The King of Prussia District unveiled findings from its 2023 Report to the Community that illustrate the area’s strong post-pandemic recovery and bright future.
The upbeat stance reflected a willingness to move on from the disappointing news regarding the King of Prussia Rail project’s stall.
Fueling the King of Prussia progress are numerous large-scale development project approvals and constructions starts and a notable number of CRE transactions and leases confirmed.
Notable statistics from the report include the following:
- Employment trips to KOP increased to 67 percent of prepandemic levels, buoyed by an ever-increasing mix of business types that require work-from-work. Total trips (resident/employee/visitor) returned to 90 percent of prepandemic levels.
- Investors and business confidence in KOP remains high, with six projects completed in 2022 and 21 in the pipeline.
- King of Prussia’s commercial office market has rebounded strongly, with:
- Class A vacancy below prepandemic levels (10.9 percent in 2023 vs. 14.5 percent in Q12020)
- Class A average rates higher than prepandemic levels ($33.20 price per sq. ft. in 2023 vs. $26.13 price per sq. ft. in Q12020).
- Retail continued to draw visitors, seen in traffic increases compared with prepandemic trips and driven in part by the arrival of new brands:
- With the second largest concentration of healthcare and life sciences outside of University City, King of Prussia continues to see growth in these sectors as well. Numerous prestigious companies in these industries are setting up shop and investing in their futures here.
- King of Prussia continues to build an impressive portfolio of fun, with the following attractions moving in:
- Valley Forge Casino Resort also had a banner year, ranking No. 3 in Pa. revenue, up 27.5 percent over the past year
- Upper Merion Area School District opened the doors to a new 300,000-sq.-ft., $150-million high school in 2022. The state-of-the-art building is one of three new schools opened since 2018.
Progress Across Five Programs
King of Prussia District also recapped progress across each of its five programs.
Transit-related initiatives that advanced were:
- Furthering phase one of the First Avenue Linear Park, which connects 10 properties in Moore Park. Linear Park continues to progress, with phase two nearly complete and phase three in design and engineering. The district hosted 10 events and activations along the Linear Park in 2022.
- Advancing a number of multimodal trail plans and studies that will increase connectivity, including:
- The district’s multimodal work complements recent improvements to other trails by the township and county, including completion of the:
- Chester Valley Trail Extension
- Crow Creek Trail
- Schuylkill River West Trail
King of Prussia District continued to make its mark on Renaissance Park with new gateway signs at entrances to the business park. In partnership with the Renaissance Park property owners, the district also constructed a new pedestrian walkway that provides better access to SEPTA’s Hughes Park Station.
The district enhanced the First Avenue Linear Park with a temporary beehive and a permanent outdoor ping-pong table, which were activated with special events in 2022.
Marketing & Communications
In early 2022, the district launched a new and improved VisitKOP.com, with new features such as an interactive development map, small business directory, and information about King of Prussia’s booming healthcare and life science scene.
King of Prussia District rolled out HQ KOP in 2022, a multichanneled marketing campaign targeting c-suite executives to explore the many reasons why King of Prussia is an ideal location to live and work.
King of Prussia District’s event roster surpassed prepandemic levels and included several new events. One was the innovative Igloo Garden on the Green, a dreamy pop-up dining oasis in the King of Prussia Town Center, raised $15,000 for the Upper Merion Area Community Cupboard.
King of Prussia District’s 2022 tax policy report showed that Upper Merion Township ranked third lowest in terms of total tax burden on business, relative to competitive regional suburban jurisdictions.
Land Use and Zoning
King of Prussia District continues to work with Upper Merion Township on land use and zoning policies that support future planned growth of the community such as enhancements to the King of Prussia Mixed-Use District (KPMU).
The Full Report
The complete report is available for download at the KOP District website.
This video highlights the 10th anniversary of the establishment of the King of Prussia District.