Philadelphia as the Next Global City

Philadelphia’s innovation economy is strong, but city leaders can do more with its existing assets to compete globally and benefit local communities, according to a new report from the Brookings Institution.

The culmination of an 18-month study, “Connect to compete: How the University City-Center City innovation district can help Philadelphia excel globally and serve locally” examines the role of the innovation district within University City and Center City Philadelphia as a regional economic hub and as a key part of Philadelphia’s efforts to become a world-class innovation city.

Stretching from 17th Street to 43rd Street along the Market Street corridor, and south along the Schuylkill River to Grays Ferry, the 1.5 square mile innovation district in University City and west Center City is perhaps the most significant innovation hub among several in the Philadelphia region.

Philadelphia is the sixth largest metropolitan area in the country and ranks among the top 10 metros based on its total annual amount of public and academic research expenditures. However, it underperforms on several key metrics given its size and assets. To improve its economic competitiveness and grow more firms and jobs, the region needs to better leverage and align its strengths.

To this end, the study makes a number of recommendations. Among them is the establishment of an Innovation Council— a leadership group with the ability to bring diverse industry, public-sector, and civic stakeholders together to drive innovation, inclusion, and placemaking in the district and beyond.

Philadelphia’s chance of becoming a top-tier city—with the attendant firms, jobs, revenues, and innovations that status would bring to the city and region—cannot hinge on individual acts or institutions. Given its assets and the progress it has already made, it is clear Philadelphia can rise to this collective challenge.

The Chamber of Commerce for Greater Philadelphia and its Select Greater Philadelphia Council are committed to leading the community dialogue to determine the best strategies to put the recommendations from the study into action.

Read the full Brookings Institution report.

Boston-Based Innovation Center to Expand to uCity Square

The Science Center’s newest occupant will inhabit 127,000 square feet at the Center’s 3675 Market building.

Cambridge Innovation Center (CIC), based in Cambridge, Massachusetts, is a firm that focuses on creating innovation through developing spaces that help entrepreneurs improve and accelerate their business.

“At the root of a successful startup ecosystem are communities with ties to great academics and a strong talent base,” says Tim Rowe, Founder & CEO of CIC.  “We are thrilled to be partnering with Dr. Tang, the Science Center and our friends at Wexford.  I truly believe that, through our partnership, we can help Philadelphia become a global leader of innovation.”

CIC currently has locations in Boston, Miami, St. Louis and Rotterdam and is home to innovative companies such as HubSpot and Android.

The Science Center, Wexford Science + Technology, and CIC will combine efforts to combine high-service small office space with resources such as funding and tools in order to drive innovation in the region.

“Separately, these are powerful components. Together, they will disrupt and accelerate innovation and entrepreneurship in Greater Philadelphia,” said Science Center President & CEO Stephen Tang in the Science Center’s press release. “By joining forces, Wexford, the Science Center and CIC are leveraging their core strengths to support the region’s next generation of entrepreneurs and innovators.”

New $300 Million Mixed-Use Project in Planning Stages

Preliminary plans are being made for the 68,000-square-foot plot of land on the corner of Spring Garden and Broad.

Parkway Corporation, a real estate developer based in Philadelphia, is planning on constructing a mixed-use project, with 127,000 square feet of residential space, 87,000 square feet of retail space, and 586,000 square feet of office space.

“I really wanted to do something major to help get some jobs up here,” said Rob Zuritsky, President of Parkway, in a Philadelphia Business Journal article. “This is a major corner that should be something really big.”

Companies such as GSK and Philadelphia Newspapers have proven that North Broad offices have been successful, and mixed-use spaces such as Schuylkill Yards are in the works throughout the region, accelerating collaboration and growth in Greater Philadelphia.

Image rendering courtesy of Parkway Corporation.

