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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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