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This newly released Quarterly Market Update for Q1 2025, highlights the positive trends in Center City’s office market.
CCD is pleased to announce it has been awarded a $2 million capital redevelopment grant from the U.S. Department of Transportation for the second phase of the Rail Park, extending from Vine Street to Fairmount Avenue.
Jobs are back, salaries are rising, Center City’s population continues growing, conventions, tourism and retail are all rebounding, and pedestrian vitality is almost fully restored in many portions of the downtown. Office vacancy, however, is rising, challenged by a partial return to office and reinforced by a wage tax that encourages suburban residents to remain remote.
This new CCD/CPDC report examines the current state of the downtown restaurant and retail sectors. Using pedestrian, transit and parking occupancy counts and detailed visual surveys of almost 2,000 retail premises, conducted by CCD staff, the report provides a close-up look at business conditions, supplemented with information from the commercial office sector, employment trends, housing market data and ecommerce trends.
Recovery in Center City is gaining momentum. Workers are returning to offices; transit ridership and hotel occupancy are rebounding; arts and cultural institutions are welcoming audiences. The State of Center City 2022 tracks trends by industry.
Center City continued its steady process of recovery in June and during the first three weeks of July with pedestrian volumes in July reaching 92% of 2019 levels. During the month of June, the combined number of residents, workers and visitors were up 2% from the previous month.
This edition of the CCD and CPDC quarterly newsletter includes: CCD President, Paul R. Levy's cover essay about the current status of recovery in Center City and what’s required from local leaders, a new promotion in CCD’s leadership team, streetscape improvements, the return of seasonal amenities to CCD Parks and the latest initiatives supported by CCDF.
Philadelphia’s dense, compact downtown and relatively flat topography are excellent for bicycle commuting. A survey and report by CCD shows the cycling numbers have reached a plateau.
This summer, Dilworth Park will once again host small outdoor concerts on Wednesday and Thursday afternoons featuring a full lineup of local artists. All Live @ Lunch presented by PNC performances will take place from noon-1 p.m., from June 2 through July 29.