Downtown Fort Worth 2015 State of Downtown

Page 1

S TATE o f DOWNTOW N

2015


Foreword Welcome to our eleventh edition of the State of Downtown report. This publication is produced by Downtown Fort Worth, Inc. (DFWI) and Fort Worth Improvement Districts (PID), #1 and #14 to communicate the underlying economic trends shaping our center city. Downtown Fort Worth continued its outstanding momentum in 2015. 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. The State of Downtown is your window into the economic forces shaping our center city. The data presented in the State of Downtown is compiled throughout the year by DFWI’s Director of Research. In addition, quarterly and monthly updates for certain market segments are available upon request and at www.dfwi.org/research. Your thoughts on how to improve this publication are welcome, and we encourage you to share your insights with us.

Arrie Mitchell Director of Research

On behalf of Downtown Fort Worth, Inc. and the Fort Worth Improvement Districts, thank you for your interest in Downtown.

Jack Clark Chairman of the Board Downtown Fort Worth, Inc.

Jed Wagenknecht Chairman Fort Worth Improvement District #1 (PID)

Table of Contents Year in Review................................................... 2

Quality of Life...................................................48

Office and Employment....................................10

Education..........................................................52

Population and Housing....................................18

Transportation..................................................54

Hospitality.........................................................34

PID Advisory Board...........................................60

Retail.................................................................40

Cover Photo: Trinity Terrace


ABOUT US DFWI’s Mission The mission of Downtown Fort Worth, Inc. is to be the catalyst for transforming Downtown into a vibrant place to live, visit, enjoy and conduct business through aggressive leadership of programs, projects and partnerships.

Who We Are Formed in 1981, DFWI is Downtown Fort Worth’s planning, public space management and advocacy organization. This membership-based organization has contributed to Downtown Fort Worth’s vitality by serving as a liaison, ombudsman, and information source for property owners, residents, business owners, lenders, developers, community organizations, and policy-makers.

What We Do DFWI is a 501 (c)(6) non-profit membership organization. In addition to coordinating the Downtown planning process, advocacy, member services, communications and Downtown leadership, DFWI members founded the first Public Improvement District in the state of Texas in 1986. DFWI continues to manage PID #1 and also manages PID #14. These PIDs provide enhanced services to property owners including maintenance and landscaping, public space management, promotions and marketing, research, transportation, planning, and security enhancements to 564 acres of Downtown, including streets and sidewalks. DFWI also administers the Tax Increment Finance District (TIF) by contract with the City of Fort Worth. Eligible TIF projects include parking, infrastructure assistance to new developments, historic preservation, affordable housing, transportation and education. Downtown Fort Worth Initiatives, Inc. (DFWII) is a 501(c)(3) non-profit corporation that provides a pathway for foundation grants, philanthropic donations and other contributions to help fund charitable, educational, and public-purpose Downtown projects. Each year DFWII helps to bring more than 500,000 people to Downtown by producing the MAIN ST. Fort Worth Arts Festival and the XTO Energy Parade of Lights. DFWII also developed the JFK Tribute in Fort Worth, redeveloped Burnett Park and is currently administering the Heritage Park restoration design.

STATE OF DOWNTOWN FORT WORTH 2015

1


Year in Review

DOWNTOWN BY THE NUMBERS 1,206 acres 1.8 square miles 1,533 Downtown businesses 39,302 private employees 11 MILLION square feet of office space 2,642 hotel rooms 6,228 Downtown residents 3,452 residential units 48,150 Downtown employees (all jobs) $77,608 average private payroll per employee $3 BILLION private payroll in 2013 At $3,050,142,000, Downtown generates a larger payroll (9.2%) than any other employment center in the county, contributing 45.9 times its geographic weight in private payroll.

$4.8 BILLION in gross sales from all Downtown industries in 2014 $65.4 Billion appraised value of property in the City of Fort Worth in 2015 $171.3 Billion appraised value of property in Tarrant County in 2015 $15,946,586 hotel taxes paid in Downtown 2015 $130,426,938 sales taxes paid in 2014 – 15.5% of the city’s taxable sales are transacted in Downtown Downtown contributes 30.1 times its geographic weight in sales tax. $62 Million in property taxes paid in Downtown in 2015 $1,925,743,531 total taxes paid Downtown 1992-2014 Sources: City of Fort Worth, DFWI, Tarrant County, U.S. Census Bureau, State of Texas

Downtown Fort Worth is a 1.875 square mile high performing North Texas submarket. With over 48,000 employees, Downtown Fort Worth is the largest employment center in Tarrant County. Private payroll generated in Downtown exceeds $3 billion per year, the highest among employment centers in the county. The labor force in Fort Worth grew by 23.9% from December 2007 (pre-recession) to December 2015. This is 9.6 times faster than the national labor force which grew at 2.5%. Fort Worth grew 1.7 times faster than Texas at 14.3%. Over this same period Fort Worth added 74,370 jobs increasing its employment by 23.6%. During the same period Texas increased its employment by 14.0%, while national employment increased by 2.5%.

2

STATE OF DOWNTOWN FORT WORTH 2015

Change in Unemployment U.S. Unemployment

December rate

5.0%

Dec. 2014 – Dec. 2015 change

-0.6

Texas Unemployment

December rate

4.6%

Dec. 2014 – Dec. 2015 change

-0.0

Fort Worth Unemployment

December rate

3.7%

Dec. 2014 – Dec. 2015 change

-0.2


ive yR Tr init

In addition to a healthy labor market, Downtown Fort Worth’s economy performed exceptionally well in 2015, outperforming the local and national economy in many segments of the office, residential, hospitality and retail markets. The Dallas-Fort Worth-Arlington metropolitan area’s population grew from 5,161,544 in 2000 to 6,703,020 in 2014. 18% of this regional growth is attributed to Fort Worth.

r

The Fort Worth-Arlington metro area’s annual employment growth rate from December 2014 to December 2015 was 2.9% compared to 1.7% for the Nation. The unemployment rate for the City of Fort Worth was 3.7% in December 2015, significantly lower than the national rate of 5.0%.

Downtown is bordered by I-30, I-35 and the Trinity River.

Population: From 2000 to 2014, 30.5% of regional population

growth (for cities with more than 100,000) occurred in Fort Worth. Dallas contributed 10.1%.

Source: U.S. Census Bureau

Contribution of Fort Worth to Regional Growth Richardson 1.8%

Arlington 5.5% Carrollton 2.1% Dallas 10.1% Denton 5.2%

Plano 6.1% Mesquite 2.2%

5%

McKinney 11.2%

3 0.

Irving 4.5%

h

Grand Prairie 6.4%

rt

Garland 2.2%

For t

Frisco 12.2%

Employment: Employment in Fort Worth grew by 23.6% from pre-recession December 2007 to December 2015. In Dallas it grew by 9.0%.

Source: Texas Workforce Commission

o W

Job Growth from December 2007 to December 2015 74,370

80,000 60,000

57,996

40,000 20,000 0

Dallas

Fort Worth

STATE OF DOWNTOWN FORT WORTH 2015

3


Year in Review Office: The office market in Downtown Fort Worth absorbed over 693,000 square feet of office space since 2012 while occupancy remained on par with the national average. Occupancy of class A office space in Downtown Fort Worth in 4Q 2015 was 90.7%,

slightly more than the national average occupancy of 89.0%. A large percentage of the space in the multitenant office market is occupied by tenants of less than 4,000 square feet. This has a stabilizing influence on the market. In 2015, more than 39% of the leasing activity occurred with firms of that size.

All Office Space Occupancy 4Q 2015

Leasing Activities, Share of Market SPACE (SF)

2014

2015

<4,000

59%

39%

4,001 – 10,000

24%

31%

>10,001

17%

30%

Source: CoStar

Class A Office Space Occupancy 4Q 2015

Retail Space Occupancy 4Q 2015

100% 94.3% 90%

89.6%

90.7% 88.1%

88.0%

88.8%

94.6%

96.0%

87.0%

80%

Source: CoStar

70%

60%

4

STATE OF DOWNTOWN FORT WORTH 2015

Do Fo wnt r t W ow or n th

orth tW For

A US

Do Fo wnt r t W ow or n th

orth tW For

A US

Do Fo wnt r t W ow or n th

orth tW For

US

A

50%


Unemployment Rate in 2015 6.0%

Fort Worth

5.7% 5.5%

5.5%

5.5%

USA

Dallas

5.5% 5.4%

5.3%

5.3% 5.1%

5.0%

5.0%

5.0%

4.7% 4.5%

4.5%

4.4%

4.5%

4.0%

4.3%

4.2%

4.5% 4.2%

4.2%

4.1% 3.9%

4.1%

4.3%

4.1%

4.4%

4.1% 4.0%

4.1%

4.1%

3.7%

4.0%

3.9%

3.8%

3.7%

3.5%

15 De

c-

15 vNo

t-1 5 Oc

-1 5 Se p

Au g

-1 5

l-1 5 Ju

15 nJu

-1 5 M ay

-1 5 Ap r

-1 5 M ar

bFe

nJa

15

3.0%

15

Source: Texas Workforce Commission

5.1% 5.0%

Employment Growth December 2015 Over December 2014

Source: Texas Workforce Commission

3.5%

3.1%

3.0% 2.5% 2.0%

1.7%

1.5% 1.1%

1.0% 0.5% 0.0% Dallas

Fort Worth

USA

Unemployment Rate Among 20 Largest U.S. Cities November 2015 20.0% 18.0% 16.0%

12.0%

10.6%

10.0% 8.0%

4.0%

6.2%

6.1%

6.0% 4.1% 4.4% 2.7%

3.8% 3.7%

3.7% 4.2%

4.6% 4.7%

6.7% 5.2% 5.4% 4.9%

4.5% 3.3%

3.3%

4.2%

2.0% 0.0%

Au sti n Bo sto Ch n ar lot t Ch e ica Co go lum bu s Da lla s Fo Det r t roit W or t Ho h u Ind sto ian n a Ja pol ck is so Lo nvi s A lle ng el M es e Ne mp w h Yo is rk Ph Ci ila ty de lph Ph ia Sa oen ix n An to Sa nio n Sa Di n eg Fr o an cis Sa co n Jo se

Source: U.S. Bureau of Labor Statistics

14.0%

Burnett Plaza

STATE OF DOWNTOWN FORT WORTH 2015

5


The multifamily average rent in Downtown increased 7.0% in 2015 to $1.68 a square foot and apartment

occupancy averaged 96.5% in 2015.

