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1、H2 2022Big-Box Retail ReportPhiladelphia Region2CBRE RESEARCH 2021 CBRE,INC.In the face of economic adversity,the Greater Philadelphia market maintained strong market fundamentals through the second half of 2022.Despite the long-term trend away from traditional large-format retail,specifically depar
2、tment stores,the post-pandemic upswing in demand for desirable big-box space remained prevalent.While some traditional metrics appeared to show minimal activity in the big-box market during the second half of 2022,the reality is that big-box retailers were starved for opportunities,specifically in p
3、rimary markets where there was little availability and stiff competition from growing retailers.Available spaces that created potential opportunities within the big-box market have essentially been divided into two categories;obsolete space that has been sitting on the market for years and will like
4、ly continue as such if and until it is slated for redevelopment,or space that is newer to the market and has been deemed highly desirable due primarily to its location.Furthermore,the quality of an available space matters more than ever.This created a market where landlords hold a great deal of leve
5、rage over tenants as retailers competed over the limited spaces.Previously,it was common for landlords to deliver a space built out to a tenants specifications.However,rising interest rates,supply chain disruptions and high material and labor costs associated with these buildouts made landlords unwi
6、lling to take on added risk,forcing retailers to find creative solutions in order to achieve new store growth while containing growing costs.These solutions included retailers being more flexible in terms of fit-out specifications and reusing existing big-ticket items such as HVAC equipment.While bo
7、th local and national retailers persisted with their expansion plans,prime available space proved to be almost unattainable.With so much of the Philadelphia big-box markets narrative built on the lack of supply,perhaps the biggest news in 2022 was the delivery of a newly constructed Wegmans in Wilmi
8、ngton,DE,a location the retailer had been targeting for years.This was the regions first big-box delivery since 2020.While there are few big-box construction projects in the pipeline,this is not indicative of a large market shift toward a significant uptick in new development.Lack of new supply has
9、and will continue to be a central theme driving the big-box market.These difficult conditions have spurred a new outlook on the big-box retail market.Rather than a sign of negativity,for the first time ever,the announcing of store closures is looked upon favorably as creating opportunities.Market Re
10、cap3CBRE RESEARCH 2021 CBRE,INC.Despite ongoing challenges from low inventory,supply chain disruptions and inflation,some retailers were still able to grow.With nine new openings,the second half of 2022 saw a healthy mix of activity from different big-box retail types.Representing the highest catego
11、ry of big-box openings in H2 2022,the grocery sector accounted for one third of all openings.This was the continuation of a dominant trend seen during the post-pandemic boom of openings in 2021.Following just behind were the hobby/sporting goods and furniture/home dcor/home improvement categories wh
12、ich each account for another 22%of openings.Leasing TrendsSource:CBRE Research,H2 20222018 H1 2018 H2 2019 H1 2019 H2 2020 H1 2020 H2 2021 H1 2021 H2 2022 H1 2022 H2 Forecast0510152025ApparelAutomotiveDepartmentElectronicsEntertainment/FitnessFurniture/Home Dcor/Home ImprovementGeneral MerchandiseGr
