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Northeast Retail Roundup

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SRS REAL ESTATE PARTNERS

Experience the Northeast with SRS

Retail Industrial Capital Markets

Affluent housholds drive retail demand Tight retail supply creates opportunity Tourism + education fuel consumer activity

The

Northeast CRE Retail Roundup Issue

NOV EM BER 2026


Robust retail abounds throughout

THE NORTHEAST SRS and Northeastern energy For 40 years, SRS has recognized the power of retail, providing tenant, owner, and investment services throughout the U.S. In the Northeast, we see robust retail at its finest - New England, Boston, New York, Philadelphia, and Washington, D.C. flourishing from high population density, affluence, and economic diversity. These areas account for millions of residents and a steady stream of tourism, creating boundless retail opportunities.

Historical & cultural attractions

Iconic destinations such as Boston’s Freedom Trail and New York’s Times Square draw millions of visitors and create year-round foot traffic, supporting retail, dining, entertainment, and experiential concepts.

Strong purchasing power

Affluent households across the Northeast provide strong consumer spending potential, supporting a diverse retail landscape ranging from luxury and specialty concepts to everyday goods and services. 2


NOR THE AS T

B Y T H E N U MBERS

$5.9 trillion economic output

annually contributed to the U.S. GDP, 19.3% of the national economy

91.5%

of the Northeast lives in urban areas making it the most densely populated U.S. region, ideal for concentrated retail activity

2 of top 5

busiest U.S. airports

(JFK and Newark), facilitate domestic and international retail activity

Highly educated, diverse consumer base

World-class universities, major employment centers, and a highly educated workforce bring together students, professionals, residents, and visitors, creating a dynamic and diverse customer base for retailers.

Diversified economic base

From New York’s finance, media, and technology industries to Boston’s healthcare, life sciences, and education sectors and Washington, D.C.’s government and professional services, the Northeast benefits from a broad economic foundation that supports consistent consumer activity. 3


NEW ENGLAND

prime market for retail investment

Historic downtowns, coastal destinations, and communityoriented neighborhoods create distinctive retail opportunities across New England’s established markets.

New England’s mix of historic character, affluent households, and compact metropolitan markets creates a distinctive environment for retail investment. Across Providence, Portland, Hartford, Burlington, and Manchester, the region includes more than 4 million residents, with 2026 median household incomes ranging from approximately $87,800 to $112,300. These established markets provide a strong foundation for neighborhood retail, dining , services, specialty concepts, and experiential uses. Availability also remains limited across these metros. Q2 2026 vacancy ranged from just 2.6% in Portland to 4.4% in Hartford and Manchester, with occupancy above 95% in all five markets. Together, the markets contain more than 256 million SF of retail inventory, while comparatively limited new construction continues to constrain additional supply. The region’s smaller-scale cities, historic downtowns, coastal destinations, and community-oriented neighborhoods give retailers an operating environment that differs from larger gateway markets. Combined with strong household incomes and limited available space, these characteristics favor concepts seeking established trade areas with both purchasing power and a strong sense of place.

4

High incomes

Impactful tourism

Low vacancy

New England has some of the highest average household incomes in the U.S., with NH MSA leading at $112K+

This area attracts 60M+ tourists annually, generating billions in revenue

Retail vacancy remains tight, due to constrained supply and strong leasing demand


Market Statistics Vacancy Rate

Market Asking Rent Growth

SF of Inventory

SF Under Construction

12-Month Net Absorption SF

Market Cap Rate

Providence, RI

3.6%

-0.3%

101,154,534

73,058

-191,472

7.8%

Portland, ME

2.6%

3.6%

40,174,341

135,790

-168,020

8.4%

Hartford, CT

4.4%

-0.5%

76,941,279

132,926

-403

8.5%

Burlington, VT

3.3%

-13.2%

10,749,469

0

-26,518

8.5%

Manchester, NH

4.4%

-1.4%

27,810,510

3,206

-427,361

8.9%

Market

Source: CoStar Retail Markets

Demographics Total Employment

Prj. Job Growth (5-yr)

Population

Prj. Population Growth (5-yr)

Median HHI

Prj. Median HHI Growth (5-yr)

