2008 State of Center City Released

The Center City District today released its annual State of Center City Report. It shows that overall Center City is thriving, despite a lack of job growth. Some of the highlights include:

• Center City's office market has low vacancy rates around 10%, as well as higher rents


• Office employment grew by just 1.7% from 2004 to 2007, which is still 6.5% below 2000 job levels


• $12.3 billion in development activity is under way in Center City and University City


• 11,372 babies have been born to Center City parents from 2000 to 2005


• 50 new stores were added last year and the retail sector has an occupancy rate of 88%


• Health care and educational institutions received more than $200 million in reserch money in 2007


• Average hotel rates increased in 2007 by 7% to $167.56 and hotel occupancy hit its highest point in more than a decade at 73.6%