05-15-2008, 08:47 PM
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release the hounds
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Join Date: Dec 2003
Location: Springfield Nuclear Powerplant
Posts: 3,338
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Originally Posted by rpost3
I hear crickets.............
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Poor hygiene?
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Center City is thriving on most fronts but still struggles to grow high-paying office jobs.
Philadelphia Business Journal - by Natalie Kostelni
Just about every facet of the neighborhood, which includes the Central Business District and runs from the Schuylkill River to the Delaware River, is hitting its stride, according to Center City District's annual State of Center City report, which was released Thursday by the special services district.
Center City's office market is experiencing low vacancy rates around 10 percent and higher rents. Its skyline has been altered by the addition of Comcast Center, allowing the city for the first time in 15 years to expand its share of regional office space, according to the report.
Even though the office market fared well and reductions in the city's business taxes were under way last year, the city still struggled to add jobs. Office employment grew by just 1.7 percent from 2004 to 2007, going to 145,300 office jobs from 142,900, which is still 6.5 percent below 2000 job levels.
In fact, unlike the suburbs, the city has yet to fully recover from the 2001 recession, said Paul Levy, president and chief executive of CCD. Downtown office rents are less than the suburbs until you add in use and occupancy and the business privilege taxes.
"Taxes have really retarded our growth," Levy said.
The stage for that is set to change, as Mayor Michael Nutter continues to a trend to curtail taxes and the eventual economic boost from the gaming industry hits city coffers.
While employment figures are one indicator in the health of Center City, other factors point to a core that is vibrant even amid a national housing slump, credit crunch and subprime debacle. To top it off, the downtown continued a 15-year decline in crime even though other parts of the city remained challenged on that front.
In yet another sign of a market that is flourishing, $12.3 billion in development activity is under way in Center City and adjacent University City. Demographics are also changing. In what Levy called a "huge new demographic bubble that is an opportunity for us," 11,372 babies have been born to Center City parents from 2000 to 2005. This has put pressure on nursery schools and pre-schools and leads Levy to believe the city is on the cusp of a historical moment.
"We could reverse that huge flight to the suburbs," that urban dwelling parents make when their children reach school age.
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"Ah, good taste! What a dreadful thing! Taste is the enemy of creativeness."
Pablo Picasso (1881–1973)
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