Philadelphia CBD Development

Paper Summary:

This paper explains that, while vacancy rates at rental rates in the Philadelphia downtown core (CBD) have remained relatively stable in the last two years, there is little solid evidence of economic growth in the future. The author points out that the creation of any new downtown office building must take into account the potential impact of the current plans for the addition of the Cira Centre and One Pennsylvania Place Philadelphia downtown core (CBD), slated to be built in the city's Keystone Opportunity Improvement Zones (KOIZ), site-specific designations that offer the owners and occupants significant relief from a number of state and local taxes. The paper relates that the proposed building has one large advantage over many other current Class A buildings because it offers Class A rental rates at a relatively low rate compared to the average rental rate for the CBD.

From the Paper:

"The office market in the Philadelphia central business district (CBD) is currently experiencing a downturn. Since 1990, nearly 2,100 people per year have left the downtown. There is little evidence to suggest that this downturn will be reversed in the near future. Overall, Philadelphia enjoys a healthy economy, with a March 2004 unemployment rate of 5.5%, and a civilian labor force of 2,488,500 individuals. The average rental rate for the CBD from the first quarter of 2002 to the first quarter of 2004 has remained steady, hovering close to $24 per square foot. The vacancy rate for the CBD has also remained relatively steady at close to 14 percent.

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