By Downtown Fort Worth, Special for USDR
Downtown Fort Worth, Inc. has released its 2016 State of Downtown Report, a yearly 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 has maintained a 92.3% average retail occupancy rate and experienced a 97.5% increase in clothing store sales since 2006. Findings from the report also indicate a growing demand for Downtown housing. Apartment occupancy remained above 96.6% for the year. Investment in Downtown housing is expanding, currently 2,603 residential units are planned or under construction which is a 63% increase in downtown housing inventory. Hospitality is also a growth industry, with a $182.19 average daily room rate, downtown has attracted six planned or under construction hotel projects totaling 1,065 rooms.
“Since 2008 we have observed continued positive trends in retail, hospitality, multifamily and condominiums. The State of Downtown in 2016 illustrates how those market forces are powering the new construction boom in downtown,” said DFWI Researcher, Arrie Mitchell.
“There is incredible demand for downtown real estate,” said Rick Baumeister, Dallas/Fort Worth Managing Partner at CliftonLarsonAllen and DFWI Chairman. “In 2016, $280 million in new building permits were issued in downtown. With eight residential developments and four hotel developments planning to begin construction in 2017 it is easy to see the growth momentum in downtown continuing. Fort Worth has hit the institutional investors’ radar and we represent fertile ground for development.”
The State of Downtown is produced by Downtown Fort Worth, Inc. (DFWI) and Fort Worth Public Improvement District #1 (PID) to help communicate the underlying economic trends shaping our center city. The data is compiled throughout the year by Arrie Mitchell, DFWI’s Director of Research.
To download the 2016 State of Downtown report, visit http://www.dfwi.org/research.
Downtown Fort Worth, Inc. is a 501(c)(6) non-profit membership organization dedicated to transforming Downtown into a vibrant place to live, work, visit, shop and play through leadership, programs, projects and partnerships. www.dfwi.org
SOURCE Downtown Fort Worth, Inc.