Saturday, August 27, 2016

The resurgence of Center City fueling Philly's evolution

The Philadelphia Inquirer reports:
Philadelphia is benefiting from the tide that's lifting downtowns nationwide, as more Americans come to value dense, walkable living environments with ample places to shop and dine.

The result has been a growing population of young, well-educated, affluent residents in a city where it's still relatively cheap to build, rent office space, and open stores.

The population of what's known as Greater Center City rose more than 16 percent to about 183,000 in 2014, from below 158,000 in 2000, according to U.S. census data compiled by the Center City District.

Average income in that area - bounded by the Schuylkill to the west, Spring Garden Street to the north, the Delaware River to the east, and Tasker Street to the south - soared about 67 percent, to $98,000, in that time, the data show.

Philadelphia also had the fastest-growing population of millennials - the 20- to 34-year-olds considered a target market for new apartments - among the 10 U.S. biggest cities between 2006 and 2014, according to a comparison last year by the commercial real estate services firm JLL.
Imagine that.