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Today: releasing 2 major documents
State of Center City: 2015Comprehensive look at all aspects of downtown marketplace
Detailed profiles: 48 major projects, 2014-2018
Thanks!!!Research, graphics & communications teamCasandra DominguezLinda HarrisAbigail SaggiAmy YenchikGarrett HinckenDavid KanthorClaire SummersBonnie ThompsonRJ WhiteRichard Way
Geography: 6% of the Citys land area
Largest most dense employment node in city & region293,700 salaried employees, 4,000 self-employed
Very diversified economy39% office21% eds & meds14% public sector10% entertainment/hospitality
Place that provides job opportunities at all skill levels
Well-served by a regional transit system brings294,000 riders/day into downtown
Distributing them to multiple locations across downtown+ 42 bus routes deliver passengers across Center City
Residents from every city neighborhood & across the regionCome to work each day in Center City
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140,000 suburban
120,000 neighborhood
28,000 Center CityWho works downtown: 52% city; 48% suburban residents
Fastest growing residential section of Philadelphia+26% in core, +16% overall since 2000
61% of residents get to work without a car;39% in core walk to work
Proximity to work is the prime attraction of downtown livingCenter City is rich with cultural amenities
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2d largest concentration of arts & cultural institutionsBehind only Midtown Manhattan
Widely dispersed, with 3 major clusters
Other major live/work attraction growth in quality retail & dining
Center City largest employment sector: 38.8% of jobs
Two major buildings underway
Occupancy rates are rising
Occupancy rates up; but supply identical to 1990;New development offset by conversions to housing
Philadelphia has done well in Eds, Meds & hospitalityBut has been losing office jobs
Modest to minimal rent growth
Despite huge competitive downtown advantagesCBD premium is well below comparable cities
Rents affordable but far below comparable citiesMajor implications for tax base & school district
A commercial tax base that needs to grow Pew Charitable Trusts
Space available to accommodate growth
Suburban firms are locating downtown to be near talent & start-ups are beginning to occupy traditional office space
Positive trend: 4,000 independent workers; Un-tethered salaried workers
Driving demand for 209,000 sf of coworking space
2nd largest employment sector: health care & education: 21%
15.6% citywide growth in last decade
Four major health care institutions expanding downtown
Rising admissions & net patient revenues
14 major colleges & universities in Center City33,861 students downtown; 82,324 adjacent = 116,1851. Academy of Vocal Arts 2. Art Institute of Philadelphia 3. Community College of Philadelphia4. Curtis Institute of Music 5. Metropolitan Career Center 6. Moore College of Art & Design 7. Peirce College 8. Pennsylvania Academy of Fine Arts9. Temple University, CC10. Temple University, School of Podiatric Medicine*11. Thomas Jefferson Univer.12. University of the Arts 13. Drexel University14. Drexel College of Medicine
116,000 students drive demand for retail, restaurants & apartments + attractive to employers
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Colleges & universities attract18-24 year olds to Philadelphia
University Citys great strength in health-care & education
Those institutions are driving the next economyUniversity of Pennsylvania leading the wayMore than $900 million in research expenditures
Continued strong leisure tourism
Resumed uptrend in international tourism
Growing diversification of vistors
Convention Center drew over 1 million in 2014
Projecting 1.2 million in 2015
Room supply increased; occupancy rates rebounded from recession
ADR is flat; below competitors
On-going revival of Chestnut Street
Chestnut St pedestrian volumes catching up to Walnut St
Continuous growth in fine dining restaurants439 2005 2010 2014
400350300
65 in 1992
Flourishing of sidewalk cafes
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1995 = zero
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369 sidewalk cafes summer of 2014
Market East development is under way
Full square block development
322 units of housing
Retail walkway through to Chestnut Street
Brickstones development on 1100 ChestnutRetail, residential & new workspace
Connection to Midtown Village
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Impact on day & evening volumes
