Center City retail discussion - Page 179 - PhillyBlog

sfjoeynphilly · #**1781** (**permalink**) 07-07-2008, 11:51 PM

Quote:

Originally Posted by jn06

at 1515 Walnut - according to www.salove.com

Any other new news on Arden B, Ann Taylor Loft, Sharper Image, etc?

wasnt there a poster while back who called theory in the rosenblutg bldg? didnt that same poster also say that Apple was opening in the ATL space?

also - lets not forget that J Brewster Gallery is open space as well!

MINIcooper · #**1782** (**permalink**) 07-10-2008, 11:14 AM

The former Wawa space at 20th and Locust is listed for lease at $15,000 a month (plus utilities, taxes, condo fees, etc.). What kind of business could possibly afford that kind of monthly cost for that location?

Kukla65th · #**1783** (**permalink**) 07-10-2008, 04:33 PM

Quote:

Originally Posted by iamcpoo

Looks like Modell's is coming to the old Loehmann's. There's a permit on the door for a 'sporting goods' store on the 1st, 2nd and basement levels. yip. Now everyone can buy goalie pads without leaving the city!

It's amazing that the 1500 block of Chestnut continues to be the thorn in the west of Broad area's side. Finish Line is down there already, now Modell's. This space is large and could have accomodated some (seriously lacking) destination retail that so many of us have been complaining about lacking for years on PhillyBlog.

Hell, let's just bring back Space Port where that hat shop just bit the dust. No, not the no-name arcade that served there the last few years it was open, but the Space Port with the 1980's signage. One has to visit Shore Mall in Pleasantville, NJ to find a Space Port - oh how we suffer.

robot · #**1784** (**permalink**) 07-10-2008, 04:36 PM

Quote:

Originally Posted by Kukla65th

Hell, let's just bring back Space Port where that hat shop just bit the dust. No, not the no-name arcade that served there the last few years it was open, but the Space Port with the 1980's signage. One has to visit Shore Mall in Pleasantville, NJ to find a Space Port - oh how we suffer.

When I was in college in 96 there used to be like three arcades I could go to in center city. I miss that. Now the closest one I can think of is univeristy city pinball.

Bryson662001 · #**1785** (**permalink**) 07-10-2008, 04:43 PM

Quote:

Originally Posted by MINIcooper

The former Wawa space at 20th and Locust is listed for lease at $15,000 a month (plus utilities, taxes, condo fees, etc.). What kind of business could possibly afford that kind of monthly cost for that location?

A Wawa?

Kukla65th · #**1786** (**permalink**) 07-10-2008, 05:06 PM

Quote:

Originally Posted by Bryson662001

A Wawa?

Exactly!

Neuronix · #**1787** (**permalink**) 07-10-2008, 06:54 PM

Quote:

Originally Posted by MINIcooper

The former Wawa space at 20th and Locust is listed for lease at $15,000 a month (plus utilities, taxes, condo fees, etc.). What kind of business could possibly afford that kind of monthly cost for that location?

My guess is that it will just sit empty for a year or two just like so many other prime real estate spots on the city, though maybe someone will be dumb enough to open up a restaurant there that will quickly fail.

phillyaggie · #**1788** (**permalink**) 07-15-2008, 01:29 AM

Not sure if anyone posted this news. Just a general snapshot of the retail market and expectations for the near future.

http://www.globest.com/news/1195_119.../172161-1.html

Last updated: July 9, 2008 08:29amNeed for Retail Space Expected to Drop

By Casey Freeman

Quote:

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.

John Wilson, retail broker and associate director of retail services for Cushman & Wakefield in Philadelphia, tells GlobeSt.com that the report is "very accurate as far as capital markets are concerned. The deals just aren’t happening," says Wilson. "Maybe the high end deals aren’t coming into this city."

Marcus & Millichap’s report predicts retail vacancy will hit 7.4% at the end of the year, while asking rents will rise 1.4% to $20.19 per sf and effective rents will jump 0.8% to $18.28 per sf.

"Vacancy is a little higher than last year, but it’s not high," Wilson says. "Center City rents are increasing, but the increase is smaller, not a large bump." In Center City, Wilson notes that the options are very select. "People are still looking for sites. The downfall in Philadelphia is that there isn’t enough select space. The vacancy that is available is smaller. It’s just a matter of fitting the tenant in the right space."

Wilson mentioned the Comcast Center’s floor level retail spots were 100% leased and doing very well. Rents are increasing on Walnut Street, he says. On Broadway and 14th Street, Wilson says he is seeing rents of $120 per sf while towards Rittenhouse Square five blocks away he’s seeing them at $150 per sf.
One of the strong points of Philadelphia is the city itself with its professional sports teams, college campuses and historical landmarks such as the Liberty Bell, according to Wilson. "There is a large attraction for tourism. It holds its own in Philadelphia," says Wilson. "You constantly see buses coming in with loads of kids."

So retail rents go from about $20/sq ft in the city all the way to $150/sq ft in Ritt Sq area?! wow!

Hospitalitygirl · #**1789** (**permalink**) 07-15-2008, 01:32 AM

"Broadway & 14th Sts?" This can't be believed.

phillyaggie · #**1790** (**permalink**) 07-15-2008, 01:32 AM

hehe i saw that too and just chuckled.