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

Near Southside Infrastructure Improvements Project Meeting: 6 p.m. June 25, 2018; Broadway Baptist Church, 305 West Broadway Ave.

City Council Work Session: 3 p.m. June 26, 2018; City Hall, Second Floor, Conference Room 290, 200 Texas Street.
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City Council Meeting: 7 p.m. June 26, 2018; City Hall, Second Floor, Council Chambers, 200 Texas Street.
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City Plan Commission Work Session: noon June 27, 2018; City Council Conference Room 290, 2nd Floor, City Hall, 200 Texas Street.
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City Plan Commission Public Hearing: 1:30 p.m. June 27, 2018; Council Chambers, 2nd Floor, City Hall, 200 Texas Street.
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Park & Recreation Advisory Board: 4 p.m. June 27, 2018; Deborah Beggs Moncrief Garden Center, Fort Worth Botanic Garden, 3220 Botanic Garden Boulevard.
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Breakfast at the BAC - This Is One Awesome Sales Guru: 7:30 a.m. June 28, 2018; Business Assistance Center, James E. Guinn Entrepreneurial Campus, 1150 S Freeway.
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Lake Worth Regional Coordination Committee Meeting: 2 p.m. June 28, 2018; Lake Worth Multi-Purpose Center, 7005 Charbonneau Road, Lake Worth, TX, 76135.

Overton Park Drive East Streetlights Project Meeting: 6 p.m. June 28, 2018; Southwest Regional Library, 4001 Library Lane.

Riverside Oakhurst Infrastructure Improvements Project Meeting: 6 p.m. June 28, 2018; Andrew "Doc" Session Community Center, 201 South Sylvania Ave.

View the full city calendar.