Transformation of the Gallery on Market East
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More detail in new appendix
1,983 new units of all types in 2014 (2,168 in 2014)1,358 apartments; 183 condominiums442 single family homesFor sale units up from 18% of supply in 2013 to 32% of supply, 2014
2014 west of Broad in the core; for-sale in extended
Location: 2015-2018: Significant growth East of Broad Street
Steady increase in residents who can commute without a car
Steady increase in bicycle commuters
Walk, bike & transit scores higher than northeast peers
New supply of for-sale housing supported by strong demandVolume of all sales in 2014 equal to volume in 2013Average sales price up 6%2012-2013, 18% drop in days on market; 14% drop, 2013-2014Extended neighborhoods 39% less expensive than core
Rental rates rising along with new supply
Strong demographic/household demand to support supply
Philadelphia has long done well with college gradsDue to national demographics, there are more of them + empty nesters
20-34 = 45%20-34 = 47%
Empty nesters
Center City has one of highest concentration of educated workers in city & region
Well educated residents: 76% in core; 47% in extended: BA43% in core have advanced/professional degrees
Knowledge workers drive the new economy
Much higher percentage of single person households & renters
Area remains racially diverse with substantial supply of affordable housing
Challenges to be addressed: schools ..
More dynamic job growth
Both closely connected
Despite challenges, optimism about Center CityExceeds optimism about the city as a whole
Center City managed place 365 days per year1991: CCD 1.0 clean & safe
Customer Satisfaction Survey: 83% of survey respondents See CCD personnel every time or most of the timeThey are in Center City
2,700 respondents
69% of survey respondents Say Center City much cleaner than rest of the city
81.4% feel safe most of the time or always
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Substantial long-term trend: 1995-2014
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Serious crimes declined from 18.2 to 9.6/day Even as population & activity increased downtown
More police, more lighting
CCD 2.0: 1997Landscaping, directional signs, lighting
Building faade lighting
Each year we maintain those investments
Improve sidewalks & deteriorated facades
CCD 3.0: 2008, Park renovation & managementCaf Cret on the Parkway
Collins Park, 1700 block Chestnut Street
2012: Sister Cities Park
Dilworth Park, 2014; $125 million in investment
$ 44 million in CCD resources leveraged $88 million = $132 million since 1997
80.5% workers & residents have visited CCD parks;81.6% see as very positive addition
Enhancing Competitiveness: 2013
Enhancing Competitiveness: 2014
Detailed profiles: 48 major projects, 2014-2018
18.4 million square feet of development
Spread throughout the downtown
29 projects to be completed in 2015 & 20162 biggest: Comcast & Gallery in 2017
News in Center City is very good
Across country, diverse, transit-oriented & walkable placesHeld up better in the Great Recession True for Philadelphia
What could be better?As the national economy came out of RecessionPhiladelphia job growth flattened
Suburbs are again growning more jobs than Philadelphia
Philadelphia has done well in Eds, Meds & hospitalityBut has been losing office jobs
Job growth
Every 500,000 square feet of occupied office space:Provides 3,333 office jobs, 5 building engineering, 18 cleaning and 12 security positions. Supports 11,000 hotel rooms filled with business travelers. Generates $2.8 million in retail demand. Adds 2,333 riders to SEPTA.
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2011 Regional Job Share120,000 non- Center City Phila. residents commute into Center City188,000 Philadelphia residents (37% of workforce)Reverse commute to suburbs each dayGrowing % annually since 2002By contrast only 15.3% of NYC residents commute to suburbs27%
Educational requirements in the suburbs are no different from those in the cityThey simply have more jobs
Excessively dependent on wage & business taxes68% of municipal tax revenues wage + BIRT
Philadelphia commenced tax reduction in 1996Suspended in 2009
Both 2003 & 2009 Tax Commissions: shift burden from taxing what moves (wages & business revenues) to taxing what is fixed & stable: land & improvements20152025Both RE tax
News in Center City is very good; can be even better
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