We are proud to release The State of University City 2017. This
latest edition of our annual publication illustrates University City’s status
as an engine of remarkable prosperity, innovation and vibrancy, boasting
world-class public spaces and amenities. The State of University City report
provides a guide to the developments – academic, commercial, public,
residential and more – that are driving 22 million square feet of planned
growth and expansion in the neighborhood. The report’s 76 pages of charts,
statistics, photographs, and stories illustrate how University City and its
concentration of economic activity are setting a national pace for innovation
and progress, and serve as a critical resource for anyone seeking to do
business in the neighborhood.
University City institutions are making five major,
economy-altering bets that will change University City’s future, all happening
simultaneously, and all within blocks of one another: the launch of University
of Pennsylvania’s Pennovation Center; Drexel University and Brandywine Realty
Trust’s $3 ½ billion investment in Schuylkill Yards; the expansion of the
University City Science Center into uCity Square; an accelerating focus on
commercialization and entrepreneurship by CHOP, Penn Medicine and University of
the Sciences; and a long-term vision for developing over the railyards north of
Amtrak’s 30th Street Station. These major projects will continue to transform a
neighborhood already experiencing breakthrough growth – University City set
record highs for population, student enrollment, median home value, patents
issued, and jobs.
“In University City, forward-thinking institutions and
business leaders are reimagining an entire neighborhood,” says Matt Bergheiser,
UCD's president. “It is home to thousands of running, connected conversations
about new ideas and new companies, new discoveries and new cures, and new
approaches to creating inclusive opportunities for all Philadelphians.”
The State of University City 2017 focuses on major news
from the past year and previews the significant projects on the horizon. What
follows are some of the neighborhood’s most notable recent and current
accomplishments. This year’s publication highlights University City as a:
Growing Job Market
·
A year after surpassing the 75,000 job mark for
the first time, employment continued its steady climb, increasing to nearly
77,000 jobs in 2016 with no sign of slowing.
Great Place to
Stay
·
Keeping up with continued occupancy and room
rate growth, 315 new hotel rooms (a 44% increase) will be added to University
City by year end, including luxury rooms at the new AKA in the FMC Tower.
Prime Retail
Location
·
Retailers choose University City due to the mix
of college students, employees, and families occupying the neighborhood, and
88% of ground floor commercial storefronts are occupied.
Foodie’s
Paradise
·
New development led to continued growth in
dining options, which is up 24% since 2009. University City contains 268
restaurants and bars within its 2.4 square miles.
·
Robust Office Market
·
Office occupancy rates climbed to record highs
and remained the tightest in the region, at 95.5%.
Hotbed of
Development
·
University City saw more than 2.6 million square
feet of new development in 2015, representing an investment of more than $1.3
billion.
Transit Hub
·
In transit accessibility, University City
outpaces innovation hubs in Cambridge, San Francisco, and Seattle. In its first
year of operation, Indego bike share’s two busiest trips were to and from
·
University City stations.
Strong Housing
Market
·
Home sales within University City were up by
24%, and the median home value increased by 6% to a new record value of
$334,500.
Growing Tech Core
·
Already a hub for innovation, in the past year a
record 175 patents were issued to University City businesses and institutions,
and R&D investment increased $8 million over the previous year. The
addition of recently-completed and forthcoming tech-focused commercialization
centers will accelerate progress over the coming years.
Haven for
Millennials
·
Millennials, including college and university
students, are choosing University City as their home, with the number of 20-34
year-olds up 16% since 2000.
At UCD, we believe that University City’s future is
critical to the future of our city and region, and that the district’s unique
assets, opportunities and environment are both an engine of prosperity and an
exemplar of community. We promote a world class, vibrant University City
through major investments in public space development, public maintenance and
public safety, by connecting entrepreneurs and residents to economic
opportunity, and through the creation and management of destination events.
This publication illustrates the exciting progress of the neighborhood and the
impact of University City District. To obtain physical copies of State of
University City 2017, contact the UCD by phone at 215-243-0555 or by email at ucd@universitycity.org.
Source: University
City District
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