Life Sciences Yields $24.6B for Greater Philadelphia

 

$6.3B in investments are woven into economic fabric of the region

January 4, 2016 (Philadelphia, PA) — The Greater Philadelphia Region (GPR) is positioned to lead the next stage of disruption within the spectrum of Life Sciences disciplines, thanks to its world-renowned research institutions, top biomedical programs, and a healthy ecosystem of small and large enterprises and investment activity, a new study shows. Greater Philadelphia Life Sciences Report, the joint study by Ben Franklin, BioAdvance, CEO Council for Growth, the Chamber of Commerce for Greater Philadelphia, EY, Life Sciences PA, the Greater Philadelphia Alliance for Capital and Technology (PACT), Philadelphia Works, Select Greater Philadelphia Council, and the University City Science Center, in collaboration with IHS Markit, explores Greater Philadelphia’s Life Sciences footprint and investment activity over the last five years and details the key findings that characterize the sector’s evolution in the region.

As previewed at PACT’s Impact 2016 event in November, the Greater Philadelphia Life Sciences Report details investments in Life Sciences companies from 2011 through the first half of 2016 and explores how the payoffs from those investments have been woven into the economic fabric of the region. It speaks to how the long-standing and continued importance of Life Sciences in the region is producing a broad range of sustainable employment opportunities and is increasing the importance of this sector to our export profile.

Report highlights include:

  • 1,200 establishments in the Life Sciences
  • Leadership in the fields of cell therapy, gene therapy and gene vaccines
  • 48,900 direct jobs
  • 6 medical schools (including 4 NCI-designated Cancer Centers) and 10 medical centers
  • $1B in NIH funding
  • >5,400 life science-related patents since 2010
  • $6.3B in  investment in regional companies
  • $24.6B in real output (in constant 2010 dollars), 4% of the GPR’s total

“As Ben Franklin has been engaged in the development of the life sciences community in our region for decades, today’s outlook for opportunity is exciting,” said Ben Franklin President and CEO RoseAnn B. Rosenthal. “Our convergence of institutional, corporate, and public partners committed to its growth, combined with our ever-burgeoning talent, are a recipe for impactful success.”

“The Greater Philadelphia Region has a long, rich history of making investments in the life sciences industry, “ said EY Partner, Assurance Amy J. Dorfmeister. “These investments have built a foundation for a large, diverse life science ecosystem. The recent data shows how the ecosystem has evolved, continuing the trend of delivering transformative growth of the industry in the region.”

“This collaboration among regional organizations shows the enormous strength of life sciences within Greater Philadelphia,” said PACT President and CEO Dean Miller. “This report provides insights into the immense innovation and breakthrough discoveries that are coming out of the 11 counties, proving our region to be a global leader in life sciences.”

The full report is now available here.

About the contributors:

Ben Franklin Technology Partners of Southeastern Pennsylvania

Ben Franklin is the most active early stage capital provider for the region’s technology sectors. Ben Franklin combines best practices of venture capital with a public-spirited purpose: leading the region’s technology community to new heights, creating jobs and changing lives for the better. Ben Franklin is an initiative of the Pennsylvania Department of Community and Economic Development and is funded by the Ben Franklin Technology Development Authority.

www.sep.benfranklin.org

BioAdvance

BioAdvance is a $50 million early stage life sciences fund, working with entrepreneurs in the mid-Atlantic region to build strong companies that have the potential to improve human health. Since making its first investments in 2003, BioAdvance has committed over $37 million in funding to 74 organizations developing over 90 products in the diagnostics, therapeutic, medtech, research tools and digital health sectors. BioAdvance portfolio companies have leveraged $2.5 billion in subsequent capital, including proceeds from eleven acquisitions. Ten products have received FDA approval.

www.bioadvance.com

CEO Council for Growth

The Chamber’s CEO Council for Growth leads our region forward by envisioning a stronger, more competitive community, convening decision makers, taking action, and advocating for policies and practices that strengthen our regional economy.