13、oceryHobby/Sporting GoodsStore Openings by Category,40,000+Sq.Ft.Spaces,H2 2022Forecast4CBRE RESEARCH 2021 CBRE,INC.The amount of available big-box space by square footage and number of spaces decreased by just 6%and 5%year-over-year,respectively.Although minimal,this decrease is evidence of the str
14、ong demand for big-box space.The largest quantity of available space has long been the 40,000 to 60,000 sq.ft.category which currently accounts for 42%of all available big-box spaces.While several spaces in this size range were taken off the market this half,they were quickly replaced by alternate s
15、paces including the highly anticipated Bed Bath&Beyond closures.Available Spaces By Size(Sq.Ft.)Source:CBRE Research,H2 202235304040,000-60,00060,000-80,00080,000-100,000100,000+Available Spaces By Size(Sq.Ft.)Big-Box Retail Availabilities40,000+Sq.Ft.83Spaces6.8 millionSq.Ft.Source:CBRE
16、Research5CBRE RESEARCH 2021 CBRE,INC.Southeastern PA21 Spaces|1,694,989 Sq.Ft.Availability by RegionSouthern NJ12 Spaces|1,044,331 Sq.Ft.Lehigh Valley PA12 Spaces|1,096,742 Sq.Ft.Central PA25 Spaces|1,877,721 Sq.Ft.Northeastern PA8 Spaces|6742,276 Sq.Ft.Delaware5 Spaces|408,023 Sq.Ft.6CBRE RESEARCH
17、2021 CBRE,INC.40,000 Sq.Ft.,H1 2020H2 2022/FutureNew ConstructionH2 20201650 Garden Park BlvdCherry Hill,NJ 08002159,000 SF2Gloucester Premium Outlets100 Premium Outlet DrBlackwood,NJ 0801240,000 SFH2 20223Barley Mill Plaza4417 Lancaster PkWilmington,DE 1980584,000 SFFuture4Uptown Worthington Phase
18、IV455 Carnegie BlvdMalvern,PA 1935550,000 SF5Prickett Preserve at Edgewood930 Stony Hill RdYardley,PA 19067100,000 SF6Topgolf588 N Gulf RdKing of Prussia,PA 1940652,000 SF7Gateway Hanover1301 Carlisle StHanover,PA 1733150,000 SF8Macungie Crossing5877 Hamilton BlvdTrexlertown,PA 18087136,058 SFTOTAL6
19、71,058 SF7CBRE RESEARCH 2021 CBRE,INC.Following the post-pandemic boom in big-box retail openings during 2021,the big-box market recalibrated during 2022 as it was forced to face the realities of a supply-constrained market.After years of desirable big-box spaces being leased by national retailers a
20、nd little new development,retailers had few options for their expanding footprints.Furthermore,rising construction costs made landlords less amenable to breaking up boxes or delivering finished spaces to tenants per their buildout specifications.Despite record high demand,with all ofthese challenges
21、 it is not surprising that there was a slowdown in big-box openings as compared to 2021.With market conditions expected to continue on their current trajectory,the future of big-box retail will be determined by the opportunitiesretailers are able to seize.A function of opportunities in the market,th
22、e defining characteristics of big-box retail are evolving.The shift away from large-format retail has been an established trend for years but several retailers are now taking it to a new level.While some retailers are sticking with or even growing their footprints,many others are changing the very d
23、efinition of big-box as many retailers have been right sizing their footprints for years.Everything from grocery to apparel stores have been modifying their footprints to meet a smaller size.A significant 47%of all big-box openings this year fell within the 40,000 to 60,000 sq.ft.category while only
