Northeast Retail Roundup

SRS REAL ESTATE PARTNERS

Experience the Northeast with SRS

Retail Industrial Capital Markets

Northeast tourism bolsters retail

High incomes fuel spending power

Educational hubs drive innovation

The

NORTHEAST CRE Retail Roundup Issue

Retail finds density + opportunity in

THE NORTHEAST SRS and Northeastern energy For more than 38 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 like Boston’s Freedom Trail and New York’s Times Square contribute to year-round tourism, bolstering retail activity and providing a steady stream of potential customers.

Strong purchasing power

With higher-than-average household incomes, consumers in the Northeast have significant purchasing power, making it an attractive market for diverse retail options, from luxury to everyday goods.

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NOR THE AS T

B Y T H E N U MBERS

$4 trillion

economic output

annually contributed to the U.S. GDP, 20% of the national economy

80%

of the Northeast lives in urban areas

4 of top 10

making it the most densely populated U.S. region, ideal for concentrated retail activity

busiest U.S. airports

(including JFK, Newark, and Boston Logan), facilitate domestic and international retail activity

Educational hubs drive innovation

The Northeast is home to prestigious universities and colleges, supporting a constant influx of students and a highly skilled workforce, which fosters retail innovation and brings in younger consumers.

Diversified economic base

NYC is a global financial center and is also strong in media and technology. Washington, D.C. serves as a political and government hub with public administration, consulting, and defense-related businesses. Boston leads in higher education, healthcare, and technology, while Philadelphia dominates in healthcare, life sciences, and manufacturing.

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NEW ENGLAND economic resilience meets historical charm

Stability and growth for New England retailers derived from affluent, loyal consumers and densely populated cities.

New England’s blend of historical charm and economic resilience makes it an ideal location for retail investment.

The region’s densely populated areas offer a dynamic consumer base with strong purchasing power, while smaller cities and towns present opportunities for boutique and experiential retail. Retailers in New England benefit from a unique mix of urban vibrancy and small-town charm, creating an appealing landscape that attracts both tourists and residents alike.

The region’s focus on sustainability and community-centered development also makes it attractive for forwardthinking retailers. New Englanders value locally sourced goods, artisanal offerings, and eco-friendly practices, pushing the retail market toward unique, experience-driven spaces. With an array of vibrant shopping districts, mixed-use developments, and historical main streets, New England is well-positioned to offer retailers opportunities that balance modern convenience with traditional charm, appealing to both local customers and visiting tourists.

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High incomes

Impactful tourism

Low vacancy

New England has some of the highest average household incomes in the U.S., with MA leading at $92K+

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

Retail vacancy rates in urban centers are consistently below the national average

Market Statistics Vacancy Rate

Market Asking Rent Growth

SF of Inventory

SF Under Construction

12-Month Net Absorption SF

Market Cap Rate

Providence, RI

2.7%

3.8%

103,246,265

54,786

626,053

7.3%

Portland, ME

1.9%

2.1%

41,344,886

75,443

282,441

8.0%

Hartford, CT

4.4%

0.2%

79,447,706

282,953

4,078

8.1%

Burlington, VT

3.5%

2.4%

10,428,982

15,000

-102,992

7.5%

Manchester, NH

2.9%

1.9%

28,910,233

17,400

-17,628

8.2%

Market

Source: CoStar

Demographics Total Employment

Job Growth (5-yr)

Population

Population Growth (5-yr)

Median HHI

Median HHI Growth (5-yr)

Providence, RI

611,700

1.1%

1,687,337

0.03%

$85,595

3.38%

Portland, ME

223,300

3.2%

569,575

0.42%

$88,291

3.30%

Hartford, CT

590,200

0.2%

1,156,623

-0.22%

$92,218

2.44%

Burlington, VT

129,600

1.4%

230,792

0.30%

$89,254

3.11%

Manchester, NH

117,400

1.1%

430,661

0.25%

$101,144

2.50%

Market

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

S R S RECEN T ACTI V I TY I N

New England

Partial client & project representation lists

Tenant Services

Owner Services

Capital Markets

The Ridge

TJ Maxx Plaza

Firestone in Cranston, RI

Rochester, NH

Manchester, NH

Coming Soon

Killingly Commons

Barrington Plaza

Town Fair Tire (Mavis Tire) in Salem, NH

Dayville, CT

Great Barrington, MA

Under Contract 5

BOSTON thrives on retail

Boston’s dynamic economy and cultural vibrancy make it one of the top cities in the U.S. for retail commercial real estate activity. With its combination of historic charm and modern growth, Boston is home to a diverse and affluent population that drives demand for a wide range of retail options, from luxury brands to everyday essentials. The city’s iconic areas, like Back Bay, Seaport and Harvard Square, offer retailers prime, high-traffic locations that attract both residents and tourists looking for unique shopping experiences.