Providence, RI CBSA

748,800

5.3%

1,690,796

0.5%

$87,805

17.1%

Portland, ME CBSA

307,900

7.9%

577,766

2.4%

$100,347

19.1%

Hartford, CT CBSA

628,000

7.5%

1,152,809

-0.5%

$99,348

13.2%

Burlington, VT CBSA

124,700

5.6%

232,050

1.7%

$99,849

14.2%

Manchester, NH CBSA

205,300

2.3%

428,579

0.6%

$112,297

18.7%

Market

Source: U.S. Bureau of Labor Statistics Metro Areas, Esri Metro Areas

Recent SRS Activity

Partial client & project representation lists

Tenant Services (throughout New England, Upstate NY, and Boston)

Owner Services

Capital Markets

Merchants Way Concord, NH

Cedar Landing Rochester, NH

TJ Maxx Plaza Manchester, NH

Bath Shopping Center Bath, ME

Killingly Commons Dayville, CT

ON MARKET Staples

Rochester, NH

UNDER LOI Starbucks

Middletown, CT

5


BOSTON retail soars

Boston remains one of the Northeast’s most compelling retail markets, anchored by an affluent, highly educated population, dense urban neighborhoods, and a steady influx of visitors, students, and professionals. The Boston-CambridgeNewton metro is home to more than 5.0 million residents and has a 2026 median household income of $125,208, creating significant purchasing power across established districts such as Back Bay, Harvard Square, and Seaport.

World-class universities, a highlyeducated workforce, and a diverse economy anchored by technology, healthcare, and life sciences support Boston’s dynamic retail and dining scene.

Space remains especially tight. Boston’s retail vacancy rate was just 2.8% in Q2 2026, with 97.2% occupancy across nearly 239 million SF of inventory. The market recorded approximately 284,000 SF of positive net absorption during the quarter, while only about 616,000 SF was under construction, reinforcing competition for well-located space.

Boston’s economy is anchored by healthcare, technology, life sciences, finance, and higher education, while tourism and Boston Logan bring additional spending into the market. Continued mixed-use development is creating walkable destinations where retail, dining, entertainment, residential, and office uses converge, broadening the range of customers and activity throughout the region. 6

Top 5 in the nation for an educated population 54.9% of residents 25+ hold a bachelor’s degree or higher

#1

state for economic performance and strength in the U.S. in 2026 by WalletHub

$125K+ median household income in Boston, up 5.7% year over year


Recent SRS Activity

Partial client & project representation lists

Tenant Services (throughout Boston, New England, and Upstate NY)

Owner Services

Capital Markets

Sunnyside Plaza Natick, MA

ON MARKET

Barrington Plaza Great Barrington, MA Randolph Village Randolph, MA

Dollar General Hyannis, MA ESCROW

CVS Lowell, MA

Lincoln Plaza Worcester, MA

Vacancy Rate

2.8%

Market Asking Rent Growth

-1.6%

SF of Inventory

238,834,977

SF Under Construction

615,992

12-Month Net Absorption SF

-125,504

Market Cap Rate

6.7% Source: CoStar Retail Markets

DE MOGR A PHI CS

M AR KET ST A T IST ICS

Post Office Square Lynnfield, MA

Total Employment Prj. Job Growth (5-yr) Population Prj. Population Growth (5-yr) Median HHI Prj. Median HHI Growth (5-yr)

2,782,100 5.2% 5,009,371 1.1% $125,208 15.8%

Source: U.S. Bureau of Labor Statistics Metro Areas, Esri Metro Areas

7


NEW YORK

powers retail growth

From world-renowned shopping districts to established Upstate communities, New York offers exceptional market diversity, scale, and a broad range of occupancy costs.