24、 13%were 100,000+sq.ft.As the market continues to be shaped by its lack of supply,growing big-box retailers and landlords alike are eagerly awaiting new opportunities presented by the closure of other retailers.A prime example is the markets response to the announcement of hundreds of Bed Bath&Beyon
25、d store closures.What would once have been seen as a sign of distress in the market is now being looked upon favorably as creating opportunities for landlords to collect higher rents and retailers to capitalize on prime locationsthey otherwise would not have been able to finda win-win situation.Look
26、ing Ahead8CBRE RESEARCH 2021 CBRE,INC.H2 2022 Store OpeningsNew TenantPrevious TenantSq.Ft.CityHung VuongFood MarketToys R Us46,788 NewarkWegmansNew Construction84,000 WilmingtonOcean State Job LotKmart50,000 Willow StreetUrban Air Adventure ParkWolf Furniture60,510 LancasterPike Creek Community Har
27、dwareKmart40,000 WilmingtonJoAnn FabricBabies R Us40,003 DeptfordAmazon FreshGiant44,597 BroomallDcor Home FurnitureBon-Ton122,125 EastonRaymour&FlaniganWolf Furniture60,200 York H2 2022 Total548,223 9CBRE RESEARCH 2021 CBRE,INC.Future Store OpeningsOpening DateNew TenantPrevious TenantSq.Ft.City202
28、3 H1Nova Trampoline ParkBon-Ton64,000 Wyoming2023 H1TJX Concepts(2)Giant50,127 Doylestown2023 H1Hobby LobbyBurlington(downsize)50,000 Newark2023 H1At HomeFrank Theaters85,985 Media2023 H1Edge FitnessKmart40,000 Wilmington2023 H1UndisclosedKmart51,583 Berwick2023 H1Hobby LobbyAC Moore 52,000 Lancaste
29、r 2023 H1Monaco Indoor KartingKmart62,000 Berlin2023 H1Fusion GymsMealeys Furniture61,912 Fairless Hills2023 H1Ocean State Job LotKmart46,836 Shillington2023 H1Tilted 10JCPenney104,000 Willow Grove2023 H1Asian GrocerMealeys Furniture60,000 Berwyn2023 H1Ocean State Job LotKmart55,000 Elizabethtown202
30、3 H1Vision SolarBurlington41,500 Blackwood2023 H1Dicks Sporting GoodsNew Construction50,000 Hanover2023 H2TopgolfNew Construction52,000 King of Prussia2023 H2Home DepotNew Construction136,058 Trexlertown2023 H2ShopRiteKmart75,000 Clementon2023 H2Undisclosed Entertainment VenueRevolutions40,000 Bethl
31、ehem2023 H2Fun City Adventure ParkDicks Sporting Goods40,000 Millville2024 H1WegmansNew Construction100,000 Yardley2025 H1ShopRiteNew Construction81,550 GallowayForecasted Total1,399,551 10CBRE RESEARCH 2021 CBRE,INC.Available SpacesPrevious TenantSq.Ft.CountyCityFhan60,667 AtlanticEgg Harbor TwpSho
32、pRite55,100 AtlanticGallowayIncollingos Marketplace40,000 AtlanticGallowaySears206,924 AtlanticMays LandingJCPenney79,368 AtlanticMays LandingKmart67,770 AtlanticPleasantvillePathmark69,131 BurlingtonBeverlyAmes100,000 BurlingtonWrightstownOskar Huber46,220 CamdenCherry HillBig Lots47,201 CamdenClem
33、entonMacys223,450 CamdenVoorheesBurlington48,500 GloucesterBlackwoodSoutheastern PA21 Spaces|1,414,527 Sq.Ft.Previous TenantSq.Ft.CountyCityWalmart118,389 BucksBristolBon-Ton61,915 BucksDoylestownMacys42,049 BucksFairless HillsGiant50,658 BucksJamisonBon-Ton84,405 BucksQuakertownSams Club128,820 Che
34、sterExtonKmart110,000 ChesterWest ChesterGiant42,073 DelawareBroomallKmart105,569 DelawareHolmesSears70,808 DelawareUpper DarbyLord&Taylor120,000 MontgomeryBala CynwydJCPenney104,605 MontgomeryKing of PrussiaBest Buy43,405 MontgomeryKing of PrussiaSaks Off 5th Avenue41,589 MontgomeryKing of PrussiaS
35、ears181,736 MontgomeryNorth WalesGiant 57,200 MontgomeryPottstownBed Bath&Beyond56,658 MontgomeryWynnewoodMealeys Furniture82,345 PhiladelphiaPhiladelphiaUnited Artists77,700 PhiladelphiaPhiladelphiaKmart 70,110 PhiladelphiaPhiladelphiaBurlington44,955 PhiladelphiaPhiladelphiaSouthern NJ12 Spaces|1,
