Center City Is the Fastest Growing Area of Philadelphia, New Report Shows
Newly released data from the Center City District shows that Center City is Philadelphia’s fastest-growing area. Released on Tuesday, March 4, the annual housing report reveals that one in eight Philadelphia residents reside in Greater Center City. Greater Center City is defined as the area between Girard Avenue and Tasker Street, bordered by the Delaware and Schuylkill rivers.
In just the last year, Greater Center City has added more than 3,800 new housing units. That’s an increase of approximately 1,000 units from 2023. According to Greater Center City officials, the growth in new housing in Center City over the past five years can be attributed to the city’s 10-year tax abatement policy.
The Philadelphia Inquirer reported that approximately one-quarter of all the new homes completed in Philadelphia last year were built in the 19123 ZIP code. This ZIP code includes the area in and around Northern Liberties from Callowhill Street to West Girard Avenue and North Broad Street to the Delaware River waterfront.
What makes this particular ZIP code so attractive?
“This geography contains several rapidly developing corridors, with the Delaware River waterfront from Callowhill Street to Penn Treaty Park being the most active,” the Center City District report said. “Spring Garden Street and North Broad are other areas of intensifying development.”
In his analysis for The Philadelphia Inquirer, Clint Randall, Center City’s vice president of economic development, said, “What’s been really remarkable is that nearly every large parcel between Spring Garden Street and Penn Treaty Park has seen some kind of construction move forward. And you can’t say that about other places that are places where there are larger parcels that are still conspicuously waiting for construction to start.”
Randall noted that one can find areas of Center City where more homes can be built. These areas include spots along East Market Street. The East Market development in the 1100 block of Market Street “continues to serve as a model for the type of density and mixed-use development that’s possible in Market East,” he added.