2.9%

real GDP growth in New York in 2025

20M+

NY state residents

4.2%

NYC metro retail vacancy 8

New York City and Upstate New York offer distinctly different advantages for retail commercial real estate, pairing NYC’s extraordinary scale with Upstate’s lower occupancy costs and established local markets. The New York-NewarkJersey City metro is home to an estimated 20.2 million residents in 2026, with a median household income of approximately $105,100. High-profile districts such as Fifth Avenue, SoHo, and the Meatpacking District give retailers access to an exceptional mix of residents, workers, and domestic and international visitors. Supply remains constrained in the New York metro. Overall retail vacancy stood at 4.2% in Q2 2026, with 95.8% occupancy and positive quarterly net absorption. More than 1 million SF of retail space was under construction, while overall asking rents averaged approximately $47.59 per square foot. Upstate New York offers a lower-cost alternative across Buffalo, Rochester, Syracuse, and Albany, where overall asking rents ranged from approximately $13.50 to $15.80 per square foot in Q2 2026. Conditions varied by market: Albany recorded just 3.5% vacancy and strong positive absorption, while Rochester also posted positive absorption. Buffalo and Syracuse experienced softer quarterly demand, illustrating the more localized nature of Upstate performance. Together, these markets give retailers a broad spectrum of options, ranging from high-density global shopping destinations to lower-cost regional markets and community-oriented centers.


Market Statistics Vacancy Rate

Market Asking Rent Growth

SF of Inventory

SF Under Construction

12-Month Net Absorption SF

Market Cap Rate

New York City

4.2%

0.7%

452,339,641

1,012,839

-602,537

6.2%

Buffalo

6.6%

-3.5%

76,174,153

104,250

-781,737

8.8%

Rochester

4.6%

-4.0%

73,750,270

10,443

170,927

9.0%

Syracuse

4.7%

-4.2%

50,990,679

57,068

155,670

8.9%

Albany

3.5%

-4.0%

64,136,596

360,109

102,984

8.6%

Market

Source: CoStar Retail Markets

Demographics Total Employment

Prj. Job Growth (5-yr)

Population

Prj. Population Growth (5-yr)

Median HHI

Prj. Median HHI Growth (5-yr)

10,169,000

11.8%

20,246,348

0.7%

$105,111

12.9%

Buffalo CBSA

567,700

6.8%

1,162,531

-0.1%

$75,586

8.9%

Rochester CBSA

524,800

6.6%

1,048,750

-0.7%

$78,762

9.7%

Syracuse CBSA

324,900

8.4%

649,615

-1.4%

$79,091

9.5%

Albany CBSA

487,400

9.8%

905,148

0.3%

$90,023

11.2%

Market New York City CBSA

Source: U.S. Bureau of Labor Statistics, U.S. Census Bureau, Esri

S R S RECEN T ACTI V I TY

New York Tenant Services

Partial client & project representation lists

Owner Services

Capital Markets

Tower Plaza Norwalk, CT

ON MARKET

Flanders Plaza East Lyme, CT Clinton Plaza Clinton, CT 4 MetroTech Center Brooklyn, NY Throggs Neck Shopping Center Bronx, NY

Walgreens Poughkeepsie, NY Multi-Tenant Retail Center Corning, NY White Castle Brooklyn, NY CLOSED

Texas Roadhouse Cheektowaga, NY Sherwin-Williams Newburgh, NY

9


PHILADELPHIA consumer base fuels retail demand

9th

largest metro in the U.S.

$81B+ in annual retail sales

130+

new Center City businesses opened in 2025

22%

of residents are millenials

Philadelphia’s scale, diverse economy, and cultural and historic appeal provide retailers with access to a wide range of customers. The Philadelphia-Camden-Wilmington metro is home to nearly 6.4 million residents, with a 2026 median household income of $97,272. High-traffic destinations such as Center City and Rittenhouse Square draw residents, workers, students, and visitors throughout the year.

Expanding mixeduse districts, major universities, and comparatively affordable occupancy costs create opportunities for retailers across the Philadelphia metro.

Philadelphia’s extensive university network, including the University of Pennsylvania and Temple University, adds a young, educated demographic, while tourism and the region’s many cultural attractions generate additional spending across retail and dining. Availability remains limited across the metro. Retail vacancy was 4.3% in Q2 2026, representing 95.7% occupancy across nearly 340 million SF of inventory. The market recorded positive net absorption during the quarter, while only about 733,000 SF was under construction, keeping additions to supply relatively modest.

