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Population change has varied greatly in or near key office submarkets; will this affect future demand?

  • ​A sampling of Census Designated Places (CDPs) and boroughs throughout the Pennsylvania suburbs reveals varied population changes since 2010 that tell a more nuanced story than the region’s slow-and-steady narrative. Certain places greatly exceeded or fell short of the growth rates of their home counties and of the region overall.
  • With growth rates ranging between 3.5 and 7.9 percent, Malvern, Exton, and West Chester are clear drivers of Chester County’s 3.2 percent population increase 2010-2015, the largest of any PA county in the Philadelphia region. The next fastest-growing PA suburban county, Montgomery, contains the two other above average places from a growth standpoint, Fort Washington (5.0 percent) and Norristown (2.1 percent).
  • Some of the most active places from an office market perspective saw sluggish or negative population growth through 2015, including Conshohocken, Plymouth Meeting, and King of Prussia. While KOP is likely to see a surge by the 2020 census given the current multifamily boom, growth in other submarkets seems less certain. Population shifts within the region will change commuting patterns and help influence future tenant decisions.  From a live/work/play perspective, Chester County appears best positioned for additional growth. 

Source: JLL Research, U.S. Census​




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