During the decade from 1990 to 2000, the CPDC report notes, the number of professional service jobs Downtown declined by 10% while the suburbs experienced office growth of 34%. The Center City office market is now 87% occupied. "Every 1%-increase in occupancy adds 1,520 new office jobs and $18.9 million in annual salaries to residents of Philadelphia's neighborhoods," according to CPDC.
Suggesting that a focus on individual deals simply rearranges the office occupancy level, CPDC urges a marketing campaign to carry a message to "a broad national audience," instead of focusing on retaining tenants on a case-by-case basis. Philadelphia successfully addressed the hospitality sector through a comprehensive strategy, CPDC points out.
Furthermore, the report also notes that the expanded arts, entertainment and hospitality effort included a $1-billion investment in infrastructure, which included the Pennsylvania Convention Center, the Kimmel Center and the Independence Visitor Center.
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