This team of devoted business, higher education, and civic leaders reaches across our 11-county Greater Philadelphia community. We are engaged advocates who are committed to innovation in business, improving regional mobility, and fostering talent as key opportunities that define our competitive advantage and drive economic growth.

www.ceocouncilforgrowth.com

EY

EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.

www.ey.com.

IHS-Markit

In July 2016, IHS Inc. and Markit Ltd. merged to form IHS Markit Ltd. (NASDAQ: INFO), a world leader in critical information, analytics and solutions for the major industries and markets that drive economies worldwide. Our Economics and Country Risk group prepares economic forecasts for emerging markets; developed countries including Canada, Europe, and Japan; US macroeconomic forecasts; US Regional forecasts for 50 states, 363+ metropolitan areas and 3,100+ counties; Financial Markets; and more than 170 industries in the energy, chemical, technology, maritime & trade, aerospace and defense, manufacturing and finance cluster. We have offices in 31 countries across the globe. Our Philadelphia office has operated for more 40 years since the founding of Wharton Econometric Forecasting Associates (WEFA), one of original tenants of the University City Science Center. For more information, please visit: www.ihsmarkit.com

Life Sciences PA

Life Sciences PA is the statewide trade association for the life sciences in Pennsylvania and serves to ensure Pennsylvania is a global leader in the life sciences by developing a business and public policy environment which fosters life science growth and success. For more information, please visit:

www.lifesciencespa.org

Philadelphia Alliance for Capital and Technologies (PACT)

PACT’s vision is to be the go-to resource for fast growing companies, and a driver of entrepreneurship and innovation in the Philadelphia region. PACT provides its members with valuable content and connections to capital, coaching, and customers that will accelerate their growth and success, and to collaborate with other organizations to drive innovation and entrepreneurship in the region. www.philadelphiapact.com

Philadelphia Works

Philadelphia Works is a nonprofit investing in solutions and services to grow Philadelphia’s economy by connecting employers to workforce talent and career seekers to jobs. We influence the public policies that support economic growth, and optimize funding and resources to invest in regional solutions to build a skilled and thriving workforce. Our dedicated board members and staff manage direct services, workforce research, and innovative initiatives to grow Philadelphia.

www.philaworks.org

Select Greater Philadelphia Council

Select Greater Philadelphia Council (Select) is the business attraction organization for northern Delaware, southern New Jersey, and southeastern Pennsylvania. A non-profit entity, Select highlights Greater Philadelphia’s unique business assets to national and global audiences with the ultimate goal of growing the economic vibrancy of our collective community through attracting new businesses and new jobs to our 11-county region. Select assists companies interested in locating in Greater Philadelphia by providing resources, detailed information, and connections.

www.selectgreaterphl.com

University City Science Center
Located in the heart of uCity Square, the University City Science Center is a dynamic hub for innovation, and entrepreneurship and technology development in the Greater Philadelphia region.  Founded in 1963 as the nation’s first urban research park, it provides business incubation, programming, lab and office facilities, and support services for entrepreneurs, start-ups, and growing and established companies. Graduate firms and current residents of the Science Center’s business incubator support one out of every 100 jobs in Greater Philadelphia and drive $12.9 billion in economic activity in the region annually.  www.sciencecenter.org

Media Contacts:

Ben Franklin:

Jason Bannon

[email protected]

215-972-6700

PACT:

Amanda Nardi

[email protected]

215-790-3608

The Chamber of Commerce for Greater Philadelphia:

Danielle Hagerty

[email protected]

215-790-3831

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Panama Canal Expansion means More Cargo to Philly

Larger vessels are now coming to the Port of Philadelphia, thanks to the $5.4 billion Panama Canal expansion.

“These are the biggest cargo ships to ever come up the Delaware River,” said Eric Holt, Vice President of Holt Logistics in a Philly.com article.

Shipping company Mediterranean Shipping Co. began a new freight route on August 3 that includes stops in the Netherlands, Belgium, Germany, England, and Portugal. The Packer Avenue Marine Terminal in South Philadelphia is the only stop on this new route on the east coast.