Demand for condominiums and townhomes remained high in 2015. 100 owner occupied units sold in 2015 through MLS, three shy of the 2007 record of 103. Through the fourth quarter of 2015, the median price for a Downtown residential unit sold through the MLS system was $255,000, an increase of 15.8% over 2014 median price of $220,000 and a 34.2% increase since 2013.

Price of Condos and Townhomes Sold by Year $400,000

Median

Average

$343,534

$350,000 $308,330 $300,000 $250,000 $200,000

$252,789 $234,226

$277,626

$255,000 $219,900

$212,450

$220,000 $190,000

$150,000 2011

2012

2013

2014

2015

Sources: National Association of Realtors and North Texas Real Estate Information System

Year in Review

Residential: Development remained strong in Downtown with an additional 788 units under construction by December of 2015. The first owner-occupied new product in four years broke ground on Henderson Street, adding 11 townhome units to the market. Hunter Plaza will bring a total of 164 rental units to Downtown including 115 affordable units and 49 market rate units. Trinity Terrace has broken ground on a 132 unit, 21 story senior housing tower. Pinnacle Bank Place in the Lancaster corridor, broke ground in early 2015, adding a 130 unit mixed-use community to Downtown. Cierra Bank began construction of a mixed-use project adding 6 units and Alliance Residential has begun work on a 345 unit apartment community adjacent to the Pier One Tower. The addition of those 777 apartments will bring the total rental inventory to 3,303 units.

Average Apartment Rental Rates and Average Occupancy Rates

$1,700

Average Occupancy

$1,734

Average Rental Rates

97.0%

$1,688 95.3%

95.4% 94.8%

$1,650

94.5%

96.5% 95.6%

96.0% 95.0%

$1,662

94.0%

$1,637 $1,600

93.0% 92.0%

$1,573

$1,550

91.0%

$1,531

90.0%

$1,500 2010

6

98.0%

2011

STATE OF DOWNTOWN FORT WORTH 2015

2012

2013

2014

2015

Source: Downtown Fort Worth, Inc.

$1,750


Hotels in Downtown Fort Worth generate 39.9% of all annual hotel occupancy taxes in the city.

Hospitality: The Downtown hotel market continued

Hotel occupancy taxes paid in Downtown set an all time record averaging $3,986,647 per quarter in 2015.

to perform well above the national market and other large markets in the Dallas-Fort Worth metropolitan area. The occupancy rate in 2015 was 70.0%,

While 20% of all Fort Worth hotel rooms are located Downtown, 39.9% of all Fort Worth hotel occupancy taxes were paid in Downtown.

higher than the national average of 65.6%.

Revenue per available room (RevPAR) was $115.49, significantly above the national average of $78.67.

Photo Credit: Fort Worth Convention & Visitors Bureau

Hotel Occupancy Taxes Paid Downtown Fort Worth

Source: Texas Comptroller of Public Accounts

Millions $5.0 $4.5 $4.0

$4.2 $3.8

$3.7

$3.5

$3.6 $3.3

$3.3

2Q 11

3Q 11

$3.4

$3.6

$3.7

$3.5

$3.6

3Q 13

4Q 13

$4.4 $4.0

$3.8

$3.8

$4.0 $3.7

$3.8

$3.3

$2.8

$3.0 $2.5 $2.0 $1.5 $1.0 $0 1Q 11

4Q 11

1Q 12

2Q 12

3Q 12

4Q 12

1Q 13

2Q 13

1Q 14

2Q 14

3Q 14

4Q 14

1Q 15

2Q 15

3Q 15

4Q 15

STATE OF DOWNTOWN FORT WORTH 2015

7


Year in Review

Retail: The Downtown retail market continues to perform well. The first two quarters of 2015 have maintained the peak sales levels reached in 2014. The strongest sectors were Retail Trade, Clothing Stores and Full Service Restaurants. Retail occupancies maintained a robust rate of 95.5% in existing space. The average

rent per square foot for retail space in Downtown was $26.90. In addition, Downtown added 17,000 100% square feet of retail space in the35.0% new 80% Cassidy Building in Sundance Square in 2014. 64.6% 25.0% 60%

15.0%

40% 20% 0%

Photo Credit: Sundance Square

28.6%

5.0%

3.8%

0.0%

USA

Downtown Fort Worth

3.3% Downtown Fort Worth

USA

Change in Gross Sales 2Q 2015 over 2Q 2014

80%

64.6%

80%

64.6%

60% 40% 20%

Downtown Fort Worth

0% 3.8% Downtown USA Fort Worth

100% 64.6%

80%

64.6%

60%

60%

40%

40%

20%

20% 3.8% 0% USA Downtown Fort Worth

0%

100%

Accommodation and Food Service 35.0%

10.0% 35.0% 8.0% 25.0% 6.0% 15.0% 4.0%

Downtown Fort Worth

28.6%

25.0% 8.0%

25.0% 15.0%

Clothing Stores 35.0% 10.0%

28.6%

28.6% 8.1%

6.0% 15.0%

4.0% 2.4% 5.0% 2.0%3.8% 5.0% 2.0% 3.3% 0.0% 0.0% USA Downtown 0.0% Downtown 0.0% USA USA Downtown Downtown Fort Worth Fort Worth Worth Fort Worth Fort 2.4%

10.0% 40.0% 8.0%8.1% 34.2% 30.0% 6.0% 4.0% 20.0% 4.0%

10.0% 8.0% 8.1% 6.0%

6.0% 20.0%

4.0% 2.4% Downtown Downtown Fort Worth Fort Worth

8

2.4% 2.0% 3.3% 0.0%

40.0% 10.0%8.1% 34.2% 30.0% 8.0%

Downtown USA USA Fort Worth

9.8%

4.0%

10.0%

9.8%

8.0% 6.0% 4.0%

4.0%

4.0% 10.0% 2.0% 2.0% 1.0% 0.0% 0.0% Downtown Downtown USA 0.0% USA Downtown USA Fort Worth Fort Worth Fort Worth

15.0%

STATE OF DOWNTOWN FORT WORTH 2015

10.0%

10.3% 8.4%

40.0% 8.1% 34.2% 30.0% 20.0%

3.8% 0.0% Downtown 0.0% USA Downtown USA Downtown Fort Worth Fort Fort Worth Worth

30.0% 8.0% 6.0% 20.0%

4.0% 4.0% 10.0% 2.0% 0.0% 1.0% 0.0% Downtown 0.0% USA 0.0% USA Downtown USA Downtown Downtown USA Fort Worth Fort Fort Worth Fort Worth Worth

15.0%9.8%

10.3%

5.0%

5.0% 0.0% USA Downtown Fort Worth

10.0% 10.3% 8.4%

10.3%

5.0% 0.0%

Downtown USA Fort Worth

10.0%

1.0% USA USA

USA

10.3%

8.4%

5.0% 1.0% 0.0% USA Downtown 0.0% USA Downtown USA Fort Worth Fort Worth

15.0%

8.4%

4.0%

15.0% 8.4%

Construction

10.0%

9.8% 34.2%

10.0% 2.0% 10.0% 3.3% 1.0% 0.0% 0.0% 0.0% Downtown USA USA Downtown USA Downtown Fort Worth Fort FortWorth Worth

10.0%

2.0%3.3% 10.0%

9.8% 15.0%

10.0% 40.0% 8.0% 30.0% 6.0% 20.0% 4.0%

Full-Service Restaurants

40.0% 9.8% 10.0% 34.2%

Real Estate, Leasing and Rental 28.6%

28.6%

2.4% 2.0% 3.3% 5.0%

5.0% 0.0%

10.0% 35.0% 8.0% 25.0% 6.0% 15.0% 4.0%

Sources: U.S. Census Bureau and Texas Comptroller of Public Accounts

Retail Trade 100%

USA


Cumulative Value of Building Permits Downtown Fort Worth, 2002 – 2015 Millions

$1,800

$1,672 $1,566

$1,600

$1,446 $1,374

$1,400 $1,171

$1,200

$1,064 $956

$1,000

Source: City of Fort Worth

Millions $200

$752

$800 $600

$1,223

$613

$150

$482

$100

$400

$50

$200

$0

$120

$106

$73

2013

2014

2015

$0 2002-05

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

STATE OF DOWNTOWN FORT WORTH 2015

9


Office and Employment

Downtown Fort Worth’s skyline is expanding. Having added 542,612 square feet of office space since 2013 Downtown currently has nearly 11 MILLION square feet of multi-tenant office space. With the current construction of Frost Tower, a 25 story Class A office building bringing 258,900 square feet of office space and 45,800 square feet of amenity space, Downtowns skyline is expanding again.

