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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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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.

Minority and Women Business Enterprise Advisory Committee: 1 p.m. June 22, 2018; James E. Guinn Building, 1st Floor, PharmaFab Conference Room #116, 1150 South Freeway.
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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.

Building Standards Commission Pre-Meeting: 9 a.m. June 25, 2018; City Hall, second floor, Council Conference Room 290, 200 Texas Street.
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Building Standards Commission Meeting: 9:30 a.m. June 25, 2018; City Hall, second floor, Council Chamber, 200 Texas Street.
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Trinity Metro Finance & Audit Committee Working Session: 2:45 p.m. June 25, 2018; Intermodal Transportation Center , 1001 Jones Street, 2nd Floor Community Room.
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Trinity Metro Board of Directors Meeting: 3:30 p.m. June 25, 2018; Intermodal Transportation Center, 1001 Jones Street, 2nd Floor Community Room.
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Near Southside Infrastructure Improvements Project Meeting: 6 p.m. June 25, 2018; Broadway Baptist Church, 305 West Broadway Ave.

Harmon Road Improvements Project Meeting: 6 p.m. June 25, 2018; O.A. Peterson Elementary School, 2000 Winter Hawk Drive.

City Council Work Session: 3 p.m. June 26, 2018; City Hall, Secind Floor, Conference Room 290, 200 Texas Street.

City Council Meeting: 7 p.m. June 26, 2018; City Hall, Secind Floor, Council Chambers, 200 Texas Street.

View the full city calendar.