36、044,331 Sq.Ft.11CBRE RESEARCH 2021 CBRE,INC.Available SpacesPrevious TenantSq.Ft.CountyCityAcme55,000 CumberlandBridgetonBon-Ton59,925 CumberlandCarlisleSears 76,412 CumberlandVinelandMacys188,244 DauphinHarrisburgBon-Ton137,000 DauphinHarrisburgWeis65,043 DauphinHarrisburgToys R Us57,645 DauphinHar
37、risburgBoscovs53,250 DauphinHarrisburg42,000 DauphinHarrisburgJCPenney70,070 FranklinChambersburgBurlington60,770 FranklinChambersburgBon-Ton54,824 FranklinChambersburgBon-Ton179,000 LancasterLancasterCommunity Services Group43,446 LancasterLancasterKmart44,399 LancasterWillow StreetKmart94,000 New
38、CastleBearNells Market Fresh Foods47,439 YorkDallastownJCPenney99,008 YorkHanoverBon-Ton71,462 YorkHanoverWeis45,496 YorkHanoverJamesway50,000 YorkRed LionBurlington99,596 YorkYorkKmart82,033 YorkYorkGiant56,659 YorkYorkLA Fitness 45,000 YorkYorkPrevious TenantSq.Ft.CountyCityKmart108,445 BerksReadi
39、ngGiant71,825 BerksReadingKmart45,531 BerksReadingBon-Ton175,004 BerksWyomissingSears156,065 BerksWyomissingBon-Ton101,841 LehighAllentownKmart86,540 LehighAllentownWeis50,000 LehighCoopersburgKmart87,000 LehighEastonSears55,000 LehighWhitehallMealeys Furniture54,491 LehighWhitehallKmart105,000 Nort
40、hamptonBethlehemLehigh Valley PA12 Spaces|1,096,742 Sq.Ft.Central PA25 Spaces|1,877,721 Sq.Ft.12CBRE RESEARCH 2021 CBRE,INC.Available SpacesPrevious TenantSq.Ft.CountyCityKmart45,050 New CastleNewarkSears174,172 New CastleWilmingtonAccess Group76,458 New CastleWilmingtonSears65,000 New CastleWilming
41、tonSafeway47,343 New CastleWilmingtonPrevious TenantSq.Ft.CountyCityBurlington130,000 LackawannaArchbaldOllies40,000 LuzerneHazletonKmart88,477 LuzernePittstonConyngham Builders Supply41,500 LuzerneSugarloafAmes79,969 LuzerneWest HazletonBon-Ton155,301 LuzerneWilkes BarreSears97,429 LuzerneWilkes Ba
42、rreBeiters Home Center41,600 LuzerneWilkes BarreNortheastern PA8 Spaces|6742,276 Sq.Ft.Delaware5 Spaces|408,023 Sq.Ft.Aliza KahnField Research Analyst+1 610 386 Joseph GibsonField Research Associate Director+1 610 727 Philadelphia Downtown50 S 16th St,Suite#3000Philadelphia,PA 19102Philadelphia Subu
43、rban555 E.Lancaster Ave,Suite 120Radnor,PA 19087Contacts Copyright 2021.All rights reserved.This report has been prepared in good faith,based on CBREs current anecdotal and evidence based views of the commercial real estate market.Although CBRE believes its views reflect market conditions on the dat
44、e of this presentation,they are subject tosignificant uncertainties and contingencies,many of which are beyond CBREs control.In addition,many of CBREs views are opinion and/or projections based on CBREs subjective analyses of current market circumstances.Other firms may have different opinions,proje
45、ctions and analyses,andactual market conditions inthe future maycause CBREscurrent viewsto later beincorrect.CBREhasno obligation to update itsviewshereinifits opinions,projections,analyses ormarket circumstances laterchange.Nothing in this report should be construed as an indicator of the future pe
46、rformance of CBREs securities or of the performance of any other companys securities.You should not purchase or sell securitiesof CBRE or any other companybased on the views herein.CBRE disclaims all liability forsecurities purchased or sold based on information herein,and by viewing this report,you waive all claims against CBRE as well as against CBREs affiliates,officers,directors,employees,agents,advisers and representatives arising out of the accuracy,completeness,adequacy or your use of theinformationherein.