The Commercial Real Estate Crisis Didn't End — It Moved (Video)

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Retail Sales Outlook: Why Shoppers Keep Spending (Video)

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Strong Retail Sales Reinforce CRE Outlook (Video)

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Data Center Real Estate: Cap Rates, Costs, and Demand (Video)

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Pair of Pennsylvania shopping centers sell in separate deals

By Linda Moss CoStar News

In the larger deal, a newly formed joint venture between Pittsburgh-based Echo Realty and San Francisco-based TPG acquired Water Tower Square, a 269,018-square-foot grocery-anchored shopping center in Montgomeryville, Pennsylvania.

The seller was the Goldenberg Group, which is based in Blue Bell, Pennsylvania. Terms of the transaction were not disclosed.

Water Tower Square, at 751 Horsham Road, sits near the Five Points intersection of U.S. Route 202 and Pennsylvania Routes 309 and 463. Anchored by The Home Depot and Sprouts Farmers Market, the center also includes Planet Fitness, Flagship Cinemas, Bob's Discount Furniture, World Market and Miller's Ale House.

"Water Tower Square offered investors the opportunity to acquire a best-in-class shopping center in a dominant Philadelphia [Metropolitan Statistical Area] retail corridor, anchored by a unicorn tenant in Home Depot."

In a separate transaction, Tacoma, Washington-based R.K. Getty acquired Dickson City Commons, a 110,254-square-foot shopping center in Dickson City, Pennsylvania, from Upton, Massachusetts-based Meritus Realty Ventures. 

The shopping center sold for $23.75 million.

Dickson City Commons, at 1106 Commerce Blvd., is located in the Scranton and Wilkes-Barre metropolitan area near the intersection of Interstate 81 and Routes 6 and 11. The center is anchored by Marshalls and Michaels and includes tenants such as Skechers, Famous Footwear, Pet Supplies Plus and Fine Wine & Good Spirits.

"We continue to see strong investor demand for dominant retail centers in secondary and tertiary markets. Buyers are increasingly targeting best-in-class assets in smaller trade areas, recognizing the opportunity to acquire high-quality real estate at more attractive yields than comparable assets in primary infill markets."

 Dickson City Commons recently underwent nearly $1 million in improvements, including an $800,000 parking lot resurfacing project, facade upgrades, roof repairs, lighting enhancements and landscaping improvements.

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Fed Rate Hike: Challenge or Opportunity? (Video)

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Short supply of modern medical office space pushes Philadelphia rents higher

 By Brenda Nguyen CoStar Analytics

Philadelphia's medical office market posted stronger rent increases in mid-2026, even as leasing activity remained below long-term averages.

Asking rents for medical office space increased 2.5% year over year to an average of $27.72 per square foot, outperforming the traditional office market and reversing six consecutive quarters of decelerating rent growth.

The increase in asking rents reflects supply constraints more than accelerating demand. Healthcare providers continue to lease space for outpatient facilities, specialty practices, and ambulatory care centers, but the availability of that specialized space remains relatively limited at 10.1%.

More notably, the supply of newer medical office space is exceptionally tight. Of Philadelphia’s 4.3 million square feet of available medical office space, less than 350,000 square feet is available in buildings constructed since 2015.

When in-demand medical buildings are scarce, landlords can maintain pricing power on rent even during periods of moderate leasing activity. Providers seeking space that supports modern outpatient care and specialized medical services often have few options, allowing these in-demand properties to command above-average rents. A relatively small number of higher-priced leases can lift the headline asking rents.

Additionally, the prominence of smaller office deals, which also command higher rents, also influences market rates. For instance, in June 2026, Salterra Wellness signed a five-year lease for a 2,084-square-foot space in Newtown at a starting rate of $29.94 per square foot.

Limited development has reinforced these pricing dynamics. Only 295,000 square feet of medical office space was under construction in mid-2026, and nearly all that space was already pre-leased or intended for owner-occupants. With little new modern space expected to reach the market, existing landlords face little competitive pressure.

As a result, rent growth is being driven less by a broad expansion in demand and more by a shortage of newer, in-demand medical office buildings. Until there is a meaningful acceleration of construction activity, supply constraints are likely to remain a primary driver of rent growth across Philadelphia's medical office market.

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