housing report

Downtown Rebounds: Greater Center City Housing Trends 2023

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For two decades, the fastest growing residential section of Philadelphia has been Greater Center City (Girard Avenue to Tasker Street, river to river) and 2022 built on decades of success: At just 5.8% of the city’s land area, it accounted for 48% of the city’s total supply of new housing units, a new Center City District/Central Philadelphia Development Corp. (CCD/CPDC) report has found.

Moreover, the four ZIP codes immediately adjacent to Greater Center City accounted for another 27% of new units in 2022. Combined, Greater Center City and the adjacent ZIP codes represent 16.2% of the city’s geography but accounted for 75% of the 5,853 new units completed in Philadelphia last year.

While the pandemic, stay-at-home directives that shuttered offices and storefront businesses, and the civil unrest of 2020 were highly disruptive to both the economy and the public perception of downtowns across the country, Philadelphia quickly rebounded in 2021 and gained momentum in 2022 with rental housing leading the recovery.

For a narrative of trends, along with explanatory charts, and recommendations for the next Mayor about citywide improvements and expanding the needed supply of affordable housing,  download the 20-page report at Downtown Rebounds, Greater Center City Housing Trends 2023.

In The News

February 27, 2023 | With 13,500 new housing units planned, Center City District report says there's 'no reason for pessimism', Philadelphia Business Journal
February 27, 2023 | Nearly half of Philly's new homes were in and around Center City last year, The Philadelphia Inquirer
February 27, 2023 | New Philly housing report shows downtown is heading in a ‘very positive’ direction, WHYY
February 27, 2023 | Center City Philadelphia shows more signs of recovery with thousands more new housing units, KYW Newsradio
February 27, 2023 | Center City Rebounding From Pandemic Loss, Report Says, NBC Philadelphia