Story perspectives

Philadelphia Jobs Surge 13.6%, But Office Vacancies Soar

9/18/2025

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Summary

Story summary

Philadelphia's employment rose by 13.6% from 2020 to 2024, exceeding the national average of 11.7%.
Office sector employment grew by only 1%, resulting in a 20.4% vacancy rate.
Healthcare and social assistance now represent 32% of city jobs.
The Center City District recommends mixed-use development and designating Market Street as a Keystone Opportunity Zone.
Safety perceptions and quality of life challenges hinder tenant interest, highlighting the need for government incentives for redevelopment.

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Story summary

Philadelphia's employment rose by 13.6% from 2020 to 2024, exceeding the national average of 11.7%.
Office sector employment grew by only 1%, resulting in a 20.4% vacancy rate.
Healthcare and social assistance now represent 32% of city jobs.
The Center City District recommends mixed-use development and designating Market Street as a Keystone Opportunity Zone.
Safety perceptions and quality of life challenges hinder tenant interest, highlighting the need for government incentives for redevelopment.