Employment

New development and institutional expansions and disruption-resistant industries contribute to University City’s continued status as a top regional employment hub. Over 20,000 job postings for positions within University City were listed in 2022, and nearly 70% of University City’s 80,000+ jobs within the neighborhood pay over $40,000 per year. University City accounts for almost 12% of all jobs within Philadelphia, despite representing only 1.69% of the city’s total footprint. Our local economy is dominated by positions at our local hospitals and universities, but our growing innovation sector adds more positions in biotech, nascent technologies, and commercialization of research each year as more labs, offices, and commercial spaces are added to the inventory each year.

Job Postings by Major University City Employers

Percentage of Total Employment

University City is home to approximately five million square feet of office space, with nearly 800,000 square feet of additional space currently under construction at major development projects throughout the neighborhood. After years of below-market rent for office space, a fall 2022 report from CBRE ranked University City’s 18% increase in office rent to $49.26 per square foot per year as #1 out of 30 tech submarkets. The current asking rent per square foot represents an 18% increase since 2020, but remains more affordable than similar hubs in Boston or Vancouver. Coupled with a vacancy rate of just 9.8%, it’s clear that our ascendant life sciences and technology sector is spurring continued growth that sends ripple effects throughout the entire region.

Office Occupancy Rates Among Regional Submarkets

University City ranked as the top tech submarket for rent growth from 2020-2022 according to CBRE.