Anthracite Realty Partners’ Frost Tower Fort Worth is currently under construction.

New office space added since November 2013 Class A: 542,612 SF/ 10.8% of inventory

Downtown has 50 square feet of retail space for every 1,000 square feet of office space

*

48,150 jobs in Downtown 1,533 private businesses $3 BILLION in private payroll *Source: CoStar

10

STATE OF DOWNTOWN FORT WORTH 2015


Office Inventory and Occupancy Rate Downtown Fort Worth Million square feet

Inventory

Occupancy

12

11.90

11.85 11.8 11.6 11.4

11.72

11.72

11.79

89.7%

87.6%

11.76

11.76

95%

89.5% 88.0%

87.9%

87.3%

87.9%

11.35

100%

11.90

90.7%

90%

85%

Source: CoStar

84.3% 11.2

11

80%

2007

2008

2009

2010

2011

2012

2013

2014

2015

75%

Class A Office Buildings Burnett Plaza

1,024,627

777 Main

954,895

D.R. Horton Tower

820,509

Wells Fargo

716,533

Pier One Plaza

460,000

Two City Place

312,525

One City Place

306,470

Carnegie

280,000

Chase Bank

201,901

Cash America

135,293

Cantey Hanger

84,113

The Westbrook

70,478

The Cassidy

66,940

Commerce Building

61,770

The Tower

30,000

Source: CoStar

5,441,941 Square Feet of Class A Office Space

The Commerce Building in Sundance Square

STATE OF DOWNTOWN FORT WORTH 2015

11


Office Occupancy Rate Fourth Quarter 2015 80.5% 90.7% 89.0%

2014

2015

74.5%

88.8% 86.4% 88.5%

USA 84.7% 87.8%

92.0% 88.1% 73.3%

73.7%

80%

73.7%

60%

40%

Source: CoStar

Office and Employment

100%

Fort Worth CBD

89.5% 87.7%

92.5% 88.6%

Dallas CBD

20%

0%

2010

2011

2012

2013

Class A Office Occupancy Rates Downtown Fort Worth 100%

97.4%

95%

92.3%

93.2% 93.7%

93.0%

94.8%

92.7%

90%

87.0% 87.3%

85%

492,848 sq ft of Class A multi-tenant office space added in 2013.

75%

70%

82.9%

82.0% Source: CoStar

80%

Burnett Plaza

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Net Absorption of Office Space 338.9 422.1

2015

464.9

2014 -621.2

2012

-276.9

2010

247.9

-348.0 -200.3

-1,035.8

2008 -1,200

12

Downtown Fort Worth Downtown Dallas

-220.5 -271.2

2011

2009

-68.8

-496.3

569.4

-0.6 -700

STATE OF DOWNTOWN FORT WORTH 2015

-200

0 Thousand Square Feet

Source: CoStar

2013

1,119.0

300

800

1,300


Metro Area Office Vacancy Rates Downtown Dallas

Downtown Fort Worth

Dallas Central Expressway

Dallas Stemmons Freeway

50% 40%

26.1% 26.7%

30% 15.3% 13.6%

20% 8.0%

10% 0%

12.1%

19.3%

16.8%

15.2%

2013

2014 2015

2011

Dallas LBJ Expressway

2012

19.4%

19.6% 14.4% 13.2%

14.1% 2012

18.5%

25.5%

10.5% 2011

Source: CoStar – Fourth quarter 2015

23.0% 21.9% 21.2%

2013

2014

2015

2011

Irving/Las Colinas

2012

2013

2014 2015

2011

Richardson/Plano

2012

2013

2014 2015

Dallas Uptown

50% 40% 24.9%

30% 20%

25.7%

24.2% 24.7% 14.5%

15.3% 12.6% 23.2%

10% 0% 2011

14.9% 15.8% 15.6% 16.1%

15.1% 10.9% 9.9% 10.1% 9.8%

8.9%

2012

2013

2014 2015

2011

2012

10.2%

11.0%

2013

2014 2015

2011

2012

2013

2014 2015

2011

2012

2013

2014 2015

Metro Area Class A Office Vacancy Rates Downtown Dallas

Downtown Fort Worth

Dallas Central Expressway

Dallas Stemmons Freeway

50% 40% 25.0%

30% 17.2% 17.1% 13.0% 20% 12.2% 11.4% 10%

23.4% 21.6%

20.2%

26.4%

23.3%

27.0%

23.1%

19.0% 17.8%

19.7%

19.1% 23.8%

23.3%

17.3%

0% Source: CoStar – Fourth quarter 2015

2011

2012

2013

2014 2015

2011

Dallas LBJ Expressway

2012 2013

2014 2015

2011

Irving/Las Colinas

2012 2013

2014 2015

2011

Richardson/Plano

2012 2013

2014 2015

Dallas Uptown

50% 40% 23.8%

30% 20%

23.4%

23.7%

26.6%

23.8%

10.1%

10% 0%

23.7%

13.5% 2011

2012

2013

2014 2015

2011

5.4% 3.7% 7.7%

8.0%

2014 2015

2011

2012 2013

12.7% 10.3% 13.1%

2012 2013

2014 2015

11.9% 16.6% 2011

9.2%

10.0% 9.8%

2012 2013

2014 2015

STATE OF DOWNTOWN FORT WORTH 2015

13


Downtown Dallas

Downtown Fort Worth

Dallas Central Expressway

Dallas Stemmons Freeway

$35 $28.74 $28.67

$27.54

$30

$29.23

$25 $26.87

$23.36 $24.96

$20.94

$20 $15

$27.13 $19.56

$23.14

$21.90

$22.81

$20.45

$24.86

$21.91

$18.61 $18.43

$18.31

$15.98

$10 2011

2012

2013

2011

2014 2015

Dallas LBJ Expressway

2012 2013

2014 2015

2011

Irving/Las Colinas

2012 2013

2014 2015

2011

2012 2013

Richardson/Plano

Dallas Uptown

$35

$30.33

$30 $25 $20 $15 $10

$22.03

$19.79 $20.39

2011

$24.67

2013

$26.57

$21.21

2014 2015

2011

$24.74 $23.05

$29.67

2014 2015

2011

$31.21

$35.69 $37.80

$19.11 $22.93

$20.74

$19.62 2012

$24.86

2014 2015

2012 2013

$23.56

$19.01 2014 2015

2011

2012 2013

2012 2013

Source: CoStar – Fourth quarter 2015

Office and Employment

Metro Area Class A Office Rental Rates ($/SF)

2014 2015

777 Main

Metro Area Class B Office Rental Rates ($/SF) Downtown Dallas

Downtown Fort Worth

Dallas Central Expressway

Dallas Stemmons Freeway

$30 $25 $19.20

$20.58

$18.50

$19.09 $19.84

$17.59 $17.94

$16.78

$19.71

$18.28

$20.36 $14.89 $13.46 $13.77 $13.87

$18.72

$18.20

$13.65

$10 2011

2012

2014 2015

2013

2011

Dallas LBJ Expressway

2012

2013

2014 2015

2011

Irving/Las Colinas

2012

2014 2015

2013

2011

Richardson/Plano

2012

2013

Dallas Uptown

$30 $25.07 $25 $16.81 $17.39

$20 $15.46 $15

$15.59

$31.49 $30.06

$24.38

$20.25

$20.18

$17.92

$16.87

$15.65

$18.91

$16.27

2014 2015

$25.58 $22.99

$17.53 $19.61

$18.50

$10 2011

14

2012

2013

2014 2015

2011

STATE OF DOWNTOWN FORT WORTH 2015

2012

2013

2014 2015

2011

2012

2013

2014 2015

2011

2012

2013

2014 2015

Source: CoStar – Fourth quarter 2015

$15

$20.76

$19.27

$20


Average Office Rental Rates Downtown Fort Worth $35

Class A

$29.20

$30

Class B

$30.20

$29.03

$29.23 $27.98

$27.42

$26.87

$19.04

$18.50

$26.08

$27.54

$28.74

$28.67

$25

Source: CoStar

$21.12 $20 $17.02 $15

$18.13

$18.37

2006

2007

2005

$18.79

$19.27 $20.58

2008

2009

2010

2011

2012

2013

$20.76

2014

$19.84

2015

Energy Efficient Office Space Downtown Fort Worth Million square feet 6

5,526,102

5 4 3

2,796,495

2,499,927

Source: CoStar

2 1 229,680 0

Total Energy Efficient Space

Energy Star Certified

LEED Certified (Gold)

