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Learn about new new retail business openings and read why Ravid Butz, owner of PhotoLounge, loves doing business in Center City and in 2021 recommitted to the city by expanding his shop’s footprint to a multilevel building.
Pedestrian activity in Center City has continued its gradual two-year upward trend, buoyed by a substantial ongoing increase in downtown residents as well as the return of visitors and a slower but notable return of office workers, according to this new report from CCD/CPDC.
On September 28, 2021, CPDC hosted an in-person panel discussion at the Union League about real estate industry trends, as highlighted in CPDC’s just released, annual Developments report (live link) The Union League required that everyone have proof of vaccination on hand and all attendees really appreciate the opportunity to catch at the first full, in-person CPDC meeting in 19 months.
The total number of workers, residents and visitors in Center City continued to rise in October 2023 to 82% of October 2019 levels, with the largest increases among workers and residents. Overall, the upward trend in pedestrian volumes for the last three and a half years is showing no signs of having reached any plateau.
Citywide employment has fully rebounded from the spring 2020 shutdown with 2.4% more jobs in October 2023 than in February 2020. But there is a difference between the return of workers to payrolls and the return of full vitality to Center City. The report suggests ways to accelerate the job growth and business formation rates in Philadelphia.
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.