Restaurants Now Serving Retail Growth: Philadelphia Style

  • Food & beverage tenants represented 40% of all retail leasing transactions in Downtown Philadelphia in 2016

 

  • Average rents for food & beverage tenants are poised to set a new record this year

 

  • Philadelphia’s dining scene remains accessible to the consumer: restaurant price growth increased 14.2% from 2010-2015, yet when compared to other major metros, stayed in check with income growth

 

  • Casual dining and fast casual restaurants comprise 50% of downtown Philadelphia’s restaurant market share, but polished casual is on the rise

 

  • Suburban Philadelphia’s food & beverage scene is also booming: upgraded and newly-built suburban shopping centers are currently over a quarter occupied by food & beverage tenants

 

  • Philadelphia is attuned to existing and emerging food & beverage market trends