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'State of Downtown' report captures steady growth

Posted June 7, 2017

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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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