FOR IMMEDIATE RELEASE
PHILADELPHIA (February 6, 2024) – Center City District today released its 2024 real estate development report, highlighting the continued evolution of downtown Philadelphia over the past two decades. The report underscores the role of real estate development in reinforcing Center City as a mixed-use urban hub where residents, workers, and visitors converge for a multitude of shared experiences.
The new Center City Real Estate Development report outlines 66 current projects, with images and key details for each project. Despite challenges such as construction shutdowns, supply chain disruptions, and labor shortages experienced in recent years, Center City continues to attract investment across various sectors.
In addition to providing the most up-to-date documentation of currently proposed, under construction and recently completed projects, the report also notes five key development trends in Center City’s real estate landscape:
1. Quality Over Quantity: West Market Office Construction
The report notes a recovery in leasing activity for Class A and Trophy office spaces, underscoring a preference for quality amenities and experiential workplaces. Parkway Corporation's completion of the 2222 Market building, housing Morgan Lewis' headquarters, marks a significant addition to Center City's office market, showcasing state-of-the-art facilities designed to attract and retain top talent.
2. Expanding Center City’s Walkable Core: The Spring Garden Corridor
Multiple, transformative projects along Spring Garden Street enhance connectivity between Fishtown, Northern Liberties, and Center City, catering to a growing population seeking transit-oriented living. Projects such as The Carson and Southern Land Company's 12-story building contribute to the area's vibrancy, offering luxury residential units and retail spaces.
3. Population Growth Continues: Center City Residential Development
Residential population continues to grow in the heart of Center City, fueled by several multifamily housing projects and occasional office-to-residential conversions. Notable developments like The Laurel and Somi 1620 underscore the demand for upscale living experiences complemented by ground-floor retail offerings.
4. Bolstering the Eds and Meds Sector: Jefferson and CHOP
The health care and education sector remains a cornerstone of Philadelphia's economy, with institutions like Thomas Jefferson University and Children’s Hospital of Philadelphia spearheading innovation and research. The completion of Jefferson’s Honickman Center and CHOP's Schuylkill Avenue Research Building signify ongoing investments in advancing patient care and scientific discovery.
5. River to River: Waterfront Growth on Both Ends
Waterfront development along the Delaware and Schuylkill rivers contribute to the city's quality of life. Projects such as PMC Property Group's 23-story mixed use building and the transformative expansion plans for Penn's Landing demonstrate a commitment to revitalizing waterfront spaces for commercial, residential and recreational purposes.
“Our new report acknowledges the challenges posed by increasing interest rates, material costs, and changes to tax abatement policies, which will impact the pace of development in 2024 and beyond,” said CCD President and CEO Prema Katari Gupta. “However, it clearly presents a strong case for continued optimism about Center City's resilience and adaptability in evolving market conditions.”
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 Through public space management, streetscape improvements, and economic development initiatives, CCD plays a pivotal role in shaping the urban experience for residents, businesses, and visitors.