University City District released it’s State of University City 2016 which focuses on news from the past year and a glance at whats ahead in 2016. University City, Philadelphia is comprised of world-class universities and medical facilities and is considered the regions leader in education, science and innovation. University City is made up of the 2.4 square mile of real estate west of the Schuylkill River.
At a glance from a real estate and construction standpoint three key figures that stand out are:
- 2.6% office vacancy rate which is the lowest level since 2008 real estate bubble. This rate is the lowest among 27 regional sub markets; even as inventory has grown by 26% in the last several years. The FMC Tower, which is currently under construction will add 635,000 square feet of space once completed in 2016.
- 88% ground floor commercial occupancy rate.
- 29 new real estate and development projects advanced or were completed in the last 12 months, representing nearly 6 million square feet of new office, research, academic and medical space, for a project value of over 2.2 billion dollars.
Related: FMC – Cira Tower Pictures