Center City District has released its latest Center City Real Estate Development Report, which provides an overview of the $1.2 billion in development activity taking place in the area.
There are a total of 66 major development projects in Center City Philadelphia that are either completed, under construction, or in the planning stages.
Center City is witnessing a residential boom with over 3,000 units completed and 4,000 more under construction. Beyond that, there is an additional 2,000 units in the proposal stage.
The downtown area is also seeing more than 805,000 square feet of new commercial space, along with 522,097 square feet of added retail space.
With the recent closure of the Macy’s inside the Wanamaker Building, a new project is likely coming there. The backtracking of the original 76 Place arena proposal in Center City is another opportunity to revitalize the Market Street corridor with a new project.
The revitalization of Market Street is one of five key development and real estate trends that the new report details that Center City is experiencing.
The other trends are adaptive reuse, the evolution of arts and culture, more retail, and population growth.
Read more about the $1.2 billion in real estate development taking place in Center City in the 2025 Center City District real estate development report.
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