15th December, 2016
Why Center City Philadelphia is Booming

Anyone living in our stunning new apartments in Center City, Philadelphia knows this is one of the most attractive neighborhoods in the country to live and work. But did you know that Center City is only 7.7 square miles — encompassing just 6-percent of Philadelphia’s total land area?  However, the area holds nearly half (42%) of the Philadelphia’s 684,500 jobs, according to a recent report that documents the vital statistics and growth trends of Center City.   In addition, the area which spans between Girard Avenue and Tasker Street is also seeing a boom in its arts and entertainment as well as hospitality industries.

Greater Center City has seen remarkable growth in the past couple of decades.  The report said that since 2000, the area has grown 17-percent to 184,998, “…millennials and empty-nesters attracted to the diverse employment, educational, cultural and dining opportunities concentrated downtown.”  The jobs are promising, varied and attracting educated workers in a number of industries.  The Report says that 38-percent of the jobs actually require BA and 58-percent of downtown residents have a bachelor’s degree. 

According to the Greater City Center Report, residential real estate is keeping up with the demand for living arrangements.  The report cites that  “…. sixty-four percent (64%) of units completed in 2015 were rental, and rents rose 3.2% between 2014 and 2015.” 

As residents and employment in the area has grown, so has the retail environment.  The report finds that there are currently 1017 retailers, 426 arts and cultural organizations, 440 restaurants, and 365 outdoor cafés offering more than 5,200 sidewalk seats. 

The report also notes that business real estate and development is ongoing.  Developers are currently expanding educational and healthcare organizations with an investment of $5.2 billion.  Another $1.5 billion development, the Comcast Innovation and Technology Center, is slated for completion in 2018 and is expected to increase thousands of jobs in the high tech industry and other professional sectors.  Likewise, the Pennsylvania Convention Center is thriving and creating demand for nearly 3,000 more hotel rooms – slated for 2019, finds the report.

For those commuters who live in other regions around Philadelphia, the transportation system has made it easier for people to get to the downtown area for work (or enjoyment) with the regional rail system.  The City Center also has made the area an accessible and friendly biking community, and the report says that  6-percent of residents bike to work.  In addition, 38-percent of residents get a jump on their daily “10,000 steps” by walking to their jobs.

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