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Report: Downtown continues to grow as center for housing, employment

Posted June 3, 2016

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construction in progress
Lancaster Avenue on the south end of downtown is seeing development with several projects in the works, including the Pinnacle Bank mixed-use building at 250 W Lancaster Ave.

Downtown Fort Worth has maintained a 91.9 percent average retail occupancy rate and experienced an 85.9 percent increase in clothing store sales since 2006.

These results are from the 2015 State of Downtown Report, a yearly publication that offers in-depth analysis of downtown’s primary real estate performance indicators and economic, social and education data. It was published in May by Downtown Fort Worth Inc.

Findings from the report also indicate a growing demand for downtown housing. Apartment occupancy remained above 96 percent for the year, while investment in downtown housing is expanding. Currently 2,532 residential units are planned or under construction, a 73 percent increase in downtown housing inventory.

“Demand for downtown real estate is expanding in all sectors,” said Jack Clark, president of Red Oak Realty and DFWI chairman. “In the pipeline we have 14 residential developments, three hotel developments, 56,000 square feet of new retail and a 25-story tower bringing 304,000 square feet of office and retail space. It’s an exciting time to be a part of downtown.”

Downtown at a glance:

Population and housing

  • Downtown’s population has increased by 112.7 percent since 2000.
  • Average apartment rent has increased 18.2 percent in since 2006.
  • 100 condominiums sold in 2015 at a median price of $255,000, an increase of 15.9 percent over the previous year.
  • 2,532 residential units are planned or under construction. This represents a 73 percent increase in the downtown apartment inventory.

Office and employment

  • Downtown has more than 48,150 employees with a total payroll of more than $3 billion.
  • 542,612 square feet of office space has been added since 2013, and 258,900 square feet are under construction.

Retail

  • Average retail occupancy of 91.9 percent since 2006.
  • 85.9 percent growth in clothing store sales since 2006.

Hospitality

  • More than 670,000 room nights sold in 2015.
  • $106 million in downtown hotel revenue in 2015.

Transportation

  • Transit use in downtown increased by 55.4 percent since 2006.

Tax collection

  • More than $130,000,000 in sales taxes paid in downtown in 2014, an increase of 13percent over 2013.
  • More than $62 million in property taxes paid in downtown in 2015.

The 2015 State of Downtown Report is produced by Downtown Fort Worth Inc. and Fort Worth Public Improvement District No.1 to help communicate the underlying economic trends shaping the center city.

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City Council Work Session: 3 p.m. Dec. 12, 2017; City Council Conference Room 290, Second Floor, City Hall, 200 Texas Street.
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Notice of Public Hearing - Northwest Community Park: 7 p.m. Dec. 12, 2017; Council Chambers, 2nd Floor City Hall, 200 Texas Street.
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Workforce Solutions Board of Directors: 9 a.m. Dec. 13, 2017; The Amon Carter Center at Lena Pope, 3200 Sanguinet.
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Metropolitan Area EMS Authority Board: 10 a.m. Dec. 13, 2017; Medstar, 2900 Alta Mere Drive.
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Fort Worth Water Department Wholesale Water and Wastewater Advisory Committee Meeting: 2:30 p.m. Dec. 13, 2017; Fort Worth Botanic Gardens, Oak Hall, 3220 Botanic Garden Blvd.
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Park and Recreation Advisory Board: 4 p.m. Dec. 13, 2017; Deborah Beggs Moncrief Garden Center, Fort Worth Botanic Garden, 3220 Botanic Garden Boulevard.
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Mayor's Committee on Persons with Disabilities: 10 a.m. Dec. 14, 2017; Hazel Harvey Peace Center for Neighborhoods, Room 201 AB, 818 Missouri Avenue.
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Fort Worth Housing Solutions Board: 11 a.m. Dec. 14, 2017; FWHS Administrative Office Board Room, 1201 East 13th Street.
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Brunch with Santa at MLK Jr. Community Center: 11 a.m. Dec. 14, 2017; Martin Luther King Jr. Community Center, 5565 Truman Drive.

Quadco Management Solutions, Inc.: 11 a.m. Dec. 14, 2017; FWHS Administrative Office Board Room, 1201 East 13th.
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Fort Worth Affordability Inc.: 11 a.m. Dec. 14, 2017; FWHS Administrative Office Board Room, 1201 East 13th Street.
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Eastwood Public Facility Corporation: 11 a.m. Dec. 14, 2017; FWHS Administrative Office Board Room, 1201 East 15th Street.
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Ironwood Crossing Public Facility Corporation: 11 a.m. Dec. 14, 2017; FWHS Administrative Office Board Room, 1201 East 13th Street.
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Point(less) Pitches and Presentations: 11:30 a.m. Dec. 14, 2017; James E. Guinn Entrepreneurial Campus, Business Assistance Center, 1150 South Freeway.
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Community Action Partners Council: 12:30 p.m. Dec. 14, 2017; Fort Worth Botanic Garden Orchid Room, 3220 Botanic Garden Boulevard.
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Regional Transportation Council: 1 p.m. Dec. 14, 2017; North Central Texas Council of Governments, Transportation Council Room (1st Floor), 616 Six Flags Drive, Arlington, TX.
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Pedestrian and Bicycle Advisory Commission: 6 p.m. Dec. 14, 2017; Tarrant Regional Water District, Conference Room, 800 E Northside Drive.
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Winter Wonderland at Como Community Center: 6:30 p.m. Dec. 14, 2017; Como Community Center, 4900 Horne St.

Christmas Party at Como Community Center: 6:30 p.m. Dec. 14, 2017; Como Community Center, 4900 Horne St.

Notice of Public Meeting - Municipal Setting Designation for 2417 East Long Avenue: 6:30 p.m. Dec. 14, 2017; Diamond Hill Community Center, 1701 NE 36th Street.
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Minority and Women Business Enterprise Advisory Committee: 11:30 a.m. Dec. 15, 2017; James E. Guinn Building, 1st Floor, PharmaFab Conference Room 116, 1150 South Freeway.
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City Plan Commission Work Session: noon Dec. 15, 2017; City Council Conference Room 290, 200 Texas Street, 2nd Floor.
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City Plan Commission: 1:30 p.m. Dec. 15, 2017; City Council Conference Room 290, 200 Texas Street, 2nd Floor.
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Cookies with Santa at Andrew Doc Session Community Center: 5:30 p.m. Dec. 15, 2017; Andrew Doc Session Community Center, 201 S. Sylvania Ave .

Christmas Gala at Southside Community Center: 6 p.m. Dec. 15, 2017; Southside Community Center, 959 E. Rosedale St.

Holiday Shop 'N Drop at Hillside Community Center: 8 a.m. Dec. 16, 2017; Hillside Community Center, 1201 E. Maddox Ave.

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