Center City continues to be on a positive, upward trajectory — $6.7 billion of development completed last year or in the pipeline, a well-educated and growing population, and a diversified economy.
However, it consistently continues to lack one big thing: job growth. That is having a financially deleterious effect on office rents, the value of those commercial properties and, ultimately, a “significant” slice of funds for the Philadelphia School District.
In its annual State of Center City report released today, Paul Levy, president and CEO of Center City District, easily pointed to many indicators showing how well Center City is doing these days, but it was overshadowed by an underlying theme that it won’t reach its full potential until it begins to attract more companies and office jobs.
“Growth downtown is uneven,” Levy said in a presentation and in his overview letter in the report.
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