LEED Certified (Silver)

Downtown, the Near Southside and the Cultural District combined generate $5,715,083,000 in annual payroll. Downtown Fort Worth has the highest number of employees and generates the largest

payroll among all of the employment centers in the county. Average Payroll Per Employee in Private Sector

Source: U.S. Census Bureau 2013

ZIP CODE (SUBMARKET)

PRIVATE SECTOR EMPLOYEES

PAYROLL

PAYROLL PER EMPLOYEE

76102 (Downtown)

39,302

$3,050,142,000

$77,608

76104 (Near Southside)

28,764

$1,668,818,000

$58,018

76107 (Cultural District)

23,676

$996,083,000

$42,071

$80,000

$77,608 $58,018

$60,000

$42,071 $40,000

$20,000

$0

Downtown

Near Southside

Cultural District STATE OF DOWNTOWN FORT WORTH 2015

15


Class A

Class B $20.26

Downtown Dallas

$24.61

$20.36

Dallas Central Expressway $17.58

Dallas LBJ

$27.13 $23.80 $27.82

Dallas Preston Center $14.89

Dallas Stemmons Freeway

$37.08

$18.43 $31.56

Dallas Uptown $21.47

Dallas Far North

$31.29

$19.20

Downtown Fort Worth $16.21

Fort Worth Northeast

$38.02

$28.67 Source: CoStar

Office and Employment

Average Class A and B Office Rent, 4Q 2015 Dallas – Fort Worth MSA ($/SF)

$20.53 $20.08

Irving/Las Colinas

$19.69

Mid-Cities

$26.13 $24.71

$22.06 $24.10

Richardson/Plano $0

$5

$10

$15

$20

$25

$30

$35

$40

Unemployment Rates in 2015 8%

USA

Dallas

Fort Worth

7%

5.7% 5.5%

5%

5.5%

5.4%

5.5%

5.3%

5.3%

5.1%

5.1%

5.0%

4.4% 4.5% 4%

4.2%

4.5% 4.2% 4.2%

4.1% 3.9%

4.3%

4.5%

16

5.0%

4.3% 4.1%

4.4%

4.1%

4.1%

4.1%

4.1% 4.0%

3.8% 3%

5.0%

4.7%

Jan-15

Feb-15

Mar-15

STATE OF DOWNTOWN FORT WORTH 2015

Apr-15

4.0% 3.7% 3.9% 3.7%

May-15

Jun-15

Jul-15

Aug-15

Sep-15

Oct-15

Nov-15

Dec-15

Source: Texas Workforce Commission

6%


National Office Statistics 4Q 2015 AVERAGE ASKING RENT

OVERALL VACANCY RATE

Atlanta

$20.70

12.1%

Austin

$30.68

8.0%

Boston

$21.27

8.8%

Chicago

$23.28

13.0%

Dallas/Fort Worth

$23.39

14.1%

Denver

$24.44

8.5%

Houston

$28.04

13.6%

Los Angeles

$31.60

11.0%

New York

$59.58

7.5%

Philadelphia

$22.16

10.0%

Phoenix

$22.10

16.3%

Seattle

$30.66

8.1%

Washington, DC

$34.42

14.3%

Source: CoStar

Total private employees: 39,302 Business Profile Number of Businesses per Category

Total number of businesses: 1,533

Downtown Fort Worth 93

Accommodation and Food Services

Annual payroll: $3,050,142,000

83

Administrative and Support 22

Arts, Entertainment, and Recreation

38

Construction 12

Education Services

259

Finance and Insurance 1

Forestry, Fishing

85

Health Care 56

Information

119

Management of Companies 29

Manufacturing

85

Source: U.S. Census Bureau 2013

Mining

74

Other Services

368

Professional, Scientific, and Technical Services 82

Real Estate 51

Retail Trade 27

Transportation 3

Utilities

45

Wholesale Trade 0

50

100

150

200

250

300

350

400

STATE OF DOWNTOWN FORT WORTH 2015

17


Population and Housing

Living the Downtown lifestyle. Downtown Fort Worth is currently experiencing an increasing rate of residential growth as more people embrace an urban lifestyle. Ranked by the U.S. Census Bureau as America’s 16th-largest city, Fort Worth’s population has grown 52.0% since 2000 to the current population of 812,553 (U.S. Census Bureau). Downtown’s population has grown 112.7%

over the same period.

Much of Fort Worth’s population increase is attributed to the region’s diversified economy, strong regional business clusters, relatively low land cost, land availability, a revitalized and growing Downtown and rejuvenated central-city neighborhoods.

Work 18.7%

Other 3.7%

Location 8.0%

.1 %

Convenience 11.7%

56

Community 1.7%

L if e s t y

18

STATE OF DOWNTOWN FORT WORTH 2015

le

Lifestyle was selected as the primary reason for living Downtown by 57.2% of condo/ townhome owners and 55.3% of apartment renters.

Source: Downtown Fort Worth, Inc. survey December 2014

Reason for Living Downtown


Maintained 95.8% average apartment occupancy since 2006, while increasing inventory by 59%

6,228 people live in Downtown Density of 3,943 residents per square mile in Downtown (1,917 housing units/sq mile)

2,521 Residential rental units planned or under construction

will increase the Downtown housing stock by 70%

$2.85 Million: 49% of Downtown

top Downtown

residents’ income is double

the national median

City of Fort Worth density of 2,327 residents per square

condo sale in 2015

mile (886 housing units/sq mile)

28.1% of the 2015 condo

85% of Downtown residents have

$255,000 Median sale price of Downtown condos/townhomes purchased in 2015

sales market in Fort Worth is

a bachelor's degree or higher

18.2% increase in

condo owners have

spend on average

average apartment rent

income greater than

$50 Million+ a year

$100,000

bars and retail.

since 2006 – $1,467/2006 to $1,734/2015

household income or greater

located in Downtown

74% of Downtown

Downtown residents

in Downtown restaurants,

Neighborhood Safety Downtown Fort Worth

Source: Downtown Fort Worth, Inc. survey December 2014

Unsafe 2.5%

Very unsafe 0.3%

Very Safe

Safe

57.3%

40.0%

Residents perceive Downtown as safe. • 97.3% of residents rated their neighborhood as safe or very safe. • 99.5% of residents feel safe or very safe walking in Downtown during the day. • 90.4% of residents feel safe or very safe walking in Downtown after dark.

STATE OF DOWNTOWN FORT WORTH 2015

19


Population and Housing

Residential – For Sale Housing affordability has been one of Fort Worth’s competitive advantages. In 2015, the median price of a home in Fort Worth was $172,000, compared to $255,000 in Austin and $256,000 in Dallas. The median home price in the U.S. was $297,000. Currently, there are 926 owner-occupied residential units in Downtown, up 887 units, a 2,274% growth since 2003. The median sale price of a home in Downtown Fort Worth was $255,000 in 2015.

Residential – For Rent The rental market remained at historically high occupancy. Currently, there are 2,526 units in Downtown with monthly rents ranging from $865 to $5,320 (4Q 2015). The occupancy rate of rental units in Downtown has stayed above 90% since 2006. Although 262 units became available in 2Q 2014 (an 11.6% increase), occupancy remained above 94% and finished the year at 96.5%. During the national recession that lasted from December 2007 through June 2009, apartment occupancy in Downtown did not decline below 92% in any quarter, despite hefty additions to the inventory.

Top Ten State Population Gain April 1, 2010 through July 1, 2014 Texas

1,810,854

California

1,547,997

Florida

1,088,674

Georgia North Carolina

Source: U.S. Census Bureau

408,662 408,273 368,115

New York Arizona

339,174 336,987

Washington Colorado

326,542 325,266

Virginia 0

200,000

400,000

600,000

800,000

1,000,000 1,200,000 1,400,000 1,600,000 1,800,000 2,000,000

Fastest-Growing Metropolitan Areas Population Added April 1, 2010 through July 1, 2014

569,690

Houston-The Woodlands-Sugar Land, TX

528,120

Dallas-Fort Worth-Arlington, TX

526,443

New York-Newark-New Jersey, NY-NJ-PA 433,287

Los Angeles-Long Beach-Anaheim, CA

397,331

Washington-Arlington-Alexandria, DC-VA-MD-WV

327,596

Atlanta-Sandy Springs-Roswell, GA

295,982

Phoenix-Mesa-Scottsdale, AZ

258,500

San Francisco-Oakland-Hayward, CA

231,663

Seattle-Tacoma-Bellevue, WA 0

20

STATE OF DOWNTOWN FORT WORTH 2015

Source: U.S. Census Bureau

363,520

Miami-Fort Lauderdale-Pompano Beach, FL

100,000

200,000

300,000

400,000

500,000

600,000


Regional City Population Change 2000 – 2014 2000

2014

% CHANGE

Austin, TX

656,562

912,798

39.0%

Baton Rouge, LA

227,818

228,909

0.5%

Dallas, TX

1,188,580

1,281,031

7.8%

El Paso, TX

563,662

679,024

20.5%

Fort Worth, TX

534,694

812,553

52.0%

Houston, TX

1,953,631

2,240,796

14.7%

Little Rock, AR

183,133

197,701

8.0%

Oklahoma City, OK

506,132

620,553

22.6%

San Antonio, TX

1,144,646

1,436,723

25.5%

Shreveport, LA

200,145

197,979

-1.1%

Tulsa, OK

393,049

399,274

1.6%

Source: U.S. Census Bureau

Regional City Change in Median Family Income 2000 – 2014 CITY

2000

2014

% CHANGE

Austin, TX

$54,091

$71,230

32.2%

Baton Rouge, LA

$40,266

$50,119

14.5%

Dallas, TX

$40,921

$46,479

9.6%

El Paso, TX

$35,432

$46,420

31.0%

Fort Worth, TX

$42,939

$61,121

43.6%

Houston, TX

$40,443

$50,369

23.3%

Little Rock, AR

$47,446

$61,597

35.5%

Oklahoma City, OK

$42,689

$58,535

38.1%

San Antonio, TX

$41,331

$53,835

27.8%

Shreveport, LA

$37,126

$49,577

28.8%

Tulsa, OK

$44,518

$52,394

17.1%

USA

$50,046

$65,443

27.9%

Source: U.S. Census Bureau

The DallasFort Worth Metropolitan area population grew by 528,120 from 2010 – 2014.

