Thinking of locating your business in Old City?
You'd be in good company, joining an important segment of the Delaware Valley's regional economy. The dynamic mix of our businesses and organizations -- world-renowned historic and cultural institutions, professional offices, retailers and galleries, and a wide range of dining and lodging options -- makes Old City a very attractive place to do business.
Business facilities range from modern offices to renovated colonial-era properties and converted industrial loft buildings. Work spaces with tall ceilings and big windows, wood floors and exposed brick walls are typical in Old City. Locals walk to work along the same attractive tree-lined streets as our country’s founding fathers and mothers did 300 years ago.
Factor in the ease of access, the competitive cost of this location and the spirit of cooperation within the local business community, and you can see why so many people love doing business here.
Old City Key Facts 2014 provides more market data.
Attractions in Old City
Historic and Cultural Institutions: Independence National Historic Park, theaters, museums, historic churches and streets
Services: professional services and a growing network of technology firms, media companies and creative agencies
Retailers: many fashion boutiques and a strong niche in home décor showrooms
Arts District: numerous art galleries representing a broad range of styles, design firms, theatres
Dining and Nightlife: a variety of great chef-owned restaurants, neighborhood bistros, watering holes and music venues
Lodging: luxury hotels with great amenities to youth hostels at the right price
In 2013 and so far this year, Old City experienced a wave of new and expanding businesses. Several new and planned commercial development projects, representing hundreds of millions in public and private investment dollars, are a statement to the value that businesses place on this environment for their enterprises -- and this marketplace for their customers and employees.
Neighborhood Demographics and Statistics
The Old City Demographic Profile provides market demographic information.
The statistices reflect a prime market for customers in key segments and for sourcing employees:
- 78% of Old City households have annual incomes over $50,000; about 60% have annual incomes over $75,000; and 45% have incomes over $100,000.
- More than 75% of Old City residents have at least a bachelor’s degree.
- 76% of Old City residents are of working age (18-64).
- Average residential sales values are increasing: $369,940 in 2013, up nearly 5% over 2012's $352,640, according to realtor Mark Wade of Prudential Fox & Roach Real Estate.
- The 207,000 people who live within a five-minute drive of Old City spend more than $142 million on apparel and more than $1.8 billion on retail goods annually.
- Independence Visitor Center at 6th and Market Streets attracts 3.5 million visitors, on average, each year.
- Old City's construction permits grew almost 20% between 2012 and 2013.
- In the census tract that encompasses most of Old City, violent crime fell by 40 percent from 2012 to 2013.
- Old City is easily accessible to employees and customers, from inside the city or across the region -- by road, rail, subway or bicycle.
- Old City’s commercial rents are lower than comparable spaces in other parts of Philadelphia. Retail space in Old City (ZIP Code 19106) averages $20 per square foot, vs. an average $59 per square foot in Center City (19102 and 19103). Office space in Old City averages $18 per square foot vs. an average $20 per square foot in Center City.
- Old City’s broad mix of stores, restaurants and hotels creates a good impression on employees and clients.
- The area's wealth of colleges, universities and specialty education institutions is ideal for employee recruitment.
- Tech and creative firms represent a growing population. Entrepreneurs and leading-edge tech ventures collaborate on business opportunities in software, phone app development, IT strategy, digital media, marketing and branding, robotics and cloud communications.
- Old City businesses are active in Old City's arts, civic and non-profit communities, taking advantage of many opportunities to leverage and enhance their brands.
Looking For Assistance?
Local businesses benefit from key Old City District programs, including marketing and promotions, economic development and business support, security, public space maintenance and streetscape improvements. We also act as the business community’s liaison to the City of Philadelphia and we review proposed zoning applications and development projects.
We actively seek “best fit” businesses for Old City: fashion boutiques; home design and decor shops; high-tech, creative and professional services firms; and arts and cultural institutions. We maintain an inventory of commercial properties for lease and sale to help you find your ideal space, and we can serve as liaison to landlords and developers.
When your potential or new business contacts Old City District with questions or plans -- or just for an introduction -- you’ll also receive information about other local business resources and grants, such as Storefront Improvement Grants and grants through the Merchants' Fund.
Ready to get started? Contact Greg Diehl at Old City District.