Boston’s high consumer spending, low vacancy rates, and steady foot traffic foster a dynamic, market primed for retail growth and investment.

As a major educational and innovation hub, Boston is home to numerous prestigious universities, including Harvard and MIT, which draw students and professionals from around the globe. Boston’s strong economy, driven by tourism, finance, healthcare, and technology, contributes to the area’s purchasing power and stability, providing retailers with a reliable customer base.

Boston’s commitment to mixed-use developments is also an advantage for retailers looking to appeal to modern consumer preferences. With new retail spaces integrated into residential and office developments, Boston creates accessible and attractive environments for consumers to shop, dine, and gather.

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1st

in the nation for an educated workforce 44% have 4-year college degrees

#1

state for business environment named by U.S. News & World Report in 2023

$100K+ median household income in Boston

S R S RECEN T ACTI V I TY

Boston, MA

Partial client & project representation lists

Tenant Services

Owner Services

Capital Markets

Gateway Plaza

Raising Cane’s in Fall River, MA

Randolph, MA

Coming Soon

Sunnyside Plaza

Sold: Chase Bank in Hanover, MA

Natick, MA

Price: $3,950,000

Millbrook Tarry Concord, MA

Needham Street Retail Space Needham, MA

Eaglewood Shops North Andover, MA

Shoppes at Simonds Park

Vacancy Rate

2.3%

Market Asking Rent Growth

0.1%

SF of Inventory SF Under Construction 12-Month Net Absorption SF Market Cap Rate

253,540,822 891,020 1,035,980 6.4% Source: CoStar

DE MOGR A PHI CS

M AR KET ST A T IST ICS

Burlington, MA

Total Employment

2,830,500

Job Growth (5-yr)

-0.1%

Population Population Growth (5-yr) Median HHI Median HHI Growth (5-yr)

4,982,394 0.34% $108,918 2.52%

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

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NEW YORK

strong retail fundamentals

High population density, heavy tourism, and concentration of wealth strengthen New York’s retail environment.

4%

YOY retail growth expected in 2024

20M+

NY state residents

33%

of the U.S. population is within a day’s reach of NYC 8

New York City and Upstate New York offer unique advantages for retail commercial real estate investment, with NYC’s global appeal balanced by Upstate’s strong local communities and lower operating costs. New York City’s status as a global economic and cultural hub draws millions of residents and visitors each year, supporting robust demand across retail sectors, from luxury to everyday essentials. High-foot-traffic areas, such as Fifth Avenue, SoHo, and the Meatpacking District, are prime locations for retailers to gain visibility and attract both local and international shoppers.

Meanwhile, Upstate New York’s appeal lies in its strong community ties, scenic appeal, and steadily growing suburban and small-town retail markets. Cities like Buffalo, Rochester, and Albany are seeing economic growth and revitalization, creating opportunities for retailers to serve local communities in areas with comparatively lower costs. Upstate’s retail scene benefits from strong tourism, driven by destinations like the Adirondacks, Finger Lakes, and the Hudson Valley, which brings seasonal shopping demand and supports year-round commercial activity in downtown areas and mixed-use developments.

Both NYC and Upstate New York are investing in revitalizing their urban cores and supporting sustainable growth, making them ideal for retailers focused on experiential and community-centered spaces. Mixed-use developments, green initiatives, and infrastructure improvements across the state create environments where retailers can thrive in both bustling cities and picturesque towns. This diversity allows New York to attract a broad range of retailers and offer consumers a variety of shopping experiences, from exclusive NYC flagship stores to charming boutiques in Upstate towns.

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

4.0%

-0.8%

649,020,250

1,457,376

1,741,242

6.1%

Buffalo

4.9%

1.8%

80,539,696

1,950

-347,063

8.3%

Rochester

4.6%

2.2%

78,835,783

14,150

-161,357

8.3%

Syracuse

5.4%

1.7%

49,021,583

16,840

-49,558

8.3%

Albany

3.5%

1.7%

67,022,179

36,100

-74,688

8.5%

Market

Source: CoStar

Demographics Total Employment

Job Growth (5-yr)

Population

Population Growth (5-yr)

Median HHI

Median HHI Growth (5-yr)