Lincoln Park at Trinity Bluff STATE OF DOWNTOWN FORT WORTH 2015

21


Population and Housing

Demographics of Downtown Fort Worth Residential Population: With the addition of more apartments, the Downtown Fort Worth residential population is becoming younger, wealthier and better educated and has grown at an annual rate of 5.8% since 2007. Currently, 6,228 persons live in the Downtown. DFWI has conducted four surveys of residents since 2007 to monitor trends in the changing demographics of the Downtown population. Our latest survey was conducted in December 2014. A one-sheet survey instrument was delivered to 2,456 households in Downtown using first-class postage. The response rate was 17.6% providing a margin of error of +4% at a 95% confidence level. A summary of the survey and trends are presented here. The full report can be downloaded from DFWI’s web site at www.dfwi.org or contact Arrie Mitchell at arrie@dfwi.org to receive a copy. Yoga in Sundance Square Plaza

57.2% of Downtown residents are under 40 years old 68.4% of apartment renters are under 40 years old 23.6% of condominium and townhome residents are under 40 70% of apartment renters and 37.1% of condominium and townhome owners are unmarried

Downtown residents are highly educated. 8.1% of residents have a 4 bachelor’s degree 27.5% a master’s degree .4% a doctoral degree 9 (including JDs)

95.5% of households have no children living in the household

Lifestyle was cited as the primary reason for living Downtown by 57.2% of condominium/townhome owners and 55.3% of apartment renters.

Median Annual Household Income

Downtown Residents’ Previous Place of Residence

48.9% of Downtown households have income exceeding $100,000 per year.

28.9% cities in the Metroplex other than Fort Worth 32.6% Fort Worth 12.9% Texas outside of the Metroplex 20.3% other states

Employment 23.8% Healthcare 9.7% Education 21.9% Science & Engineering 13.2% Finance 6.8% Retail 6.2% Government 5.5% Law

22

STATE OF DOWNTOWN FORT WORTH 2015


Downtown Population Study Area

Age Distribution Downtown Fort Worth Residents 79.4%

Source: Downtown Fort Worth, Inc. survey December 2014

80% All Residents Condos/Townhomes

70%

Apartments

100%

76.4%

75%

Apartments

69.1%

60%

50%

50%

23.6%

43.5% 40%

0.0% 31.3%

30%

23.1%

26.4% 18.7%

14.3%

0%

Residents 40 and under

23.6% Residents over 40

21.3%

20% 10%

Condos/Townhomes

18.7%

18.7%

17.6% 10.3%

6.3%

5.5% 0.5% <25

25-40

41-55

56-65

>65

STATE OF DOWNTOWN FORT WORTH 2015

23


Marital Status

Downtown Fort Worth

Downtown Fort Worth

100.0%

2011

2014

95.5%

92.6%

80.0%

2011

2014

80.0%

61.6% 60.0%

55.8% 44.2%

60.0% 40.0% 38.4%

40.0%

20.0%

20.0% 7.4% 0.0%

4.5%

With children

Without children

0.0%

Married

Source: Downtown Fort Worth, Inc. survey December 2014

Source: Downtown Fort Worth, Inc. survey December 2014

Population and Housing

Children in the Household

Not married

ESPN in Sundance Square

Highest Degree Completed Downtown Fort Worth 80.0%

Sources: U.S. Census Bureau 2010 and Downtown Fort Worth, Inc. survey December 2014

60%

24

Downtown

Fort Worth

2011

USA

2014

48.1%

60.0% 40%

48.1% 36.9%

42.6% 40.0%

20%

18.6%

36.9%

18.4% 9.6%

0%

33.5%

Bachelor’s

STATE OF DOWNTOWN FORT WORTH 2015

11.2%

Graduate/Professional

20.0%

0.0%

Bachelor’s

Graduate

Source: Downtown Fort Worth, Inc. survey December 2014

Highest Degree Completed


Median Household Income Source: Downtown Fort Worth, Inc. survey December 2014

Downtown Fort Worth 80%

Condos/Townhomes

Apartments

74.4%

70% 60% 50% 40% 30.9%

29.2%

30%

26.3%

20%

0%

15.1%

10.3%

10%

7.0% 3.5%

3.3% 0.0% Less than $30,000

$30,000$49,999

$50,000$74,999

$75,000$100,000

More than $100,000

Avenue of Lights

Household Income Trends Downtown Fort Worth

50% 45%

Sources: U.S. Census Bureau 2013 and Downtown Fort Worth, Inc. survey December 2014

50%

Downtown Fort Worth USA

45% 40%

2011

60.0% 40.0% 20.0%

30%

$50,000 $99,999

25%

25% 20%

18.8% 18.8%

20.0% 20.1%

0%

$50,000 $99,999

20%21.7%

10%

7.5%

5%

1.9% Less than $30,000

$30,000$49,999

$50,000$74,999

0%

$100,000 and above

$100,000 and above

20.6%

22.6%

18.8% 18.8%

20.0% 20.1%

20.6%

21.7%

22.6%

17.9%

15%

10% 5%

9.3% 9.4%

Less than $50,000

28.5% 28.8%

17.9%

15%

48.9% 51.7% 48.9%

0.0%

9.3% 9.4%

Less than $50,000

28.5% 28.8%

30%

20.0%

51.7% 48.9%

2014

39.0% 41.7%

40.0%

35%

0.0%

35%

2014 40%

39.0% 41.7%

2011

60.0%

Downtown Fort Worth USA 48.9%

12.1% 11.9%

12.1% 11.9%

7.5% 1.9% $75,000$100,000

More than

Less than $30,000 $100,000 $30,000$49,999

$50,000$74,999

$75,000$100,000

STATE OF DOWNTOWN FORT WORTH 2015

More than $100,000

25


99.7% go to Downtown restaurants, 92.2% to bars, 75.5% to convenience/drug stores and 73.2% to retail stores. Condominium and townhome owners eat at Downtown restaurants an average of 9.4 times per month and spend $91.05 per visit. Apartment renters eat at Downtown restaurants an average of 8.2 times per month and spend $63.81 per visit.

Apartment Residents

8.2

Apartment Residents

$63.81

Apartment Residents

8.2

Apartment Residents

$63.81

Condo/Townhome Residents Condo/Townhome Residents All Residents All Residents

9.4 9.4 8.7 5

6

7

8

8.7 9

10

5

6

7

8

9

10

Condo/Townhome Residents Condo/Townhome Residents All Residents All Residents

$91.05 $91.05 $75.36 $0

$20

$40

$60

$75.36 $80 $100

$0

$20

$40

$60

$80

Source: Downtown Fort Worth, Inc. survey December 2014

Average Monthly Visits to Downtown Restaurants by Downtown Residents and Spending Per Visit

$100

Average Monthly Visits to Downtown Bars by Downtown Residents and Spending Per Visit Apartment Residents

5.1

Apartment Residents

$45.17

Apartment Residents

5.1

Apartment Residents

$45.17

Condo/Townhome Residents Condo/Townhome Residents All Residents All Residents

Condo/Townhome Residents Condo/Townhome Residents All Residents

4.8 4.8 5.0 0

1

2

3

4

5

0

1

2

3

4

5

5.0

All Residents

6

$52.01 $52.01 $47.87 $40

$45

$47.87 $50

$55

$40

$45

$50

$55

6

Source: Downtown Fort Worth, Inc. survey December 2014

Population and Housing

Downtown residents patronize Downtown businesses.