These larger vessels are expected to bring approximately $21.8 million in annual employment income and $5.7 million in in local, state, and federal taxes annually.

This new development reflects Greater Philadelphia’s status as one of only three locations in the U.S. listed on CBRE Research’s top 20 emerging global logistics hubs.

Boston-based Life Sciences Company Expands to Greater Philadelphia

The biopharmaceutical firm Radius Health, which focuses on developing treatments for osteoporosis, oncology and endocrine diseases, recently announced that they are expanding to Greater Philadelphia.

The expansion will bring over 100 new jobs with their 14,000-square-foot office in Wayne, Pa.

The firm chose the Delaware County location in order to “leverage the region’s vibrant life sciences community and workforce,” said Robert E. Ward, President and CEO of Radius, in a Philadelphia Business Journal article.

Radius Health’s expansion to Greater Philadelphia “is yet another compelling example of how Pennsylvania continues to attract innovative companies to the commonwealth,” said Christopher P. Molineaux, President of Pennsylvania Bio.

With seven medical schools, over 13,000 STEM degrees awarded in 2014, and thriving startups such as Spark Therapeutics in the region, Greater Philadelphia is the strategic location for a life science company to grow and prosper.

Downtown Wilmington Office Vacancy Rate Lowest Since 2009

Tenants have slowly been filling office space in downtown Wilmington over the past seven years. As a result, the city’s office vacancy rate in 2015 hit an all-time low since 2009.

According to an update from the Buccini/Pollin Group, Inc., Wilmington’s downtown central business district (CBD) ended 2015 with a 15.2% vacancy rate. The figure is based off of research from JLL.

“The delivery of new housing stock and restaurants on Market Street is creating a more vibrant downtown, which is attracting employers and energizing workers,” Rick Kingery, a vice president at Colliers International said in a Delaware Business Now article.  “A real live-work-play atmosphere is developing as the city sees a diversification of employers and the dynamics of a once ‘company town’ are changing. A FinTech [Financial Technology] cluster and entrepreneurial community have emerged while the banking and legal anchors are still thriving.”

Downtown Wilmington’s growing innovative environment is reflected in all 11 counties of Greater Philadelphia, with developments such as Schuylkill Yards in University City and a region-wide office vacancy rate of approximately 11% demonstrating that Greater Philadelphia is the now more than ever the best place to start and grow a business.

Collaboration between Drexel & Brandywine Realty Accelerates Growth

Drexel University and Brandywine Realty Trust will collaborate to create a 14-acre, $3.5 billion mixed-use space called Schuylkill Yards that will live in the heart of West Philadelphia’s transportation, education, and business district.

This development project, which is expected to be completed in the next 15 to 20 years, will be the largest in the city’s history and will include everything from spaces for startups and research labs to residential buildings, restaurants, and parks.

Along with bolstering the economic growth of the region, Schuylkill Yards is projected to enhance opportunities for Philadelphia residents. A strategic and integral part of the project is to provide jobs, housing, and education to the people living in the surrounding communities.

Philly.com published an article explaining the effects the Schuylkill Yards is projected to have on the region as a whole. This project is joining the queue of developments, designations, and events that are establishing Philadelphia as a city on the rise.

Delaware Ranked #4 State in the Nation in Job Creation

Delaware ranked fourth for job creation out of all 50 states in Gallup‘s Job Creation Index for 2015.

The study asked employers to report on hiring activity at their workplace and included interviews with at least 581 employees from each state, for a grand total of 200,000 for all 50 states.

“The  governor has prioritized preparing people to succeed in today’s economy and fostering an environment that allows businesses to grow, thrive, and hire people from within our workforce,”  said Governor Jack Markell’s spokesperson, Courtney McGregor, in a recent Delaware Business Now article.

The state’s high ranking in job creation means more economic prosperity for both Delaware and the Greater Philadelphia region as a whole, as opportunities for employment become more widely available.

Read the full Delaware Business Now article.

