Arts + Office Space = Civic Rebirth

Times are tough for corporate real estate brokers operating in Center City Philadelphia. But one area of the city’s urban core which had been considered dead and worthless fifteen years ago has been reborn in the eyes of private companies looking for an attractive place to locate their headquarters. South Broad Street, which was rechristened the Avenue of the Arts under former mayor (now PA governor) Ed Rendell, has flourished since becoming home to the Kimmel Center (home of the Philadelphia Orchestra) and multiple theaters. In fact, at the end of 2003, the Avenue of the Arts had an office vacancy rate of only 5%, compared to nearly 13% citywide.