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'State of Downtown' report captures steady growth

Posted June 7, 2017

Downtown Street
Retail is hot in downtown Fort Worth, with a 92 percent average occupancy rate.

Downtown Fort Worth has maintained a 92 percent average retail occupancy rate and experienced a 97.5 percent increase in clothing store sales since 2006. That’s according to the just-released 2016 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.

Findings from the report also indicate a growing demand for downtown housing. Apartment occupancy remained above 96 percent for the year. Investment in downtown housing is expanding. Currently, 2,603 residential units are planned or under construction, a 63 percent increase in downtown housing inventory.

Hospitality is also a growth industry. With a $182.19 average daily room rate, downtown has attracted six planned or under-construction hotel projects totaling 1,065 rooms.

The 2016 State of Downtown 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. The data is compiled by Arrie Mitchell, DFWI’s director of research.

“There is incredible demand for downtown real estate,” said Rick Baumeister, Dallas/Fort Worth managing partner at CliftonLarsonAllen and DFWI chairman. “In 2016, $280 million in new building permits were issued in downtown. With eight residential developments and four hotel developments planning to begin construction in 2017, it is easy to see the growth momentum in downtown continuing. Fort Worth has hit the institutional investors’ radar and we represent fertile ground for development.”

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Calendar

Building Standards Commission Pre-Meeting: 9 a.m. June 26, 2017; City Hall, City Council Conference Room 290, 200 Texas Street.
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Building Standards Commission Meeting: 9:30 a.m. June 26, 2017; City Hall, Council Chamber, 2nd Floor, 200 Texas Street.
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DFW International Airport Public Facility Improvement Corporation Board: 10:30 a.m. June 26, 2017; Board Room - DFW Airport Headquarters Building , 2400 Aviation Drive.
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Fort Worth Transportation Authority Board of Directors: 3:30 p.m. June 26, 2017; Intermodal Transportation Center, 1001 Jones Street, 2nd Floor Community Room.
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Step One: Starting a Business: 11 a.m. June 27, 2017; James E. Guinn Entrepreneurial Campus, Business Assistance Center, 1150 S. Freeway.

DFW International Airport Board Retirement/Investment Committee: 12:30 p.m. June 27, 2017; Board Room - DFW Airport Headquarters Building, 2400 Aviation Drive.
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DFW International Airport Board Operations Committee: 12:40 p.m. June 27, 2017; Board Room - DFW Airport Headquarters Building, 2400 Aviation Drive.
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DFW International Airport Board Finance/Audit Committee: 1 p.m. June 27, 2017; Board Room - DFW Airport Headquarters Building, 2400 Aviation Drive.
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DFW International Airport Board Concessions/Commercial Development Committee: 1:20 p.m. June 27, 2017; Board Room - DFW Airport Headquarters Building, 2400 Aviation Drive.
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Tax Increment Reinvestment Zone Numbe 3 Construction Tour: 1:30 p.m. June 27, 2017; Frost Tower, 640 Taylor Street.
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Canceled City Council Work Session: 3 p.m. June 27, 2017; City Council Conference Room 290, 2nd Floor, City Hall, 200 Texas Street.

Special Called City Council Meeting: 3 p.m. June 27, 2017; City Hall, 2nd floor, City Council Conference Room 290, 200 Texas Street.
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Bluebonnet Circle Infrastructure Improvements Project Meeting: 6:30 p.m. June 27, 2017; Trinity Episcopal Church, 3401 Bellaire Drive South.

Canceled City Council Meeting: 7 p.m. June 27, 2017; CIty Council Chamber, 2nd Floor, City Hall, 200 Texas Street.

City Plan Commission - Work Session: noon June 28, 2017; City Council Conference Room 290, CIty Hall, 200 Texas Street.
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City Plan Commission - Public Hearing: 1:30 p.m. June 28, 2017; City Council Chamber, City Hall, 200 Texas Street.
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Park and Recreation Advisory Board : 4 p.m. June 28, 2017; Deborah Beggs Moncrief Garden Center, Fort Worth Botanic Garden, 3220 Botanic Garden Blvd.
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Alliance Community Park Master Plan Project Meeting: 6 p.m. June 28, 2017; Northwest High School - Student Union, 2301 Texan Drive, Justin.

DFW International Airport Board of Directors: 8:30 a.m. June 29, 2017; Board Room - DFW Airport Headquarters Building, 2400 Aviation Drive.
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Foster Park Drainage & Erosion Control Project Meeting: 6 p.m. June 29, 2017; Southwest Regional Library, 4100 Library Lane.

View the full city calendar.