The State of University City 2022

The cover for the 2022 edition of The State of University City
Jan 04, 2022 22 days ago

University City District (UCD) is pleased to release our State of University City 2022 publication, a comprehensive report on neighborhood trends and major milestones from the previous year. 

The State of University City 2022 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 space, residential and more – that continue to transform University City, along with other economic development indicators. University City’s future is critical to the continued success of the city and region, and our district’s unique assets, opportunities, and environment serve as a major catalyst toward the continued regional economic recovery.  

This year’s publication places a focus on the ongoing development throughout the neighborhood, how University City bounced back to welcome foot traffic, employees, and new businesses, and key scientific and technological discoveries from local institutions. The report examines how partnerships among University City’s coalitions of organizations and individuals across different sectors continue to 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 1.4 million square feet of new development or major renovations was underway last year for an estimated value of nearly $400 million, with an additional 11 million square feet on the horizon. 
  • Research: 207 patents, $813 million in NIH funding, 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 nearly 5 million square feet of office space, with an additional 700,000 square feet under construction. University City’s 92.7% occupancy rate is the strongest in the region. 
  • Employment: New development and institutional expansions contributed to University City’s continued status as a top regional employment hub, and the return of employees working in higher education and at our top hospitals led to foot traffic returning to pre-pandemic levels this past fall.   
  • Life Sciences: Cutting-edge innovations originate out of 1.86 million square feet of lab space in research hubs including the Wistar Institute, Pennovation, Drexel’s [email protected], uCity Square, and Schuylkill Yards. This confluence of labs, benches, and clinics contributed to CRBE ranking Philadelphia as the #7 top life sciences clusters, and dubbing University City the region’s “hottest life sciences neighborhood.”  

 

The State of University City publication illustrates the neighborhood’s ongoing transformation and UCD’s impact on the neighborhood. This year’s State of University City publication is presented as both a digital version available for download or in print. To obtain physical copies, you may drop by our offices at 3940 Chestnut Street between 9 AM and 5 PM, Monday through Friday.