Center City Philadelphia

Contact Information:
RJ White, Manager of Media Relations & Interactive Marketing
rwhite@centercityphila.org
215.440.5550

2009 State of Center City Report Finds A Well-Positioned Downtown

(April 14, 2009) – While no place is completely insulated from the global recession, Center City Philadelphia has weathered the storm so far much better than many other cities and regions that have been more severely hit by the meltdown in financial services and in the housing market, according to the latest State of Center City report from the Center City District/Central Philadelphia Development Corporation.

The annual survey of basic downtown indicators of vitality through the end of 2008 shows that the office sector, health care and education and the housing market have held up surprisingly well, with the city still showing positive job growth through the end of 2008. Even the latest data from the Bureau of Labor Statistics indicates that while national employment declined by 3.1% between February 2008 and February 2009, and the metro area declined by 1.8%, the city of Philadelphia has lost only 1.4% of its jobs.

“Walkable, transit-oriented places nationally have fared better than car-dependent exurbs; economies accustomed to slow and steady performance have been more sustainable than those that rode the roller coaster of boom and bust; and in particular, places that did not engage in speculative financial and housing initiatives have been spared a great deal of suffering,” said Center City District President & CEO Paul R. Levy. “Places like Philadelphia, whose economies are built on high-skilled jobs and around health care and education have so far endured better than most.”

Among the key findings for Center City:

• Office space occupancy rates reached 90% in 2008, compared with 85% in the Pennsylvania and New Jersey suburbs and 82% in Delaware.

• Class A office rents averaged over $30/sq. ft, the highest in the region.

• Average home prices declined only 1.0% between 2006 and 2008 and are still 34% higher than in 2003.

• Center City houses were on the market an average of only 9 days longer than 2006.

• Apartment vacancy rates ended 2008 at 4.8%, compared with 2007’s 5.0%.

• Retail occupancy increased from 88% in 2007 to 90% in 2008.

• There were 215 outdoor cafes around Center City in 2008, a 5% increase over 2007.

• AMTRAK’s 30th Street Station averaged 12,200 weekday riders in 2008.

• Average daily hotel room rates have risen by 47% since 1996.

• Arts and cultural institutions numbered 355, a 43% increase since 1996.

• There were 384 film and television projects completed here in 2008, bringing in almost $2 billion.

The full report, State of Center City 2009, can be downloaded at http://CenterCityPhila.org/socc/.

The Center City District, a private-sector organization dedicated to making Center City Philadelphia clean, safe and attractive, is committed to maintaining Center City's competitive edge as a regional employment center, a quality place to live, and a premier regional destination for dining, shopping and cultural attractions.

The Central Philadelphia Development Corporation is a not-for-profit membership organization, supported by Philadelphia's business leaders, that has been a force in the development and diversification of Center City since 1956. It is managed by the staff of the Center City District (CCD).

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