Ongoing investment in mixed-use districts, residential development, and commercial corridors is further expanding the region’s retail landscape. Combined with its population density and comparatively affordable occupancy costs, Philadelphia offers retailers access to Northeast scale without the cost profile of some larger gateway markets. 10


S R S RECEN T ACTI V I TY

Philadelphia, PA

Partial client & project representation lists

Tenant Services

Owner Services

Capital Markets

Freestanding Fresenius Building Scranton, PA

ON MARKET

CLOSED

7-Eleven Lock Haven, PA

Starbucks Shops Altoona, PA

Fresenius Sublease Grundy, VA

USLI HQ King of Prussia, PA

7-Eleven Mars, PA

Fresenius Sublease Baltimore, MD

Dollar Tree Rochester, PA

Dollar General Farrell, PA

Freestanding Fresenius Building Lynchburg, VA

WellNow Urgent Care St. Marys, PA

Texas Roadhouse Indiana, PA

Vacancy Rate

4.3%

Market Asking Rent Growth

0.7%

SF of Inventory

339,664,327

SF Under Construction

733,235

12-Month Net Absorption SF

292,731

Market Cap Rate

7.7% Source: CoStar Retail Markets

DE MOGR A PHI CS

M AR KET ST A T IST ICS

WellNow Urgent Care Bradford, PA

Total Employment Prj. Job Growth (5-yr) Population Prj. Population Growth (5-yr) Median HHI Prj. Median HHI Growth (5-yr)

3,162,100 10.5% 6,387,167 1.1% $97,272 14.3%

Source: U.S. Bureau of Labor Statistics Metro Areas, Esri Metro Areas

11


WASHINGTON, D.C. diverse retail landscape

Washington, D.C. combines high household incomes, a large regional population, and steady visitor activity to create a diverse retail landscape. The Washington-Arlington-Alexandria metro is home to more than 6.5 million residents, with a 2026 median household income of $134,515, among the highest of the major Northeast markets. Established destinations such as Georgetown, CityCenterDC, the Wharf, and Navy Yard attract residents, professionals, students, and visitors across luxury, dining, service, and experiential concepts.

A strong employment base, substantial daytime population, and significant visitor spending support D.C.’s diverse retail landscape.

The regional economy includes more than 3.3 million jobs, with government, professional services, technology, education, and healthcare contributing to a stable and highly educated workforce. Population is projected to grow about 3.0% through 2031, while median household income is forecast to increase more than 15%, further strengthening the region’s spending potential. Retail space remains relatively tight, with metro vacancy at 4.5% in Q2 2026 across approximately 259 million SF of inventory. More than 1.1 million SF was under construction, reflecting continued investment in mixed-use and neighborhood retail environments throughout the region.

12

Solid Employment

1M Daytime Pop

D.C. Spends

High Wages

3.3M jobs across the Washington metro in 2025

Daytime population rises to nearly 1M as people commute to the city

$11.9B in visitor spending, included roughly $1.7B spent on shopping

$44.20/hr average metro wage is 32% above the U.S. average


S R S RECEN T ACTI V I TY

Washington, D.C.

Partial client & project representation lists

Tenant Services

Owner Services

Capital Markets

Central Armature Works Washington, D.C.

ON MARKET

Sprouts Haymarket, VA

District Center Washington, D.C.

Bank of America Glen Allen, VA

The Eaton Hotel Washington, D.C.

Wawa Manassas, VA

1350 Eye Street NW Washington, D.C.

Raising Cane’s Forestville, MD

4.5%

Market Asking Rent Growth

0.8% 259,301,799

SF Under Construction

1,098,435

12-Month Net Absorption SF

-328,680 7.0% Source: CoStar Retail Markets

Chase Bank Washington, D.C.

ALDI Glen Allen, VA

Wawa College Park, MD

Sheetz Richmond, VA

DE MOGR A PHI CS

M AR KET ST A T IST ICS

Vacancy Rate

Market Cap Rate

Giant Fort Washington, MD

CLOSED

Collection 14 Washington, D.C.

