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."
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.