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'State of Downtown' report captures remarkable growth

Posted June 13, 2018

two women shop together along Sundance Square
Retail activity remains strong in downtown Fort Worth. (Photo courtesy of Visit Fort Worth).

Downtown Fort Worth has maintained a 97 percent retail occupancy rate and recorded hotel occupancy well above the national average. That’s according to the just-released 2017 State of Downtown report, an annual publication that offers in-depth analysis of downtown’s primary real estate performance indicators and economic, social and education data.

According to data from the report, downtown hotel occupancy averaged 74.4 percent, well above the national average of 65.9 percent. Strong occupancy and revenue led to growth in the hospitality market with 359 rooms added in 2017 and another 752 either under construction or planned.

Findings from the report also indicate a growing demand for downtown living. Apartment occupancy remained above 97 percent for the year.

Investment in downtown housing is expanding. In 2017, 1,516 residential units were under construction or completed — a 35.8 percent increase in downtown housing inventory.

Retail continues to strengthen with a 97.1 percent occupancy rate.

The office market continues to rebound from the oil and gas collapse, with nearly 100,000 square feet of positive absorption in 2017 and a net 677,000 square feet absorbed over the past three years.

“All the growth we are seeing will have a substantial effect on the downtown economy. With a 35.8 percent increase in housing units and 27.8 percent increase in hotel rooms, the economic impact on downtown from just hotel revenue and resident spending should exceed $33 million,” said DFWI researcher Arrie Mitchell.

“This downtown growth benefits the entire city and county,” said Rick Baumeister, Fort Worth managing principal at CliftonLarsonAllen and DFWI chairman. “The construction boom in downtown will add about $290 million in property value, and that translates to an $8 million annual annuity to our taxing jurisdictions, without the need for new roads, fire stations or other costly infrastructure.”

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

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Trinity Metro Commuter Rail Committee Working Session: 3:30 p.m. June 18, 2018; Intermodal Transportation Center, 2nd Floor Community Room, 1001 Jones Street.
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Trinity Metro Planning, Operations & Marketing Committee Working Session: 4 p.m. June 18, 2018; Intermodal Transportation Center, 2nd Floor Community Room, 1001 Jones Street.
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Task Force on Race and Culture: 5 p.m. June 18, 2018; Fort Worth Botanic Gardens, Deborah Moncrief Garden Center, Oak Hall, 3220 Botanic Garden Boulevard.
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Fort Worth Housing Solutions - Notice of Possible Quorum: Envision Center Press Conference & Tour: 10 a.m. June 19, 2018; Envision Center, 5655 Truman Drive.
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Botanic Garden Task Force: 11:30 a.m. June 19, 2018; Deborah Beggs Moncrief Garden Center, Fort Worth Botanic Garden, 3220 Botanic Garden Boulevard.
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Canceled Fort Worth Local Development Corporation: 2 p.m. June 19, 2018; City Hall, Secind Floor, Conference Room 290, 200 Texas Street.

Canceled Central City Local Government Corporation: 2 p.m. June 19, 2018; City Hall, Secind Floor, Conference Room 290, 200 Texas Street.

Canceled AllianceAirport Authority, Inc.: 2 p.m. June 19, 2018; City Hall, Secind Floor, Conference Room 290, 200 Texas Street.

Canceled Lone Star Local Development Corporation: 2 p.m. June 19, 2018; City Hall, Secind Floor, Conference Room 290, 200 Texas Street.

Canceled City Council Work Session: 3 p.m. June 19, 2018; City Hall, Second Floor, Council Conference Room 290, 200 Texas Street.

Canceled City Council Meeting: 7 p.m. June 19, 2018; City Hall, Second Floor, Council Chambers, 200 Texas Street.

Commerical Board of Adjustment Work Session: 9 a.m. June 20, 2018; Council Conference Room 290, 2nd Floor, City Hall, 200 Texas Street.
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Commercial Board of Adjustment Public Hearing: 10 a.m. June 20, 2018; Council Chambers, 2nd Floor, City Hall, 200 Texas Street.
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Residential Board of Adjustment Work Session: 12:30 p.m. June 20, 2018; Council Conference Room 290, 2nd Floor, City Hall, 200 Texas Street.
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Residential Board of Adjustment Public Hearing: 1:30 p.m. June 20, 2018; Council Chambers, 2nd Floor, City Hall, 200 Texas Street.
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Budget Stakeholder's Meeting: 3 p.m. June 20, 2018; Budget Stakeholder's Meeting, 200 Texas Street, Fort Worth, TX 76102.

Tax Increment Reinvestment Zone Number Nine (Trinity River Vision TIF) Board of Directors: 4 p.m. June 20, 2018; Ideal Works, 2nd Floor Conference Room, 600 Rosedale.
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North Hi Mount Streetlights Project Meeting: 6 p.m. June 20, 2018; University of North Texas Science Center Carl E. Everett Education & Administration Building, Room 291, 3500 Camp Bowie Blvd.

Urban Design Commission Work Session: 9:30 a.m. June 21, 2018; City Hall, second floor, Council Conference Room 290, 200 Texas Street.
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Urban Design Commission Public Hearing: 10 a.m. June 21, 2018; City Hall, second floor, Council Conference Room 290, 200 Texas Street.
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Canceled City of Fort Worth “Monthly Informational Forum for M/WBEs”: 11:30 a.m. June 21, 2018; James E. Guinn Entrepreneurial Campus - Fort Worth Business Assistance Center, 1150 South Freeway.

Community Action Partners Council: 1:30 p.m. June 21, 2018; Fort Worth City Credit Union, First Floor Board Room, 2309 Montgomery Street.
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Trinity River Public Facility Corporation Special Meeting: 5 p.m. June 21, 2018; FWHS Administrative Office Board Room, 120 East 13th Street.
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Fort Worth Housing Solutions Regular Meeting: 5 p.m. June 21, 2018; FWHS Administrative Office Board Room, 1201 East 13th Street.
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North Beach Street Streetlights Project Meeting: 6 p.m. June 21, 2018; Lakeland Street Baptist Church, 3551 cindy Drive.

Ridglea Area Infrastructure Improvements Project Meeting: 6:30 p.m. June 21, 2018; R.D. Evans Community Center, 3242 Lackland Road.

Fort Worth Housing Solutions Board of Directors - Notice of Possible Quorum: 15th Annual City of Fort Worth Housing Summit: 8:30 a.m. June 23, 2018; Cendera Center, 3600 Benbrook Highway.
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Swimming Lessons - Registration begins for Session 2: 9 a.m. June 23, 2018; Forest Park Pool, 2850 Park Place Ave.
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Crud Cruiser Mobile Waste Collection: 9 a.m. June 23, 2018; Riverside Community Center , 3700 E. Belknap St.

Crud Cruiser Mobile Waste Collection: noon June 23, 2018; Hazel Harvey Peace Center , 818 Missouri Ave.

View the full city calendar.