SF of Inventory

The Learning Experience Fredericksburg, VA

Total Employment Prj. Job Growth (5-yr) Population Prj. Population Growth (5-yr) Median HHI Prj. Median HHI Growth (5-yr)

3,330,300 4.2% 6,552,975 3.0% $134,515 15.2%

Source: U.S. Bureau of Labor Statistics Metro Areas, Esri Metro Areas

13


ABOUT SRS

transforming retail nationwide

A leader in consumer-driven real estate, SRS delivers best-in-class tenant, owner, and investment services across our national Retail, Industrial, and Capital Markets platforms.

14

Transactions since 2020

Retail + Industrial: A Natural Fit • Today, retailers need a myriad of industrial facilities to serve their rising e-commerce and distribution needs. • Retail owners and landlords are finding it increasingly important to embrace non-traditional retail tenants to remain relevant. • Net lease investors are finding industrial a lucrative option to diversify their asset portfolio.

30

Offices

350+

Team Members

1,270+ Clients in 2025

We’re always looking for top talent at SRS. Reach out to any member of our leadership team for more information on joining SRS Real Estate Partners.


Veteran Experience in the Northeast L E ADE R S H IP Andrew Fallon

Kyle Fant

EVP & Managing Principal 703.787.4733 | andrew.fallon@srsre.com CAPITAL MARKETS Washington, D.C.

EVP & Managing Principal 929.229.2613 | kyle.fant@srsre.com CAPITAL MARKETS New York

Britt Raymond

Neill Kelly

EVP & Managing Principal 929.229.2614 | britt.raymond@srsre.com CAPITAL MARKETS New York

SVP & Managing Principal 929.445.4974 | neill.kelly@srsre.com RETAIL New York

Jonathan Lapat

Arris Noble

SVP & Managing Principal 978.579.4112 | jonathan.lapat@srsre.com RETAIL Boston

Managing Principal 202.503.2195 | arris.noble@srsre.com RETAIL Washington, D.C.

Jon Spadafino Vice President & Market Leader 212.710.5257 | jon.spadafino@srsre.com RETAIL New York

BR OKE R AG E TE AM Hugh Kelly

Dan Richman

Brian Nadler

Rick Fernandez

David Wirth

EVP & Principal 212.710.5252 hugh.kelly@srsre.com RETAIL New York

Managing Director 212.710.5253 dan.richman@srsre.com RETAIL New York

Senior Vice President 617.665.7395 brian.nadler@srsre.com RETAIL Boston

Senior Vice President 703.787.4732 rick.fernandez@srsre.com CAPITAL MARKETS Washington, D.C.

Senior Vice President 484.883.7537 david.wirth@srsre.com RETAIL Philadelphia

Christian Janelle

Bryan Wright

Jordan Yarosh

Lili Chen

Rachel Callender

Vice President & Principal 857.263.3812 chris.janelle@srsre.com RETAIL Boston

Vice President & Principal 617.245.0671 bryan.wright@srsre.com RETAIL Boston

Vice President & Principal 332.238.0025 jordan.yarosh@srsre.com CAPITAL MARKETS New York

Director, Cross Border Retail 214.560.3204 lili.chen@srsre.com RETAIL New York

Vice President 202.503.3540 rachel.callender@srsre.com RETAIL Washington, D.C.

Richard Dorfman

Benjamin Gould

Michael Grunberg

Philip Wellde

Thomas Sansone

Vice President 646.453.7786

Vice President 929.445.6952

Vice President 646.491.6974

First Vice President 202.552.0092

Senior Associate 212.710.5255

richard.dorfman@srsre.com CAPITAL MARKETS New York

benjamin.gould@srsre.com RETAIL New York

mike.grunberg@srsre.com CAPITAL MARKETS New York

philip.wellde@srsre.com CAPITAL MARKETS Washington, D.C.

thomas.sansone@srsre.com CAPITAL MARKETS New York

William Donlon

Samantha Mazza

Joe Quinn

Nick Santagata

Associate 929.201.0196 william.donlon@srsre.com

Associate 617.880.7618 samantha.mazza@srsre.com

Associate 781.690.5199 joe.quinn@srsre.com

Associate 929.594.2946 nick.santagata@srsre.com

CAPITAL MARKETS New York

RETAIL Boston

RETAIL Boston

CAPITAL MARKETS New York

15


S RS RE.COM


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Northeast Retail Roundup by SRS Real Estate Partners - Issuu