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Philadelphia office submarkets have created 49,300 of the city’s 75,800 new jobs since 2008

  • ​The current market cycle has pushed Philadelphia into new economic territory: for the first time since the 1970s, the city has added jobs above and beyond the prior recession’s peak job levels, which occurred in 2008. Overall job growth for the city varies between 5.5% and 12.6%, depending on the source cited.

  • However, not all of our economic centers are created equal when it comes to job creation. The Navy Yard, Market Street East, and University City have all added jobs faster than the citywide rate, rising 25% to 116% above their prior peak according to the Local Employment Dynamics data produced by the U.S. Census Bureau. While the Navy Yard emerges as one of the brightest spots in Philadelphia’s economy, a note of caution: its total job base is significantly smaller than the rest of the submarkets.

  • While office rental rates have generally followed job performance, the Navy Yard will and University City will need to continue adding new product to sustain job growth. Market Street East’s employment increases seem well accommodated within existing real estate, but creative space continues to drive the market (and rents) forward. We expect commodity office in Market West will need to provide incentives to compete in the coming year.​

Source: JLL Research, U.S. Census Bureau​

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