While Philadelphia has seen a steady construction pipeline in recent years, construction starts on new retail developments have fallen to a new low in 2024. With one quarter left in the year, 2024 is on track to record the lowest level of retail groundbreakings seen in decades, reflecting a similar trend observed nationwide.
Retail construction dwindles to new lows in Philadelphia
The latest slowdown is expected to intensify leasing competition for store space in coming year
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