The State of University City 2021

The State of University City 2021 Cover Image
Dec 08, 2020 4 months ago

Normally at this time of year we gather with hundreds of neighbors, stakeholders, and local officials to toast the neighborhood, review the accomplishments of our partners, and release our annual State of University City publication. Although current conditions prevent us from getting together in person this year, that has not stopped us from publishing The State of University City 2021, our comprehensive report on trends and major milestones from the previous year.

The State of University City 2021 documents the district’s status as the regional leader in innovation and development and provides an in-depth guide to the development projects – academic, commercial, public, residential and more – that are transforming University City, along with other critical economic development indicators. UCD believes that University City’s future is critical to the success of the city and region, and our district’s unique assets, opportunities, and environment can serve as a major catalyst toward the regional economic recovery. 

This year’s publication places a focus on the ongoing development throughout the neighborhood, critical medical and scientific discoveries, and how major anchor institutions adapted and pivoted in response to the pandemic. The report examines how partnerships among University City’s coalitions of organizations and individuals across different sectors can aid in restarting and reimagining the next economy.  

Key data and stats from this year’s publication include numbers tied to: 

  • Real Estate Development: Over 900,000 square feet of new development or major renovations was underway last year for an estimated value of nearly $400 million, with an additional 7.5 million square feet on the horizon. 

  • Research: A record 232 patents and $1.85 billion in R&D investment cement University City as a major hub for startups and established companies. 

  • Office Inventory: University City boasts over 5 million square feet of office space, with an additional 300,000 square feet under construction. University City’s 92.9% occupancy rate is the second best in the region. 

  • Affordable Living: University City’s median prices for rental properties ($1.66 per square foot) and homes ($200 per square foot) are a bargain when compared to peer employment centers like Boston, Austin, San Francisco and others. 

  • Life Sciences: University City institutions collected $843 million in National Institute of Health funding in 2019, good for 43% of all funding across the entire state of Pennsylvania. The neighborhood’s robust life science offerings continue to draw and retain companies including Spark, Amicus, Tmunity, Carisma, Virion, and more. 

You can browse the publication online below or download the complete digital version by clicking here.

 

UCD believes that University City’s future is critical to the success of the city and region, and our district’s unique assets, opportunities, and environment can serve as a major catalyst toward the regional economic recovery.  Ultimately, the ingredients for a transformative recovery—one that meets this moment’s opportunities and obligations for growth and inclusion—will require unrelenting aspiration and vision, two of University City’s essential qualities.

Add new comment

Filtered HTML

  • Web page addresses and e-mail addresses turn into links automatically.
  • Allowed HTML tags: <a> <em> <strong> <cite> <blockquote> <code> <ul> <ol> <li> <dl> <dt> <dd>
  • Lines and paragraphs break automatically.

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.