Condo/Townhome Residents

3.4

Condo/Townhome Residents

All Residents

3.4

All Residents

0

1

2

3

4

$35.02

Apartment Residents

3.5

Apartment Residents

5

$36.50

$35.96

$34

6

$35

$36

Source: Downtown Fort Worth, Inc. survey December 2014

Average Monthly Visits to Downtown Convenience/Drug Stores by Downtown Residents and Spending Per Visit

$37

Condo/Townhome Residents

1

2

$126.88

$99.64

All Residents

2.0 0

26

Condo/Townhome Residents

2.3

All Residents

$78.96

Apartment Residents

1.8

Apartment Residents

3

STATE OF DOWNTOWN FORT WORTH 2015

4

5

6

$0

$50

$100

$150

Source: Downtown Fort Worth, Inc. survey December 2014

Average Monthly Visits to Downtown Clothing Stores by Downtown Residents and Spending Per Visit


Street and Sidewalk Cleanliness, 2011 vs. 2014

Downtown Fort Worth

Downtown Fort Worth

Very unclean 0.0%

Unclean 1.7%

100%

93.7%

98.3%

80% 2011

Very Clean

Clean

50.6%

2014

60%

40%

47.7% 20% 6.2% 0%

Clean or very clean

1.7%

Source: Downtown Fort Worth, Inc. survey December 2014

Source: Downtown Fort Worth, Inc. survey December 2014

Street and Sidewalk Cleanliness

Unclean or very unclean

Residents perceive Downtown as clean. 98.3% of residents rated the streets and sidewalks Downtown as clean or very clean.

Kent Lofts Rendering

STATE OF DOWNTOWN FORT WORTH 2015

27


YEAR

DALLAS

FORT WORTH

2010

25.9%

3.3%

2011

21.1%

2.9%

2012

20.6%

3.5%

2013

33.6%

3.9%

2014

26.9%

4.5%

2015

28.3%

4.1%

Source: North Texas Real Estate Information Systems, Inc.

Texas & Pacific Lofts

Number of Residential Units Sold 14,000

Single-Family Residences

Condos/Townhomes

12,000

483

498

10,000

3,350

3,074

11,401

10,609

8,000 6,000

8,497

8,347

4,000 2,000 0

Dallas

Fort Worth

Dallas

Fort Worth

2014

2015

Source: North Texas Real Estate Information Systems, Inc.

Population and Housing

Sales Ratio of Condos and Townhomes to Single-Family Residences

Condominiums and Townhomes Built and Sold Downtown Fort Worth 450

Built

Sold

400

300 250 200 150 96

100 50 0

28

103

102 62

56 40

36

47

100

63

39

41

226

394

112

10

0

0

0

0

0

0

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

STATE OF DOWNTOWN FORT WORTH 2015

Source: North Texas Real Estate Information Systems, Inc.

350


Source: North Texas Real Estate Information Systems, Inc.

Average Residential Sales Price Per Square Foot

Condominiums and Townhomes 2015

Condominiums and Townhomes 2015

$300,000

$300 $255,000

$250,000

$250

$232

$221,000 $200,000

$150,000

$200

$147,000

$100

$50,000

$50

North Texas

$151

$150

$100,000

$0

$243

Downtown Dallas

Downtown Fort Worth

$0

North Texas

Downtown Dallas

Source: North Texas Real Estate Information Systems, Inc.

Source: North Texas Real Estate Information Systems, Inc.

Median Sales Price

Downtown Fort Worth

Average Days on Market Condominiums and Townhomes 2015 80

75

Median sales price for Downtown condos and townhomes increased 15.8% between 2014 – 2015.

70 60 50

50 46

40 30 20 10 0

North Texas

Downtown Dallas

Downtown Fort Worth

Downtown Condominium and Townhome Sales As Percentage of City

20.7% of all condominiums and townhomes sold in Fort Worth in 2015 were in Downtown.

YEAR

FORT WORTH

DOWNTOWN

2007

367

103

28.1%

2008

275

56

20.4%

2009

286

36

12.6%

2010

242

47

19.4%

2011

216

39

18.1%

2012

315

62

19.7%

2013

395

63

15.9%

2014

498

102

20.5%

2015

483

100

20.7%

Source: North Texas Real Estate Information Systems, Inc.

STATE OF DOWNTOWN FORT WORTH 2015

29


Median Residential Sales Price Downtown Fort Worth $300,000

$250,000

$281,000 $255,000

$250,000 $233,500

$225,450

$219,900 $196,000

$200,000

$219,000

$212,000 $190,000

$150,000

$100,000

$50,000

$0

2006

2007

2008

2009

2010

2011

2012

2013

2014

Source: North Texas Real Estate Information Systems, Inc.

Population and Housing

The Tower Pool

2015

Median Residential Sales Price Per Square Foot Downtown Fort Worth $300

$236

$243

$242

$230 $219

$200

$183

$196

$188

$198

$150

$100

$50

$0

30

2006

2007

2008

STATE OF DOWNTOWN FORT WORTH 2015

2009

2010

2011

2012

2013

2014

2015

Source: North Texas Real Estate Information Systems, Inc.

$250

$286


Average Apartment Rent Per Square Foot Downtown Fort Worth $1.75 $1.69 $1.68 $1.70

$1.70 $1.65 $1.61

$1.60 $1.55 $1.52

$1.56

$1.54

$1.57 $1.57 $1.55 $1.50

$1.50

$1.59

Source: Downtown Fort Worth, Inc.

$1.65

$1.52

$1.53

$1.51

$1.45 $1.40

1Q

2Q

3Q 2012

4Q

1Q

2Q

2013

3Q

4Q

1Q

2Q

3Q 2014

4Q

1Q

2Q

3Q 2015

4Q

Average Apartment Rent Downtown Fort Worth $1,800 $1,679

$1,700 $1,600

$1,742

$1,747

$1,688

$1,680

$1,664

$1,670

$1,635

Source: Downtown Fort Worth, Inc.

$1,654

$1,705

$1,652

$1,625

$1,605

$1,743

$1,706

$1,693

$1,500 $1,400 $1,300 $1,200 $1,100

1Q

2Q

2012

3Q

4Q

1Q

2Q

3Q 2013

4Q

1Q

2Q

3Q 2014

4Q

1Q

2Q

3Q 2015

4Q

STATE OF DOWNTOWN FORT WORTH 2015

31


PROJECT

Downtown Fort Worth $1,750

UNITS

YEAR

11

2016

$1,700

Trinity Terrace

123

2016

$1,650

Hunter Plaza

164

2016

$1,600

Pinnacle Bank Place

130

2017

Ciera Bank Residential

6

2017

1000 Houston Street

2

2017

Broadstone

345

2017-18

Kent Lofts

205

TBA

Catalyst Lancaster Project

254

TBA

T&P Warehouse

260

TBA

Ariston

219

TBA

$1.70

Hilton Annex

143

TBA

$1.65

Alexan Summit

370

TBA

$1.60

Henderson St Townhomes

Tandy Warehouse

Total Source: Downtown Fort Worth, Inc.

300

2,532

TBA

$1,550

$1,734

Source: Downtown Fort Worth, Inc.

Downtown Fort Worth

Average Monthly Apartment Rent

$1,688 $1,662 $1,637 $1,573 $1,531

$1,500 2010

2011

2012

2013

2014

2015

Average Monthly Apartment Rent Per Square Foot Downtown Fort Worth $1.68

$1.57

$1.55

$1.40

$1.54

$1.54

2012

2013

$1.48

$1.50 $1.45

Source: Downtown Fort Worth, Inc.

Population and Housing

Residential Units Planned, Announced and/or Under Construction

$1.43 2010

2011

2014

2015

2,532 units currently planned or under construction.

Pinnacle Bank Place

32

STATE OF DOWNTOWN FORT WORTH 2015


Housing Construction in Downtown Fort Worth Owner-Occupied Condominiums and Townhomes 1,000

Source: Downtown Fort Worth, Inc.

2,500 2011-2015

2006-2010

542

141% since 2005

500

2,000 1,500

280

2006-2010

583

2000-2005

209

2,526 units as of 2015

73.7% since 2000

400 1,000

300 200

2000-2005

347

500

Pre-1999

1,454

100 0

Pre-1999

37

0

Rate of Growth Condominiums and Townhomes

Rate of Growth of Renter-Occupied Units FORT WORTH

DOWNTOWN

PERIOD

2011 – 2015

5.4%

12.4%

2006 – 2010

17.7%

35%

2000 – 2005

5.9%

14.3%

PERIOD

FORT WORTH

DOWNTOWN

2006 – 2010

14%

141%

2000 – 2005

17%

937%

Sources: Downtown Fort Worth, Inc. and the City of Fort Worth

Source: Downtown Fort Worth, Inc.

800

600

Renter-Occupied Units 3,000

926 units as of 2010

900

700

Housing Construction in Downtown Fort Worth

Sources: Downtown Fort Worth, Inc. and the City of Fort Worth

Construction at Pier 1 Building making way for 345 rental units

STATE OF DOWNTOWN FORT WORTH 2015

33


Hospitality

Business and leisure travelers agree, Downtown is the place to stay. As the hub of a vibrant tourism and business travel destination, Downtown Fort Worth is home to 2,642 hotel rooms, 19.4% of hotel rooms in Fort Worth. With 670,000+ room nights sold in 2015, the average hotel occupancy was 70.0% with $115.49 revenue per available room (RevPAR).

Downtown paid 39.9% of Fort Worth’s hotel occupancy taxes in 2015

Sheraton Fort Worth Hotel

$106+ MILLION in Downtown hotel revenue in 2015 Hotels Planned or Under Construction HOTEL

Aloft

180

Hampton Inn

245

Autograph by Marriott

164

Source: Downtown Fort Worth, Inc.

