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Philly’s hotels are doing well and expanding rapidly in the face of 3,257 Airbnb listings. /680/philadelphia-2-12-18-hotelsaredoing20well<img alt="" src="/united-states/en-us/PublishingImages/Snapshots/Luxury-hotel-lobby-reception.jpg?RenditionID=6" style="BORDER:0px solid;" />/united-states/en-us/research/snapshots/680/philadelphia-2-12-18-hotelsaredoing20wellPhilly’s hotels are doing well and expanding rapidly in the face of 3,257 Airbnb listings. ​High-level data from AirDNA, a website that monitors and analyzes Airbnb listings, counts 1,064 active rentals in Center City and another 2,193 in surrounding neighborhoods.
Philadelphia is the second most affordable Northeast office market for tenants interested in new construction/659/philadelphia-2-5-18-most-affordable-for-new-construction<img alt="" src="/united-states/en-us/PublishingImages/Snapshots/construction-tool-belt.jpg?RenditionID=6" style="BORDER:0px solid;" />/united-states/en-us/research/snapshots/659/philadelphia-2-5-18-most-affordable-for-new-constructionPhiladelphia is the second most affordable Northeast office market for tenants interested in new construction​Tenants almost always pay a premium for new construction nationally, but the gap between rent in existing buildings and new deliveries varies widely from place to place.
All Greater Center City zip codes have added residents, but neighborhoods east of Broad have grown faster/636/philadelphia-1-29-18-adding-residents-growing-fast<img alt="" src="/united-states/en-us/PublishingImages/Snapshots/people-working-together-tablet.jpg?RenditionID=6" style="BORDER:0px solid;" />/united-states/en-us/research/snapshots/636/philadelphia-1-29-18-adding-residents-growing-fastAll Greater Center City zip codes have added residents, but neighborhoods east of Broad have grown faster​ESRI population estimates for 2017 show over 267,000 people living in the eleven zip codes that encompass and extend past Greater Center City.
Philadelphia office submarkets have created 49,300 of the city’s 75,800 new jobs since 2008/619/philadelphia-1-22-18-office-submarkets-creating-new-jobs<img alt="" src="/united-states/en-us/PublishingImages/Snapshots/people-meeting-tablets.jpg?RenditionID=6" style="BORDER:0px solid;" />/united-states/en-us/research/snapshots/619/philadelphia-1-22-18-office-submarkets-creating-new-jobsPhiladelphia office submarkets have created 49,300 of the city’s 75,800 new jobs since 2008The 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.
Fast food and family dinners rule restaurant spending across America’s largest metropolitan areas/603/philadelphia-1-16-18-eating-out-in-major-metros<img alt="" src="/united-states/en-us/PublishingImages/Snapshots/retail-food-burgers.jpg?RenditionID=6" style="BORDER:0px solid;" />/united-states/en-us/research/snapshots/603/philadelphia-1-16-18-eating-out-in-major-metrosFast food and family dinners rule restaurant spending across America’s largest metropolitan areasNot surprisingly, Philadelphia’s emergence as a foodie paradise has contributed to the growth of the restaurant sector, with hundreds of new restaurants opening on an annual basis.
PA suburbs led the way in 2017 leasing activity, but the percentage of leased space was largely consistent across Philadelphia’s submarket clusters /586/philadelphia-1-8-18-leading-in-2017<img alt="" src="/united-states/en-us/PublishingImages/Snapshots/office-building-cloud-reflection.jpg?RenditionID=6" style="BORDER:0px solid;" />/united-states/en-us/research/snapshots/586/philadelphia-1-8-18-leading-in-2017PA suburbs led the way in 2017 leasing activity, but the percentage of leased space was largely consistent across Philadelphia’s submarket clusters ​6.6 million square feet of space leased across the Philadelphia region’s five submarket clusters in 2017.