PHILADELPHIA-The Walnut Street retail district has the distinction of having the fastest rising retail rents in the nation.
The district's number one ranking was reported in Colliers International's 2013 Global Retail Highlights Report. Walnut Street's retail rents rose 34% in the third quarter as compared to a year ago, according to the Philadelphia Business Journal.
“Walnut Street's tenant mix is moving away from local boutiques in favor of national brands with the capability to pay those growing rents,” the report states.
Walnut Street retail rents averaged $107 a square foot. In comparison, retailers on Fifth Avenue in New York City paid an average retail rent at $3,052, an increase of 11%. Following Philadelphia, Las Vegas' Boulevard saw a 25% increase in retail rents (to $200 a square foot). See story in the Philadelphia Business Journal.
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