34

STATE OF DOWNTOWN FORT WORTH 2015

ROOMS


Plano 6.6% Source: Texas Comptroller of Public Accounts

Dallas 43.6%

Richardson 2.8% Arlington 8.5%

Area Hotel Room Supply Irving 15.6%

Grapevine 6.4%

Downtown Fort Worth

Fort Worth without Downtown 13.0%

3.6%

Omni Fort Worth Hotel

Plano 5.8% Dallas 43.5%

Arlington 6.0%

Irving 16.1%

Area Hotel Revenue Share

Fort Worth without Downtown 9.3%

Grapevine 12.0%

Downtown Fort Worth

8.9%

Hilton Fort Worth Hotel

Hotel Occupancy 2015

65.6%

USA

Downtown Fort Worth

Downtown Dallas 55 %

60 %

Source: Smith Travel Research

Source: Texas Comptroller of Public Accounts

Richardson 2.7%

70.0%

64.9 % 65 %

70 %

75 %

Worthington Renaissance Fort Worth Hotel

STATE OF DOWNTOWN FORT WORTH 2015

35


$120.00 Dallas CBD

Fort Worth CBD

$115.49

USA $111.45

$110.00 $104.03

$101.74

$99.52

$100.00

$94.19 $87.82

$90.00

$65.10

FOURNIER

PAR

$50.00

SET

11 T

$60.00

EST

$68.47

$70.00

FOR

Source: Smith Travel Research

$74.04

K

$78.67

$78.28

$80.00

H

Hospitality

Hotel Revenue Per Available Room

SUN

DAGGETT

$40.00

BROAD WAY

2014

2015

WENNECA

14TH

2013

15TH

2012

Hotel Occupancy Taxes Paid Downtown’s Share as Percentage of City 50.0%

43.7%

45.0%

42.3%

42.2%

41.5%

41.3%

40.5%

39.6%

39.9%

40.0% 39.8%

40.8%

39.2% 39.2%

40.4%

38.7%

40.3%

38.3%

37.6%

Hotels in Downtown Fort Worth generate 39.9% of all annual hotel occupancy taxes in the city.

30.0%

25.0%

20.0%

15.0%

36

4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13 2Q 13 3Q 13 4Q 13 1Q 14 2Q 14 3Q 14 4Q 14 1Q 15 2Q 15 3Q 15 4Q 15

STATE OF DOWNTOWN FORT WORTH 2015

Source: Texas Comptroller of Public Accounts

35.0%


Current Hotel Room Inventory NIC

7

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NC

1

13TH

504

3. Sheraton Fort Worth Hotel and Spa

430

4. Hilton Fort Worth

294

5. Downtown Fort Worth Courtyard-Blackstone Hotel

203

6. Embassy Suites Fort Worth Hotel Downtown

156

7. Marriott TownePlace Suites Fort Worth Downtown

140

35

W

EB 8. Holiday Inn Express Hotel 132 30 IH & Suites Downtown Fort Worth IH 3 5W

IH

NB

8

PRESIDIO

2. Worthington Renaissance Hotel

H

TIO

SUMMIT

EN

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NV

FOURNIER

1 CO

TEXAS

614

LUELLA

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9

10TH

1. Omni Fort Worth Hotel

30

7TH

ROOMS

HO

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HOTEL

EL PASO

9. Park Central Hotel

120

10. The Ashton

39

11. Etta’s Place

10

SUN

SET

RIO GRANDE

Hotel Occupancy Rate 100.0%

Downtown Fort Worth

USA

90.0% 78.7%

77.9%

80.0% 71.4%

72.0%

73.6%

75.3% 71.7%

70.0%

73.0%

71.6% 62.2% 66.8%

66.9%

70.6%

66.1%

71.8%

67.5%

67.9%

69.0%

64.1%

60.0% Source: Smith Travel Research

71.3%

56.9% 59.4%

50.0%

54.3%

53.0%

40.0%

30.0% Jan-15

Feb-15

Mar-15

Apr-15

May-15

Jun-15

Jul-15

Aug-15

Sep-15

Oct-15

Nov-15

Dec-15

STATE OF DOWNTOWN FORT WORTH 2015

37


Hospitality

Revenue Per Available Room (RevPAR) $140

$134.90 $134.12

$123.96

Downtown Fort Worth

$119.53

USA

$120

$123.83

$120.83

$121.9

$112.63

$103.23

$105.87

$99.40

$100

$88.83

$80

$80.59

$79.88

$93.31 $86.10

$81.48

$82.80

$72.67

$68.58

$61.67

$61.41 Source: Smith Travel Research

$60

$87.57

$85.64

$40

$20

$0

Jan-15

Feb-15

Mar-15

Apr-15

May-15

Jun-15

Jul-15

Aug-15

Sep-15

Oct-15

Nov-15

Dec-15

Tabachin Ribbon

38

STATE OF DOWNTOWN FORT WORTH 2015


Average Daily Hotel Room Rate (RevPAR) $190 Downtown Fort Worth

USA

$170

$161.76

$164.97

$154.68

$152.62 $150

$144.82 $145.52

$146.82

$130

Source: Smith Travel Research

$110

$114.92

$106.07 $109.98

$97.34

$106.41

$120.01

$101.80

$90

$70

$50

2009

2010

2011

2012

Fort Worth Convention Center Facts Total arena

70,960 SF

Total exhibit hall

182,266 SF

Total exhibit space

253,226 SF

Ballroom space

28,160 SF

2013

2014

2015

Largest Conventions 2015 by Hotel Rooms Reserved Downtown Fort Worth NAME

ROOMS RESERVED

Kenneth Copeland Ministries

9,897

Permanent seats in the arena

10,418

Premier Designs, Inc.

6,841

Temporary seats in the arena

3,266

Southwest Veterinary Symposium

4,666

AcuSport Corporation

4,390

Science Teachers Association of Texas

4,175

Grand Lodge Independent Order of Odd Fellows and Rebekah Assembly

4,040

Association for Information Systems

3,913

Texas Instruments

3,355

American Public Transportation Association

3,109

AstraZeneca

3,032

Number of meeting rooms Hotel rooms within a 15-minute walk Source: Fort Worth Convention & Visitors Bureau

RevPAR in Downtown Fort Worth was 50.2% higher than the national average.

41 2,370

Source: Fort Worth Convention & Visitors Bureau

STATE OF DOWNTOWN FORT WORTH 2015

39


Retail

Downtown has it all! Dinner, drinks, dancing, shopping, theater and more.

$106 MILLION

Downtown Fort Worth is well known for its dining

$54 MILLION

and entertainment experience. More than 70 restaurants can be found in the center city while live theatre, shopping, movies and comedy add to

annual sales for full-service Downtown restaurants

in mixed beverage sales for 2015

the urban mix. These diverse offerings and the vibrant street life they foster make Downtown more attractive to locals, visitors and residents. With a 91.9% average retail occupancy since 2006, soft goods retail is now taking hold and strengthening the retail offerings. Downtown has

Spending by Downtown residents

experienced a 85.9% growth in clothing store sales since 2006. Several new retailers and restaurateurs have recently opened or announced to open in 2016. New retailers are opening in Sundance Square and City Place, which together added more than 70,000 square feet of retail space since 2013.

$50 MILLION+

annual spending by residents in Downtown

5.4+ monthly visits to Downtown retailers

$60 average spent per retail visit 13.7 average monthly visits to

Downtown restaurants and bars

$65 average spending per restaurant visit

40

STATE OF DOWNTOWN FORT WORTH 2015


As the 12th-largest economy in the world with a GDP of $1.6 trillion, the Texas economy continues to fare better than those of many other states. For the 12th straight year, Texas has been ranked the top exporting state, according to data released by the U.S. Department of Commerce. The value of state exports in 2015 totaled more than $251 billion.

Downtown Fort Worth Private-Sector Employees, Businesses and Payroll Total Downtown private-sector employees Annual payroll

39,302 $3,050,142,000

Average payroll per employee

$77,608

Number of business establishments

Texas’ top exporting industries in 2015 were petroleum and coal products, chemicals, computer Source: U.S. Census Bureau 2013 and electronic products, non-electrical machinery and transportation equipment. Mexico, Canada, China, South Korea and Netherlands imported $94.5 billion, 25.4 billion, $11.6 billion, $8.1 billion and $7.2 billion in Texas goods, respectively.

