5 Key Takeaways from King of Prussia District’s 2024 Report to the Community
Record-low office vacancy rates, increased commuter and visitor trips and KOP’s growing residential and business community are central themes in King of Prussia District’s all digital report.
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King of Prussia District proudly announces the release of our first all-digital 2024 Report to the Community, tracking the progress of King of Prussia District’s programs and showcasing KOP’s continued transformation.
The report illustrates King of Prussia’s commercial real estate, hospitality, retail, healthcare and life science performance and showcases the community’s growing workforce and residential population. We produce this report to gauge KOP’s economic vitality as well as assess the impact of our programs, which are designed to accelerate economic growth by making King of Prussia vibrant, attractive and prosperous.
Five key takeaways from the 2024 Report to the Community:
- Record-low office vacancy and an increase in commuter trips are key to King of Prussia’s success.
Upper Merion/King of Prussia is experiencing the lowest office vacancy rates since the District began tracking this in 2011 (7.4% Class A). Employment is up 19% since 2010 (52,037 in 2010; 62,883 in 2021), and, at 11.7M annual trips, 2023 employee commutes represent 83% of pre-pandemic levels. Low commercial vacancy and a strong return-to-office helps keep property values up, creates positive tax revenue, helps fill hotel meeting space and guest rooms, supports retail and dining and creates demand for additional development. - A deep and diverse development pipeline points to a strong future for King of Prussia.
Upper Merion Township, with over 3.9M planned SF, has consistently ranked in the top 3 locations for proposed development in Montgomery County since 2020, adding to the $5B invested since 2010. Projects in the pipeline, and currently under construction, represent a variety of industries including hospitality, dining, entertainment, life science, industrial, aerospace and housing. This diversity of business has contributed to King of Prussia’s strong post-pandemic recovery. - Retail remains a jewel in King of Prussia’s crown.
With a vacancy rate of only 2.8% across 5.9M SF of retail space, King of Prussia’s retail industry is thriving. In 2023, 37 new retailers and restaurants opened their doors, with an additional 20+ coming in 2024 and 2025. Visitors to UMT/KOP are taking note. Total trips to UMT are up 27% since 2020 and are 93% of pre-pandemic levels. The increase in annual trips indicates a return to normalcy in UMT and helps explain the incredibly strong retail and dining sales numbers in the Township. - As the largest life science center in the Philadelphia region, the King of Prussia submarket is a leader in science and innovation.
According to a recent report by CBRE Life Sciences Division, with 2.7M SF, the KOP submarket is the largest life science center, by square feet, in the Philadelphia region. Plans call for an additional 1M SF on the campus of The Discovery Labs over the next decade. The life sciences industry brings high paying jobs into the Township and helps make Upper Merion Township a leader in science and innovation. - With access to high-paying jobs, amenities, quality education and housing, King of Prussia is a growing community of choice.
UMT/KOP’s resident population grew nearly 23% since 2010 (28,295 in 2010; 34,731 in 2023), and housing units by nearly 25% (12,800 in 2010; 15,991 in 2020). New housing that keeps up with increased employment is a critical component for reducing traffic and congestion. New residents also help sustain retail, restaurant and entertainment locations, which was especially important during the pandemic when the office population was largely in a remote work status.
The 2024 Report to the Community also highlights our 2023 initiatives across our five programs. Notable accomplishments include:
- Completion of the $2M First Avenue Linear Park Phase Two project.
- Installation of new gateway signs in Renaissance Park.
- Completion of the Moore Road Multimodal Trail and Linear Park Study.
- Production of 36 events and activations across KOP, including a new experiential networking series.
- Record-breaking donations raised through fundraising events for Upper Merion Area Community Cupboard and the Middleman Family Pavilion, Children’s Hospital of Philadelphia, King of Prussia.
- Expansion of the HQ KOP campaign, designed to attract new headquarters and businesses to UMT/KOP.
- Release of the organization’s 2024-2029 Strategic Plan.
“Upper Merion Township/King of Prussia emerged from the challenges of the pandemic to reach impressive milestones across numerous industries and market segments in 2023,” said Eric T. Goldstein, President & CEO of King of Prussia District. “This report is a testament to the hard work and partnerships of so many in this community and further ignites our passion for the role we play in helping to move this incredible community forward.”