Philadelphia Retail Big Box Report H2 2021

18 abr. 2022

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As the Covid-19 pandemic continued to recede in the second half of 2021, big-box retail activity mirrored its pre-pandemic state. During 2021, big-box retailers regained both occupancy levels and new opening momentum lost during 2020. Additionally, retail investment sales volumes picked up in the second half of 2021, specifically in primary markets, coming near 2019 levels. These improved market conditions have once again made it challenging to find desirable big-box spaces in prime trade areas, while escalating construction costs have hindered investors’ ability to add supply in these in-demand locations. However, even as some segments of the big-box market have improved, there remains the long-term trend away from large-format retail, leaving an appreciable amount of available big boxes in secondary locations.