Smaller tenants like gyms, restaurants and grocery stores are snapping up remaining suburban leases as construction has slowed and retail rents have slightly increased, according to a new report.
Fusion Gym signed for 200K SF within Bensalem’s Neshaminy Mall in the former box of a Macy’s store, and quick-service chain Raising Cane’s signed a new 68K SF lease in Turnersville. Grocers also continued their growth trajectory, with Sprouts Farmers Market signing for two locations totaling nearly 50K SF in the Philadelphia area and cult-favorite grocer Trader Joes announcing a Valley Forge store, the report by CBRE shows.
Source: Smaller Retailers Snap Up Space Amid Construction Decline