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'State of Downtown' report captures remarkable growth

Posted June 13, 2018

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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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Fort Worth Human Relations Commission Special Called Meeting: 7:30 a.m. Oct. 15, 2018; Hazel Harvey Peace Center for Neighborhoods, Room 201AB, 818 Missouri Ave.
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Collective Bargaining Negotiations with International Association of Fire Fighters, Local Union 440: 1:30 p.m. Oct. 15, 2018; IAFF Local 440 Office, 3855 Tulsa Way.
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NAS Fort Worth JRB Regional Coordination Committee: 1:30 p.m. Oct. 15, 2018; Sansom Park Council Chambers, 5705 Azle Avenue.
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Trinity Metro Commuter Rail Committee Working Session: 3:30 p.m. Oct. 15, 2018; Intermodal Transportation Center, 1001 Jones Street, 2nd Floor Community Room.
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Trinity Metro Planning, Operations & Marketing Committee Working Session: 4 p.m. Oct. 15, 2018; Intermodal Transportation Center, 1001 Jones Street, 2nd Floor Community Room.
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Trinity Metro Finance & Audit Committee Working Session: 4:30 p.m. Oct. 15, 2018; Intermodal Transportation Center, 1001 Jones Street, 2nd Floor Community Room.
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Task Force on Race and Culture: 5 p.m. Oct. 15, 2018; Meacham Conference Center, Third Floor, 201 American Concourse .
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Art Commission Special Called Meeting: 5:30 p.m. Oct. 15, 2018; Fort Worth Community Arts Center, 1300 Gendy Street.
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West Risinger Road Project Meeting: 6 p.m. Oct. 15, 2018; Grace Lutheran Church, 7900 McCart Ave.

Fort Worth Public Improvement District #1 Advisory Board Meeting: 9 a.m. Oct. 16, 2018; Downtown Fort Worth, Inc., 777 Taylor St.
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Legislative and Intergovernmental Affairs Committee: 2 p.m. Oct. 16, 2018; City Council Conference Room 290, Second Floor, City Hall, 200 Texas Street.
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Canceled Housing and Neighborhood Services Committee: 2 p.m. Oct. 16, 2018; City Council Conference Room 290, Second Floor, City Hall, 200 Texas Street.

Canceled AllianceAirport Authority: 2 p.m. Oct. 16, 2018; City Council Conference Room 290, Second Floor, City Hall, 200 Texas Street.

Canceled Lone Star Local Government Corporation: 2 p.m. Oct. 16, 2018; City Council Conference Room 290, Second Floor, City Hall, 200 Texas Street.

Fort Worth Local Development Corporation: 2:30 p.m. Oct. 16, 2018; City Council Conference Room 290, Second Floor, City Hall, 200 Texas Street.
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Canceled Central City Local Government Corporation: 2:30 p.m. Oct. 16, 2018; City Council Conference Room 290, Second Floor, City Hall, 200 Texas Street.

City Council Work Session: 3 p.m. Oct. 16, 2018; City Council Conference Room 290, Second Floor, City Hall, 200 Texas Street.
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City Council Meeting: 7 p.m. Oct. 16, 2018; Council Chambers, Second Floor, City Hall, 200 Texas Street.
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Notice of Public Hearing - Forest Park: 7 p.m. Oct. 16, 2018; City Council Chamber, 2nd Floor, City Hall, 200 Texas Street.
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Notice of Public Hearing - Chadwick Farms Park: 7 p.m. Oct. 16, 2018; City Council Chamber, 2nd Floor, City Hall, 200 Texas Street.
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Commercial Board of Adjustment Work Session: 9 a.m. Oct. 17, 2018; City Council Conference Room 290, 2nd Floor City Hall, 200 Texas Street.
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Commercial Board of Adjustment Public Hearing: 10 a.m. Oct. 17, 2018; City Council Chamber, 2nd Floor City Hall, 200 Texas Street.
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Residential Board of Adjustment Work Session: noon Oct. 17, 2018; City Council Conference Room 290, 2nd Floor City Hall, 200 Texas Street.
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Residential Board of Adjustment Public Hearing: 1 p.m. Oct. 17, 2018; City Council Chamber, 2nd Floor City Hall, 200 Texas Street.
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Rolling Town Hall: 6 p.m. Oct. 17, 2018; Mellow Johnny’s, 4801 Edwards Ranch Rd No.125.

Town Hall Meeting with District 4 Councilmember Cary Moon: 6:30 p.m. Oct. 17, 2018; Riverside Community Center, 3700 E. Belknap St.

Urban Design Commission REVISED: 10 a.m. Oct. 18, 2018; City Council Conference Room 290, 2nd Floor City Hall, 200 Texas Street.
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City of Fort Worth “Monthly Informational Forum for M/WBEs”: 11:30 a.m. Oct. 18, 2018; James E. Guinn Entrepreneurial Campus - Fort Worth Business Assistance Center, 1150 South Freeway.

Community Action Partners (CAP) Council: 1:30 p.m. Oct. 18, 2018; Fort Worth City Credit Untion, First Floor Board Room, 2309 Montgomery Street.
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Fort Worth Housing Solutions Regular Board Meeting: 5 p.m. Oct. 18, 2018; FWHA Administrative Office Board Room, 1201 East 13th Street.
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Fort Worth Affordability, Inc.: 5 p.m. Oct. 18, 2018; FWHA Administrative Office Board Room, 1201 East 13th Street.
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FWHS Board of Commissioners Public Meeting: 6 p.m. Oct. 18, 2018; FWHA Administrative Office Board Room, 1201 East 13th Street .
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Fort Worth Housing Solutions - Katy Station Lofts: 6 p.m. Oct. 18, 2018; FWHS Administrative Office, 1201 East 13th Street.
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Neighborhood Litter Stomp: 8 a.m. Oct. 20, 2018; Various.

Crud Cruiser Mobile Waste Collection: 9 a.m. Oct. 20, 2018; Gateway Church, 4205 Basswood Blvd.

Code Rangers: 9 a.m. Oct. 20, 2018; Hazel Harvey Peace Center for Neighborhoods, 818 Missouri Ave.

Responsible Pet Ownership Class (Spanish): 9 a.m. Oct. 20, 2018; Chuck Silcox Animal Care & Adoption Center, 4900 Martin St.

Frontier Fall Fest at Log Cabin Village: 1 p.m. Oct. 20, 2018; Log Cabin Village, 2100 Log Cabin Village Lane.
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Fall Festival at Worth Heights: 6 p.m. Oct. 20, 2018; Worth Heights Community Center, 3551 New York Ave.

View the full city calendar and current meetings.