A new report by the Center City District reveals that Philadelphia is among the top five cities in the nation for post-pandemic rebound. Titled “Downtowns Rebound,” the report analyzed growth in 26 major U.S. cities, with Nashville claiming the top spot due to its flourishing tourism industry. However, Philadelphia’s recovery is noteworthy, leveraging its strengths in both hospitality and professional services.
Philadelphia faced a 74% reduction in downtown foot traffic between February and April 2020, significantly impacting businesses like The Coventry Deli. Although a rebound is in progress, some office workers maintain hybrid schedules, influencing the slower pace on Mondays and Fridays.
Despite challenges, Philadelphia’s overall return to downtown stands at 84% of 2019 levels, securing the fifth position among other major cities. While office space occupancy remains a hurdle, companies’ incentives to bring employees back to the workplace have contributed to a reduction in office vacancies, down from 45% in 2020 to 16% in 2023.
The focus now is on attracting new businesses to the city as part of Philadelphia’s ongoing recovery efforts.