THESE ARE THE 10 MOST AFFORDABLE AND DESIRABLE URBAN RETAIL CORRIDORS
Retail property management company JLL has launched its inaugural City Retail report, which reveals the 10 most affordable and desirable urban retail corridors in the United States based on average asking rent per square foot.
These shopping districts have growing populations of working millennials, rising foodie scenes, and trendy mixes of up-and-coming retailers and well-known brands. These factors combine to create affordability and stability: the ideal scenario for retailers and investors that want to expand.
Heading the list is the Market East area in Philadelphia, with rents of $50 per square foot, followed by Wicker Picker, Chicago ($55 p.s.f) and Pike Street, Seattle ($65 p.s.f). Rounding out the top 10 are Fulton Market, Chicago; The Marina, San Francisco; University Avenue, Silicon Valley; Hayes Valley, San Francisco; Design District, Miami; Metro Center, Washington DC; and Fillmore, San Francisco.
“In retail, store location is everything – pick the wrong corner and your brilliant concept can fail,” said Naveen Jaggi, president of Retail Brokerage and Capital Markets, JLL. “We know that sometimes retailers want that prime main-and-main location, but just don’t have the budget. So, we looked at core U.S. cities to find more affordable areas for retailer expansion.”
