Turning your Commercial Real Estate Around during the Pandemic
Anyone who’s lived in Philadelphia knows just how beautiful and thriving the commercial real estate market is in the Old City area. Normally, this area is bustling with boutique shops, tourists visiting the nearby historical landmarks, and locally-owned restaurants. However, this pandemic has caused the closure of many of these establishments and changed the landscape of the real estate in Old City in many ways.
Some of the longtime occupants of the retail space and restaurant space have said goodbye to Philadelphia – places like FARMiCA and the women’s clothing store Smak Parlour – which has created opportunities for new businesses to step in to provide services that locals and tourists alike love. These closures, pandemic or not, create a demand for locals. They will be looking for a new favorite take out spot that they can depend on for succulent and satisfying dinners in the void that the closing of FARMiCA has created. For those women who love shopping boutique, bespoke quality clothing, Smak Parlor’s closure means that void will also need someone to step in.
Whether you’re a landlord looking for a tenant or a business owner looking for a new space, there are now more options than ever. I recently shared with The Philadelphia Inquirer, “I’m seeing a shift of retailers who are making money now and seeing an opportunity for a space that became available to them because of the pandemic.”
There are many commercial real estate and retail spaces available to fill these kinds of voids. One of the best things about the Philadelphians is that they are loyal, and when they love something, they will continue to come back. Even when this pandemic is behind us, they will come. It’s a matter of knowing how to capitalize on the way of the world as it currently is and pivoting where you need to pivot. Part of this is also having a trusted partner that can help you strategize and discover new ways to be fluid when the market is turned upside as it is now.
Small businesses really thrive in the Old City area of Philadelphia, and if you’re looking to get your small business up and running, there is no better time. There are so many great retail spaces open and ready for new business in many prime locations in the area. As one of Old City’s most trusted and experienced commercial real estate brokers, I can help you find the perfect place to set up shop. Become a part of the heart of Philadelphia and the captivating history that your new retail space is surrounded by.
If you are a landlord in need of a tenant, investor looking to sell, or a business owner looking to upgrade your space, you can reach on my cell: 267-439-6926