MAYOR NUTTER ANNOUNCES AMERICAN BIBLE SOCIETY TO RELOCATE HEADQUARTERS TO PHILADELPHIA

Move from New York City to create 200 new jobs in the city

Philadelphia, January 28, 2015 – Mayor Michael A. Nutter and American Bible Society President and CEO Roy Peterson announced today that American Bible Society, one of the nation’s first and enduring nonprofits, will relocate its national headquarters to the historic center of Philadelphia, an area often called the most historic square mile in America.  Mayor Nutter and Dr. Peterson were joined by Alan Greenberger, Deputy Mayor for Economic Development and a host of faith, business, and community leaders at a press conference at Independence Visitors Center this morning.

“We are very excited to welcome American Bible Society to their new home in Philadelphia,” said Mayor Nutter.  “Working with Dr. Peterson, his team and the American Bible Society Board as they made this decision was a pleasure and we are very proud that one of America’s first nonprofits has chosen to move to our city.  Thank you to all involved in this effort.”

The move comes after nearly 200 years in New York City.  The new American Bible Society headquarters will be located at 401 Market Street in Philadelphia’s historic district. Ministry offices will encompass nearly 100,000 square feet on the 8th and 9th floors of the building. In addition, American Bible Society has proposed creating a Bible Discovery Center on the first floor, as well as a conference center, Rare Scriptures Depository and scholarly working library on the concourse level of the building. The new Bible Discovery Center will provide quick access to 5th Street, the center point of Independence Mall, and will add a new dimension to the historic area, sharing American Bible Society’s uniquely American story.

CEO Roy Peterson said the city was selected based on a number of factors, including strategic collaboration opportunities, affordability and livability. Coincidentally, one of the ministry’s founders and its first president, Elias Boudinot, was a native son of Philadelphia.  The ministry anticipates opening the doors of its new offices this summer, with the Bible Discovery Center opening being explored for 2016.

“For 20 decades, American Bible Society has worked to make the Bible available where needed most so that all may experience its life-changing message,” said Peterson. “As we work toward the goal of having 100 million Americans engaging with God’s Word and 100 percent of the world’s languages open for Bible engagement, our new Philadelphia headquarters will become the launching pad for Bible ministry in the U.S. and around the world.  We are thrilled that we will be starting a third century of service, headquartered here in Philadelphia.  Home to America’s first hopes as a new nation, Philadelphia is now home to a very bright future for American Bible Society.”

The effort to attract American Bible Society to Philadelphia was led by the Department of Commerce, including the Commonwealth of Pennsylvania, the Archdiocese of Philadelphia, PIDC, Select Greater Philadelphia, the Greater Philadelphia Chamber of Commerce, and leaders from across the business and faith community.

“This truly was a team effort and the warm welcome extended by the Philadelphia community gave American Bible Society the confidence that this city should be their new home,” said Alan Greenberger, Deputy Mayor for Economic Development.  “American Bible Society is the latest in a series of companies and organizations to recognize the great benefit of locating in Philadelphia and we have many more such announcements to make in the coming weeks and months.”

Philadelphia’s business community was very engaged in welcoming American Bible Society led by the Greater Philadelphia Chamber of Commerce and Select Greater Philadelphia.

“We are pleased to welcome the American Bible Society to Philadelphia,” said Rob Wonderling, a member of Select Greater Philadelphia’s board and President and CEO of the Greater Philadelphia Chamber of Commerce. “Through its many ministries, the American Bible Society provides a message of hope to people around the world. Our region’s strategic location in the heart of the nation’s largest market will undoubtedly help spread the word and advance the mission of this superb organization.”

About American Bible Society

Since 1816, American Bible Society has worked to make the Bible available to every person in a language and format each can understand and afford, so all people may experience its life-changing message. One of the nation’s first and most enduring ministries, today’s American Bible Society provides resources across a variety of platforms enabling first-time readers and seasoned theologians alike to engage with the best-selling book of all time. For more information, visit AmericanBible.org.