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State of Downtown report captures steady growth in 2018

Posted May 2, 2019

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the front of the hotel
Hampton Inn & Suites, with 245 rooms, is among the increasing hotel inventory in downtown 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 2018 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.

“Downtown Fort Worth continued its outstanding momentum in 2018. Office rental and occupancy rates compare favorably with other North Texas Submarkets while hospitality measures were among the strongest in the country. Retail remained strong and residential sales and leasing activity reached new highs,” said Downtown Fort Worth Inc. researcher Arrie Mitchell.

According to data from the report, downtown hotel occupancy averaged 73.8 percent, with $121.81 revenue per available room. Downtown hotels paid 32.9 percent of Fort Worth’s hotel occupancy taxes in 2018.

Strong occupancy and revenue led to growth in the hospitality market, with 949 rooms under construction or planned.

Findings from the report also indicate a growing demand for downtown living. The downtown residential inventory is growing dramatically. In 2018, 1,078 new units were completed, with an additional 329 units under construction. The new builds will result in a 16.3 percent increase in the number of downtown units.

Retail continues to strengthen with a 97.1 percent occupancy rate. Spending by downtown residents in downtown totaled more than $58 million.

The State of Downtown is produced by Downtown Fort Worth Inc. and Fort Worth Public Improvement Districts No. 1 and No. 14 to help communicate the underlying economic trends shaping the center city.

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Building Standards Commission Pre-Meeting: 9 a.m. Aug. 26, 2019; City Council Conference Room 290, City Hall, 200 Texas St.
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Building Standards Commission Meeting: 9:30 a.m. Aug. 26, 2019; City Council Chamber, 2nd Floor, City Hall, 200 Texas St.
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Trinity Metro Board of Directors Meeting: 3:30 p.m. Aug. 26, 2019; Fort Worth Central Station, Downtown Fort Worth, 2nd Floor Community Room, 1001 Jones Street.
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Diamond Hill Community Center Project Meeting: 6 p.m. Aug. 26, 2019; Diamond Hill Community Center, 1701 NE 36th St.

Meet and Confer Negotiations Between the City of Fort Worth ("City") and the Fort Worth Police Association ("POA"): 9 a.m. Aug. 27, 2019; Fort Worth Botanic Gardens, Camilia Room, 3220 Botanic Garden Blvd.
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Ad Hoc Municipal Court Advisory Committee: 11 a.m. Aug. 27, 2019; City Managers Conference Room 380, 3rd Floor, City Hall, 200 Texas St.
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Fort Worth Housing Finance Corporation: 2:30 p.m. Aug. 27, 2019; City Council Conference Room 290, City Hall, 200 Texas Street.
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City Council Work Session: 3 p.m. Aug. 27, 2019; City Council Conference Room 290, Second Floor, City Hall, 200 Texas Street.
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City Council Meeting: 7 p.m. Aug. 27, 2019; City Council Chambers, Second Floor, City Hall, 200 Texas Street.
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Workforce Solutions For Tarrant County Joint WDB/WGB Meeting: 9 a.m. Aug. 28, 2019; Lena Pope Amon Carter Center, 3200 Sanguinet Street.
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Metropolitan Area EMS Authority DBA MedStar Mobile Healthcare Board of Directors Meeting: 10 a.m. Aug. 28, 2019; MedStar Mobile Healthcare, 2900 Alta Mere Dr.
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City Plan Commission Work Session: noon Aug. 28, 2019; City Council Conference Room 290, 2nd Floor City Hall, 200 Texas Street.
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City Plan Commission Public Meeting: 1:30 p.m. Aug. 28, 2019; City Council Conference Room 290, 2nd Floor, City Hall, 200 Texas Street.
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Park and Recreation Advisory Board Work Session: 3 p.m. Aug. 28, 2019; Deborah Beggs Moncrief Garden Center, Fort Worth Botanic Garden, 3220 Botanic Garden Blvd.
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Park and Recreation Advisory Board Meeting: 4 p.m. Aug. 28, 2019; Deborah Beggs Moncrief Garden Center, Fort Worth Botanic Garden, 3220 Botanic Garden Blvd.
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West Risinger Road Project Meeting: 6 p.m. Aug. 29, 2019; Crowley Middle School Cafeteria, 3800 West Risinger Road.

Watercress Low Pressure Sewer Improvements Project Meeting: 6:30 p.m. Aug. 29, 2019; Lake Worth Multipurpose Center, 7005 Charbonneau Road, Lake Worth.

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