THE PATH FORWARD

What You’ll Learn

• All residents over the age of 16 are eligible to get the vaccine in Philadelphia. Now, the only thing that stands between the city and a full reopening is the willingness of citizens to get vaccinated and the hope workers feel safe when returning to the office. What does real estate need to do in order to help the city’s businesses and offices more rapidly reopen?
• Like many U.S. cities, Philadelphia lost a large amount of tax revenue in 2020 and is hoping an influx of federal stimulus dollars will make up for the shortfall. Philadelphia’s current tax code is notoriously onerous for businesses, and while the wage tax cut in the next budget will be welcome, it isn’t the structural change some have called for. Does Philadelphia need to change its tax code in order to keep pace in the pandemic recovery?
• Philadelphia is anticipating several projects on a scale rarely seen in the city. From Penn’s Landing to Schuylkill Yards and the Navy Yard to Northern Liberties, there is no shortage of large-scale construction either just getting started or about to begin. Can the city really pull off all of these concurrent projects?
• The life sciences industry is booming in Philadelphia as it cements itself as a global hub for gene and cell therapy, placing sixth in Newmark’s latest ranking of U.S. life sciences markets. Just behind it on that list are its two closest neighbors: Maryland and New York. Can Philadelphia develop fast enough to continue to grow as other cities attempt to catch up?