10,227,000

2.7%

19,954,881

0.02%

$96,850

2.45%

Buffalo

559,900

-1.1%

1,166,952

-0.11%

$70,523

2.61%

Rochester

538,400

0.0%

1,054,080

-0.06%

$72,556

2.33%

Syracuse

320,600

0.1%

652,264

-0.33%

$70,309

2.51%

Albany

471,500

-0.1%

905,684

-0.04%

$85,768

2.79%

Market New York City

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

S R S RECEN T ACTI V I TY

New York

Partial client & project representation lists

Tenant Services in New York City

Tenant Services in Upstate New York

Owner Services

Capital Markets

Legacy Square

Shake Shack in Henrietta, NY

Sold: Wawa in Linden, NJ

Linden, NJ 1.37 ± AC parcel and 2,341 - 8,436 SF retail available

Price: $5,100,000 | CR: 5.00%

Price: $7,400,000 | CR: 5.07%

Speedway in Albany, NY

Sold: ALDI in Orchard Park, NY

Price: $5,000,000 | CR: 5.00%

Price: $3,200,000 | CR: 5.29% 9

PHILADELPHIA

prime for more growth

8th

largest metro in the U.S.

$100B+

in annual retail sales

15%

increase YOY in luxury spending

27%

of residents are millenials

Philadelphia’s thriving economy, cultural richness, and historic appeal make it an attractive location for retail commercial real estate. As one of the largest metropolitan areas on the East Coast, Philadelphia boasts a diverse population with strong consumer demand across various retail categories. High-traffic retail areas like Center City and Rittenhouse Square provide prime locations for retailers to reach both residents and tourists, capitalizing on the city’s year-round activities and events.

Philadelphia tourism (attracts over 46 million visitors annually), combined with a steadily growing local population, creates a consistent customer base that retailers can depend on. Additionally, the city’s abundant universities, including the University of Pennsylvania and Temple University, contribute to a young, educated, and active consumer demographic, supporting demand for trendforward retail.

11K+ residents per square mile coupled with high spending position Philly to see exponential growth across luxury, big-box, and experiential sectors.

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Recent investments in infrastructure and mixed-use developments have further strengthened Philadelphia’s retail market. Areas such as the revitalized Market East and the Fashion District Philadelphia provide modern, multi-purpose retail spaces that appeal to today’s convenience-driven shoppers. These developments, coupled with Philadelphia’s relative affordability, offer a compelling environment for retailers seeking stable growth and long-term customer engagement.

S R S RECEN T ACTI V I TY

Philadelphia, PA

Partial client & project representation lists

Tenant Services

Owner Services Freestanding 2-Story Walgreens Synder & S Broad Street Philadelphia, PA

Fresenius Sublease Newtown, PA

Capital Markets Net Lease Starbucks in Reading, PA Price: $2,750,000 | CR: 6.00%

NNN Shell Gas & Convenience in Levittown, PA Price: $1,825,000 | CR: 5.50%

Sold: Dollar General Portfolio in PA & NY

Vacancy Rate

4.3%

Market Asking Rent Growth

0.9%

SF of Inventory

348,367,425

SF Under Construction

889,533

12-Month Net Absorption SF

-280,895

Market Cap Rate

7.4% Source: CoStar

DE MOGR A PHI CS

M AR KET ST A T IST ICS

Price: $6,988,000 | CR: 7.50%

Total Employment

3,130,100

Job Growth (5-yr)

4.8%

Population Population Growth (5-yr) Median HHI Median HHI Growth (5-yr)

6,307,532 0.09% $89,278 3.05%

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

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WASHINGTON, D.C. retail expansion ahead

Washington, D.C., the nation’s capital and a major international hub, presents unparalleled retail opportunities. The city’s affluent, diverse population and consistent influx of tourists (24 million visitors each year) make it a prime location for various retail formats, from high-end luxury stores in Georgetown to convenient and experiential shopping in mixed-use areas like CityCenterDC. The city’s unique blend of residents, professionals, and visitors creates an ideal environment for retailers looking to establish flagship stores or reach a broad audience.

An affluent population, booming tourism, and robust transit infrastructure have created retail growth in Washington, D.C.

D.C. benefits from a robust local economy driven by government, technology, and educational sectors, contributing to high consumer spending and economic stability. The area’s dense population of young professionals and university students fuels demand for forward-thinking and sustainable retail options.

As a leader in urban sustainability and community-focused planning, Washington, D.C. has invested heavily in its retail infrastructure, making it one of the East Coast’s most appealing retail markets. Neighborhoods like the Wharf and Navy Yard offer immersive retail experiences that cater to D.C.’s residents and its millions of annual visitors. With pedestrian-friendly areas, green spaces, and public transportation, D.C. provides the accessibility and experiential environment that modern consumers expect.

