CPDC Meeting - State of the Real Estate Market and Employment

This morning I spoke on a panel at a meeting of the Central Philadelphia Development Corporation (CPDC) about the state of the real estate market. I was joined by Jeff Tertel of Grubb & Ellis who spoke about the office market, Steve Gartner from Metro Commercial who spoke about the retail market and Jim Pearlstein who spoke about the apartment market.

Paul Levy, CEO of the Center City District and CPDC, presented the newest employment report. Click here to download the full report. In summary:

- There was a 5% job loss in Center City since 2008

- The biggest loss was in the commercial office sector, approx 8,100 jobs

- Health care and education jobs are up 2%

- Leisure and hospitality jobs are down 4.1%

- Retail jobs are down 3.9%

- Philadelphia is faring better than both the rest of the region and the country