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Restaurants top Retail Real Estate Deals in Philly Area

Restaurants top Retail Real Estate Deals in Philly Area

According to Philly.com, one in four retail real estate deals in Philadelphia area is a restaurant, and this is driven by demand, a younger clientele, and a challenged retail landscape.

Philly.com reports that, one in four retail real estate transactions these days is for a spot to eat and drink.

From trendy, chef-driven venues in Center City to outposts of national brands at suburban shopping centers and malls, restaurants have become go-to tenants, filling new spaces and former anchor stores and providing landlords with rents that are often higher and more reliable, Philly.com reports.

“Of over 600 retail transactions in the last 18 months, 24 percent are food and beverage,” said Steven H. Gartner, managing director for retail services at CBRE Inc., the region’s largest commercial real estate firm. “Many have been in new construction projects.” Philly.com reports.

Also, Philly.com notes that the Philadelphia picture mirrors a national trend: Since the recession ended, food and beverage (F&B) spending has become the fastest-growing retail sector, according to U.S. Commerce Department data. In August alone, sales nationwide were $55.3 billion, the data show.

Locally, consumer demand for better-quality and healthier food is propelling much of that growth, but so is the variety of the offerings.

Read more at: www.philly.com

Source: www.philly.com

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