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Employment hub

Active daytime

Growing retail

D.C. is home to 3.3M jobs, including high-paying federal and private sector roles

Daytime population swells by 80%, with over 400K daily commuters driving weekday retail

D.C. has experienced a 6% annual increase in retail sales, outpacing national averages

S R S RECEN T ACTI V I TY

Washington, D.C. SRS Real Estate Partners is bolstering its retail services in Washington, D.C. with the addition of a dynamic team led by Arris Noble, a commercial real estate veteran with 25 years of restaurant and retail experience. Joined by Rachel Callender, the duo will focus on retail leasing for both landlord and tenant representation, complementing the firm’s strong capital markets division and expanding its footprint in the nation’s capital.

Noble has extensive experience introducing innovative restaurant concepts to D.C.’s most coveted neighborhoods, including Georgetown, DuPont Circle and Union Market District. He has represented and advised acclaimed Michelin-starred and chef-driven restaurants, as well as a diverse range of clients, from health and wellness, to financial institutions and big box retailers. He has also led the merchandising strategy and leasing execution of significant urban and suburban retail developments.

Callender specializes in retail tenant and landlord representation across the Mid-Atlantic region. She has experience supporting regional rollouts for prominent retail and restaurant brands, as well as collaborating with real estate owners on the strategic development of innovative urban and suburban retail destinations.

Capital Markets

Partial project representation list

Flagship Commons at One Loudoun in Ashburn, VA

In Escrow: Shoppes at Waldorf Park in Waldorf, MD

Price: $10,484,000 | Cap Rate: 5.75%

Asking Price: $6,400,000

The Learning Experience in Manassas, VA

Sold: Sherwin Williams Net Lease in Rockville, MD

Price: $6,990,000 | Cap Rate: 6.70%

Price: $3,800,000 | Cap Rate: 5.90%

Pupatella Neapolitan Pizza – Urban NNN Retail in Washington, D.C.

Vacancy Rate

4.3%

Market Asking Rent Growth

3.7%

SF of Inventory SF Under Construction 12-Month Net Absorption SF Market Cap Rate

273,578,864 1,003,691 143,884 6.5% Source: CoStar

DE MOGR A PHI CS

M AR KET ST A T IST ICS

Price: $3,500,000 | Cap Rate: 6.25%

Total Employment

3,391,400

Job Growth (5-yr)

1.5%

Population Population Growth (5-yr) Median HHI Median HHI Growth (5-yr)

6,429,395 0.56% $122,325 2.56%

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

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ABOUT SRS

transforming retail nationwide

SRS Real Estate Partners delivers best-in-class tenant, owner, and investment services across our national Retail, Industrial, and Capital Markets platforms.

Transactions since 2020 14

29

Offices

300+

Team Members

1,200+

Clients in 2023

Retail and Industrial Go Hand-in-Hand • Today, retailers need a myriad of industrial facilities to serve their rising e-commerce 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.

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

Hugh Kelly

Andrew Fallon

Kyle Fant

Managing Principal & Market Leader 212.710.5252 | hugh.kelly@srsre.com RETAIL New York, Philadelphia

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

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

Jonathan Lapat

Britt Raymond

Arris Noble

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

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

Managing Principal 202.738.0406 | arris.noble@srsre.com RETAIL Washington, D.C.

BR OKE R AG E TE AM Dan Richman

Ed Laycox

Rick Fernandez

Adam Langer

Brian Nadler

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

SVP & Principal 703.559.7190 ed.laycox@srsre.com CAPITAL MARKETS Washington, D.C.

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

Senior Vice President 212.710.5255 adam.langer@srsre.com RETAIL New York

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

David Wirth

Christian Janelle

Rachel Callender

Jon Spadafino

Bryan Wright

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

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

Vice President 818.512.5192 rachel.callender@srsre.com RETAIL Washington, D.C.

Vice President 212.710.5257 jon.spadafino@srsre.com RETAIL New York

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

Rich Dorfman

Philip Wellde

Charlie Goldman

Hayley Mustin

Jordan Yarosh

First Vice President 646.453.7786

First Vice President 202.552.0092

Senior Associate 201.355.6786

Senior Associate 214.561.6004

Senior Associate 332.238.0025

richard.dorfman@srsre.com CAPITAL MARKETS New York

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

charlie.goldman@srsre.com CAPITAL MARKETS New York

hayley.mustin@srsre.com CAPITAL MARKETS New York

jordan.yarosh@srsre.com CAPITAL MARKETS New York

Chloe Glennon

Samantha Mazza

Ethan Soloway

Associate 857.347.3762 chloe.glennon@srsre.com

Associate 617.880.7618 samantha.mazza@srsre.com

Associate 212.710.5242 ethan.soloway@srsre.com

RETAIL Boston

RETAIL Boston

RETAIL New York

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