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Bridging the Gap: Market East Class A average asking rents are now a three percent premium to Market West, compared to a 14 percent discount five years ago/1095/philadelphia-8-13-18-bridging-the-gap<img alt="" src="/united-states/en-us/PublishingImages/Snapshots/building-modern-office.jpg?RenditionID=6" style="BORDER:0px solid;" />/united-states/en-us/research/snapshots/1095/philadelphia-8-13-18-bridging-the-gapBridging the Gap: Market East Class A average asking rents are now a three percent premium to Market West, compared to a 14 percent discount five years agoA sign of changing times, the average Class A asking rent in Market West has risen 14 percent since the second quarter of 2013.
Jobs grow faster in rail-accessible locations: 67.3 percent of the increase in Philadelphia’s regional jobs occurred within 0.75 miles of a rail station 2005-2015/1081/philadelphia-8-6-18-rail-accesible-job-growth<img alt="" src="/united-states/en-us/PublishingImages/Snapshots/Transportation-train-city.jpg?RenditionID=6" style="BORDER:0px solid;" />/united-states/en-us/research/snapshots/1081/philadelphia-8-6-18-rail-accesible-job-growthJobs grow faster in rail-accessible locations: 67.3 percent of the increase in Philadelphia’s regional jobs occurred within 0.75 miles of a rail station 2005-2015JLL defined 0.75 radii around the region’s SEPTA and PATCO stations to quantify rail-accessible jobs across Greater Philadelphia.
Philadelphia’s middle- and high-income households grew at about the same rate as low-income households declined 2012-2016/1065/philadelphia-7-30-18-growth-per-income-level<img alt="" src="/united-states/en-us/PublishingImages/Snapshots/people-multicultural%20group%20of%20college%20students.jpg?RenditionID=6" style="BORDER:0px solid;" />/united-states/en-us/research/snapshots/1065/philadelphia-7-30-18-growth-per-income-levelPhiladelphia’s middle- and high-income households grew at about the same rate as low-income households declined 2012-2016Philadelphia’s income demographics are changing rapidly. Census Bureau data demonstrate that between 2012 and 2016, high income households (those with average annual incomes of $125,000 or greater) grew by 20,000 households, or about 44.4 percent.
Despite having the lowest median income in the region, Philadelphia is leading household income growth, which increased 20.5 percent between 2010 and 2016/1047/philadelphia-7-23-18-leading-household-income-growth<img alt="" src="/united-states/en-us/PublishingImages/Snapshots/people-beautiful-family-outdoors-green-field.jpg?RenditionID=6" style="BORDER:0px solid;" />/united-states/en-us/research/snapshots/1047/philadelphia-7-23-18-leading-household-income-growthDespite having the lowest median income in the region, Philadelphia is leading household income growth, which increased 20.5 percent between 2010 and 2016JLL analyzed median household income growth in the 11-county Metropolitan Statistical Area, comparing 2010 and 2016 levels from the American Community Survey.
Jobs lagging talent in the move to cities: 68 percent of jobs across the largest regions are located in suburbs, even as highly educated workers flock to live in cities /1039/philadelphia-7-16-18-jobs-lagging-talent-in-move-to-big-cities<img alt="" src="/united-states/en-us/PublishingImages/Snapshots/people-handshake-business-background-office.jpg?RenditionID=6" style="BORDER:0px solid;" />/united-states/en-us/research/snapshots/1039/philadelphia-7-16-18-jobs-lagging-talent-in-move-to-big-citiesJobs lagging talent in the move to cities: 68 percent of jobs across the largest regions are located in suburbs, even as highly educated workers flock to live in cities A new JLL Research Report, Ambitious Thinking: Smart Cities, part 1 explores the geography of highly educated talent and jobs across the 25 largest U.S. regions.
While PA suburban office sales have historically out-performed the city, the gap is narrowing as new capital focuses on the CBD and pricing moderates elsewhere /1019/philadelphia-7-9-18-capital-focused-on-cbd<img alt="" src="/united-states/en-us/PublishingImages/Snapshots/man-people-office-technology.jpg?RenditionID=6" style="BORDER:0px solid;" />/united-states/en-us/research/snapshots/1019/philadelphia-7-9-18-capital-focused-on-cbdWhile PA suburban office sales have historically out-performed the city, the gap is narrowing as new capital focuses on the CBD and pricing moderates elsewhere JLL analyzed 58 Class A offices sales in Philadelphia and the Pennsylvania suburbs, deriving a weighted average sales price for each year.