The rise of Center City shoppers shifting from office workers to downtown residents has led to a boom in restaurant and retail businesses, writes Jake Blumgart for The Philadelphia Inquirer.

This is being shown by new research from commercial real estate services firm, CBRE.

The study showed that Walnut and Chestnut Streets used to draw on 60 percent to 70 percent of visitors coming from a 2,500-square-mile radius around Center City. In 2024, that area has shrunk to 970 square miles.

“If you live in South Philly, you’re going to go to your corner bar on a Thursday night, but for real shopping and entertainment, all roads from those neighborhoods are leading back into core Center City,” said Steven Gartner, executive vice president with CBRE’s Philadelphia office.

Center City retail in Philadelphia is healthier than most other U.S. downtowns, and retail is uniquely thriving due to its dense mixture of uses.

“Philadelphia is unique in the fact that we have … trophy office assets, and a block away you have multifamily apartments and a block away from that you have a retail corridor,” said Joseph Gibson, director of research for CBRE’s Greater Philadelphia office.

This is helping the post-pandemic transition.

Read more about shift of Center City retailers and its impact in The Philadelphia Inquirer.

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Editor’s Note: This post originally appeared on PHILADELPHIA Today in September 2024.