spaces rise to 70 from 65 in the second half of 2024 versus the previous six months. Also, the 5.6 million square feet recorded represented an eight percent increase. That marks the first time since the pandemic that availability in the big box sector has risen. The highest amount of space available is in Southeastern Pennsylvania, with 1.55 million square feet, followed by South New Jersey at 1.08 million square feet. The scarcest is in Delaware, which only has 328,451 square feet that's available.
CBRE attributed spike in vacant space to a "recent onslaught" in retailer bankruptcies. This included Big Lots, which brought more than 200,000 square feet of abandoned space to the market. Add that to the nearly 900,000 square feet that's set for new construction. While that all might sound like a concerning trend, the demand at least seems to be still be high. In the second half, new store openings surged by 57 percent.
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