Philadelphia’s East Market Street has been a commerce and transportation hub since the time of 19th-century slaughterhouses and horse-drawn trolleys. This strip of retail space in Philadelphia has certainly experienced both good times and bad. Even with the 1977 opening of the Gallery, the consolidation and downfall of Philadelphia’s grand department stores resulted in an absence of upscale Philly retail space. At the turn of the century, Rittenhouse Row — and more recently, west Chestnut Street — became the city’s preferred shopping destination.
But now, Market East is moving toward regaining its significance as “Philadelphia’s Main Street,” with a revitalization effort that will see more than 1.6 million square feet of new and renovated Philadelphia retail space introduced to this segment of the Philadelphia commercial real estate market.
Leading the transformation is retailer Century 21, which in 2014 opened a 100,000-square-foot store at 8th & Market, its first location outside New York City. But PREIT/Macerich’s planned overhaul of The Gallery as a premium outlet center is garnering the most interest now as current retail tenants are being relocated to clear the way for the multi-year makeover. An overlooked feature of this Philadelphia commercial real estate development is that it will literally break down the massive walls of the Gallery to bring Philly retail space down to street level, thereby making Market Street more appealing to pedestrian traffic than it has been in nearly 40 years since The Gallery opened.
On the opposite side of Market Street, a 775,000 square foot mixed-use project is now being built by National Real Estate. The development will feature 322 residential units, along with Philadelphia commercial properties that will include office space, hospitality, parking and retail. National’s Philadelphia commercial real estate project also will improve pedestrian access to Chestnut Street, where Brickstone Realty is building several Philly commercial properties. Most notable among Brickstone’s projects is a development that will provide 112 apartment units and 95,000 square feet of Philadelphia retail space on the 1100 block of Chestnut.
Rents for retail space in Philadelphia in the Market East area have remained fairly steady, but occupancy rates have increased significantly over the past decade. Thanks to a population of more than 183,000 people in Greater Center City and record number of future bookings at the Pennsylvania Convention Center, demand for retail space in Philly is expected to remain solid for the foreseeable future.
For more information about Philly retail space or other Philadelphia commercial properties, please call 215-799-6900 to speak with Anthony V. Mannino, Esq., Vice President-Corporate Strategies, at Wolf Commercial Real Estate, a premier Philadelphia commercial real estate broker with expertise in Philadelphia retail space.
Wolf Commercial Real Estate is a Philadelphia commercial real estate brokerage firm that provides a full range of Philadelphia commercial real estate listings and services, marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philly commercial properties for buyers, tenants, investors and sellers.
Wolf Commercial Real Estate, a Philadelphia commercial real estate broker that specializes in Philadelphia commercial real estate listings, provides unparalleled expertise in matching companies and individuals seeking retail space in Philly with the Philly commercial properties that best meet their needs. As experts in Philadelphia commercial real estate listings, including retail space in Philadelphia, the team at our Philadelphia commercial real estate brokerage firm provides ongoing detailed information about retail space in Philly and other Philadelphia commercial properties to our clients and prospects to help them achieve their real estate goals. If you are looking for Philadelphia retail space for sale or lease, Wolf Commercial Real Estate is the Philadelphia commercial real estate broker you need — a strategic partner who is fully invested in your long-term growth and success.
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