Home > News

'State of Downtown' report captures remarkable growth

Posted June 13, 2018

Archived Content Information and links provided may no longer be accurate.
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.

Get articles like this in your inbox weekly. Subscribe to City News

City News

Calendar

Movie Night at Worth Heights: 6:30 p.m. Aug. 17, 2018; Worth Heights Community Center, 3551 New York Ave.

Back to School Bash at Como: 9 a.m. Aug. 18, 2018; Como Community Center, 4900 Horne St.

Back to School Bash at Thomas Place: 10 a.m. Aug. 18, 2018; Thomas Place Community Center, 4237 Lafayette Ave.

MedStar Foundation Board of Directors Meeting: noon Aug. 20, 2018; MedStar Mobile Healthcare, 2900 Alta Mere Dr.
View the agenda »

Metropolitan Area EMS Authority DBA Medstar Mobile Healthcare Board Budget Review: 3 p.m. Aug. 20, 2018; MedStar Mobile Healthcare, 2900 Alta Mere Drive.
View the agenda »

Trinity Metro Commuter Rail Committee Working Session: 3:30 p.m. Aug. 20, 2018; Intermodal Transportation Center, 2nd Floor Community Room, 1001 Jones Street.
View the agenda »

Trinity Metro Planning, Operations & Marketing Committee Working Session: 4 p.m. Aug. 20, 2018; Intermodal Transportation Center, 2nd Floor Community Room, 1001 Jones Street.
View the agenda »

Trinity Metro Finance & Audit Committee Working Session: 4:30 p.m. Aug. 20, 2018; Intermodal Transportation Center, 2nd Floor Community Room, 1001 Jones Street.
View the agenda »

Task Force on Race and Culture: 5 p.m. Aug. 20, 2018; Oak Hall, Deborah Beggs Moncrief Garden Center, 3220 Botanic Garden Boulevard.
View the agenda »

Basswood Boulevard & Kroger Drive Infrastructure Improvements: 6 p.m. Aug. 20, 2018; Summerglen Library, 4205 Basswood Blvd.

Fort Worth Housing Finance Corporation: 3 p.m. Aug. 21, 2018; Conference Room 290, Second Floor, City Hall, 200 Texas Street.

Central City Local Government Corporation: 3 p.m. Aug. 21, 2018; Conference Room 290, 2nd Floor, City Hall, 200 Texas Street.

Fort Worth Local Development Corporation: 3 p.m. Aug. 21, 2018; Conference Room 290, 2nd Floor, City Hall, 200 Texas Street.

AllianceAirport Authority, Inc.: 3 p.m. Aug. 21, 2018; Conference Room 290, 2nd Floor, City Hall, 200 Texas Street.

Lone Star Local Government Corporation: 3 p.m. Aug. 21, 2018; Conference Room 290, 2nd Floor, City Hall, 200 Texas Street.

City Council Work Session: 5 p.m. Aug. 21, 2018; Council Conference Room 290, 2nd Floor, City Hall, 200 Texas Street.

City Council Meeting: 7 p.m. Aug. 21, 2018; Council Chambers, 2nd Floor, City Hall, 200 Texas Street.

Metropolitan Area EMS Authority DBA MedStar Mobile Healthcare Board of Directors: 10 a.m. Aug. 22, 2018; MedStar Mobile Healthcare, 2900 Alta Mere Drive.
View the agenda »

Shaping Your Policy and Culture with Employee Handbooks: 11:30 a.m. Aug. 22, 2018; James E Guinn Entrepreneurial Campus, 1150 S. Freeway.

City Plan Commission Work Session: noon Aug. 22, 2018; City Hall, Second Floor, Council Conference Room 290, 200 Texas Street.
View the agenda »

City Plan Commission Public Hearing: 1:30 p.m. Aug. 22, 2018; City Hall, Second Floor, Council Chambers, 200 Texas Street.
View the agenda »

Park and Recreation Advisory Board Work Session: 3 p.m. Aug. 22, 2018; Deborah Beggs Moncrief Garden Center, Fort Worth Botanic Garden, 3220 Botanic Garden Boulevard.
View the agenda »

Park and Recreation Board Meeting: 4 p.m. Aug. 22, 2018; Deborah Beggs Moncrief Garden Center, Fort Worth Botanic Garden, 3220 Botanic Garden Bouelvard.
View the agenda »

Walking Town Hall: 6 p.m. Aug. 22, 2018; Northwest Community Park, 8575 Blue Mound Rd.

Quickbooks for Beginners - Desktop and Online Editions: 9 a.m. Aug. 23, 2018; James E Guinn Entrepreneurial Campus, 1150 S. Freeway.

Urban Design Commission Work Session: 9:30 a.m. Aug. 23, 2018; City Council Conference Room 290, Second Floor, City Hall, 200 Texas Street.
View the agenda »

Brunch at the BAC with Mayor Betsy Price: 10 a.m. Aug. 23, 2018; James E. Guinn Entrepreneurial Campus, Business Assistance Center, 1150 S. Freeway.

Urban Design Commission Public Hearing: 10 a.m. Aug. 23, 2018; City Council Conference Room 290, Second Floor, City Hall, 200 Texas Street.
View the agenda »

FW Sports Authority, Inc. Board Meeting: noon Aug. 23, 2018; Fort Worth Convention Center, Executive Board Room, 1201 Houston Street.
View the agenda »

View the full city calendar and current meetings.