1,533

Downtown Retail Occupancy Rate 100%

Downtown Fort Worth

DFW

USA 95.5%

95.0%

95%

93.2%

93.1%

92.7%

92.0%

91.2%

92.6%

92.7%

93.3%

92.7%

93.3%

93.9%

94.1%

94.3%

Source: CoStar

90%

85%

80%

4Q 2011

4Q 2012

4Q 2013

4Q 2014

4Q 2015

Top Import Partners for Texas Goods Billions

$90

$83.5

Source: Office of the Governor, Texas

$80 $70 $60 $50

$40.9

$40 $30 $20

$15.9

$10 $0

Mexico

China

Canada

$10.3

$8.5

South Korea Germany STATE OF DOWNTOWN FORT WORTH 2015

41


Fourth Quarter 2015 Addison Addison Dallas CBD Dallas CBD East Dallas East Dallas East Fort Worth East Fort Worth Far North Dallas Far North Dallas Fort Worth CBD Fort Worth CBD Las Colinas Las Colinas North Arlington North Arlington Northwest Dallas Northwest Dallas Northwest Fort Worth Northwest Fort Worth Park Cities Park Cities Richardson Richardson Southlake Southlake Southwest Fort Worth Southwest Fort Worth Uptown Dallas Uptown Dallas West Frisco West Frisco West Plano West Plano 0% 10% 0% 10%

89.5% 89.5% 88.9% 88.9%

88.2% 88.2%

20% 20%

30% 30%

40% 40%

50% 50%

60% 60%

70% 70%

80% 80%

98.1% 98.1% 94.7% 94.7%

95.5% 95.5% 95.1% 95.1% 91.9% 91.9% 95.8% 95.8% 96.0% 96.0% 95.3% 95.3% 91.5% 91.5% 95.5% 95.5% 96.2% 96.2% 95.8% 95.8% 90.5% 90.5% 97.4% 97.4% 90% 100% 90% 100%

Source: CoStar

Retail

Retail Occupancy Rates for Submarkets in the Dallas-Fort Worth Metropolitan Area

Retail Rental Rates ($/SF) for Submarkets in the Dallas-Fort Worth Metropolitan Area Fourth Quarter 2015

42

$16.14 $16.14 $17.23 $17.23 $14.78 $14.78 $18.29 $18.29

$14.17 $14.17 $14.98 $14.98

$26.90 $26.90

$19.01 $19.01

$17.89 $17.89

$25.37 $25.37

$14.69 $14.69

$26.30 $26.30

$12.69 $12.69 $18.31 $18.31 $15 $15

STATE OF DOWNTOWN FORT WORTH 2015

$20 $20

$47.33 $47.33 $20.87 $20.87

$25 $25

$30 $30

$35 $35

$40 $40

$45 $45

$50 $50

Source: CoStar

Addison Addison Dallas CBD Dallas CBD East Dallas East Dallas East Fort Worth $9.67 East Fort Worth $9.67 Far North Dallas Far North Dallas Fort Worth CBD Fort Worth CBD Las Colinas Las Colinas North Arlington North Arlington Northwest Dallas Northwest Dallas Northwest Fort Worth Northwest Fort Worth Park Cities Park Cities Richardson Richardson Southlake Southlake Southwest Fort Worth Southwest Fort Worth Uptown Dallas Uptown Dallas West Frisco West Frisco West Plano West Plano $5 $10 $5 $10


Downtown Accommodation and Food Services Gross Sales Millions

January-June

$100

$93.6

$90

Source: Texas Comptroller of Public Accounts

$80 $70

July-December

$68.9

$71.4

$70.2

$70.3

$68.2

Retail Occupancy Rates for Submarkets in the Dallas-Fort Worth Metropolitan Area $82.7

$79.2

$76.6

$89.6

$76.5

$78.8

$88.5

$80.5 $80.2

Fourth Quarter 2012

$60 $50 $40 $30 $20 $10 $0

NA 2008

2009

2010

2011

2012

2014

2013

2015

Taco Diner in Sundance Square

Downtown Full-Service Restaurants Gross Sales Millions

January-June

$60

$52.0

$49.1

$50 $44.2 $44.6 Source: Texas Comptroller of Public Accounts

July-December

$40

$46.6 $41.9

$39.8

$41.3

$45.2

$46.6

$46.3

$54.3 $51.8

$47.0

Sources: CoStar and Downtown Fort Worth, Inc.

$40.0

$30

$20

$10

$5

NA 2008

2009

2010

2011

2012

2013

2014

2015

STATE OF DOWNTOWN FORT WORTH 2015

43


Retail

Household Income Downtown Fort Worth Trade Areas 10 MINUTES DRIVE TIME HOUSEHOLD BY INCOME

20 MINUTES DRIVE TIME

NUMBER OF HOUSEHOLDS

PERCENT OF HOUSEHOLDS

NUMBER OF HOUSEHOLDS

PERCENT OF HOUSEHOLDS

<$15,000

15,354

22.60%

55,115

13.20%

$15,000  –  $24,999

11,251

16.60%

48,358

11.60%

$25,000  –  $34,999

9,338

13.80%

47,613

11.40%

$35,000  –  $49,999

10,582

15.60%

66,464

15.70%

$50,000  –  $74,999

19,677

14.30%

82,128

19.70%

$75,000  –  $99,999

4,034

5.90%

45,888

11.00%

$100,000  –  $149,999

4,048

6.00%

45,661

10.90%

$150,000  –  $199,999

1,491

2.20%

14,284

3.40%

$200,000+

2,089

3.10%

11,504

2.80%

Source: ESRI

Average Consumer Spending Downtown Fort Worth Trade Areas CATEGORIES

10 MINUTES DRIVE TIME

20 MINUTES DRIVE TIME

AVERAGE/HHS

TOTAL SPENT

AVERAGE/HHS

TOTAL SPENT

$1,226

$92,442,563

$1,612

$696,284,563

$157

$11,853,949

$212

$91,707,396

Entertainment and Recreation

$2,237

$168,641,472

$3,041

$1,312,864,004

Food at Home

$3,373

$254,262,431

$4,274

$1,845,387,944

Food Away from Home

$2,376

$179,095,673

$3,117

$1,345,568,626

Health Insurance

$1,340

$101,005,147

$1,751

$756,272,493

$957

$72,137,182

$1,400

$604,530,391

$10,979

$568,421,938

$15,077

$6,508,908,019

Household Furnishings and Equipment

$879

$66,285,553

$1,178

$508,769,345

Travel

$864

$65,144,993

$1,241

$535,784,345

$3,262

$245,893,761

$4,250

$1,835,086,986

Apparel and Services Computer and Accessories

Investment Home

Vehicle Purchases

Consumer spending is the amount spent on a variety of goods and services by households that reside in the market area. HHS: Households Source: ESRI

Retail Sales Downtown Fort Worth Trade Areas INDUSTRY GROUP

NAICS

10 MINUTES DRIVE TIME

20 MINUTES DRIVE TIME

Food and Beverage Stores

445

$594,060,316

$2,147,856,318

Clothing and Clothing Accessories Stores

448

$156,637,726

$622,410,557

General Merchandise Stores

452

$218,807,113

$1,722,199,970

Non-Store Retailers

454

$71,172,713

$178,671,783

Food Services and Drinking Places

722

$528,624,977

$2,068,727,072

Full-Service Restaurants

7221

$266,108,753

$801,345,825

Limited Service Eating Places

7222

$182,611,726

$1,087,124,293

Special Food Services

7223

$48,093,082

$87,868,420

Drinking Places - Alcoholic Beverages

7224

$31,811,416

$92,388,535

NAICS: The North American Industry Classification System (NAICS) is the standard used by federal statistical agencies in classifying business establishments for the purpose of collecting, analyzing and publishing statistical data related to the U.S. business economy. Source: ESRI

44

STATE OF DOWNTOWN FORT WORTH 2015


Drive Time Downtown Fort Worth

10 MINUTES

drive time

20 MINUTES

drive time

Drive Time 2012 – 2017 Downtown Fort Worth 10 MINUTES DRIVE TIME

2012

2017

Population

193,979

206,134

Households

67,865

71,837

Average household size

2.79

2.80

Owner-occupied housing units

35,596

38,568

Renter-occupied housing units

32,269

33,269

31.8

32.4

Median age Source: ESRI

STATE OF DOWNTOWN FORT WORTH 2015

45


Retail

H&M opened in Sundance Square, April 2016

Mixed-Beverage Gross Sales Downtown Fort Worth Millions $55

$52,963,206

$50

$48,206,547

$48,126,636

Source: Texas Comptroller of Public Accounts

$43,994,761

$43,497,449

$45

$48,872,124

$40,831,349 $42,760,505

$40

$35

$30

$25 2008

2009

2010

2011

2012

2013

January-June

July-December

2014

2015

Clothing Stores Gross Sales Downtown Fort Worth Millions $5

$4.1

$4.3

$3.2 $2.8

$3

$3.1

$2.8

$2.6 $2.4 $2.1

$2.2

$2.4

$2.3

$2.3

$2

$1

46

NA 2009

2010

STATE OF DOWNTOWN FORT WORTH 2015

2011

2012

2013

2014

2015

Source: Texas Comptroller of Public Accounts

$4


Photo Credit: Sundance Square, Sundance Square Valet Program

Gross Sales All Industries Dollars Per Square Mile 2013

2014

Downtown Fort Worth

$736,904,143

$1,116,393,867

76104 Near Southside

$176,551,745

$312,004,402

76107 Cultural District

$234,776,684

$243,221,317

Fort Worth

$123,003,585

$142,647,438

MARKET

Source: Texas Comptroller of Public Accounts

STATE OF DOWNTOWN FORT WORTH 2015

47


Quality of Life

One of the most livable downtowns. Fort Worth has been recognized for its outstanding quality of life and is currently ranked as one of the nation’s top 10 most livable downtowns by Partners for Livable Communities. Nowhere is our excellent quality of life more apparent than in our center city where education, entertainment and other amenities are abundant. Livability.com lists Downtown Fort Worth as one of their top ten livable downtowns in the country.

48

STATE OF DOWNTOWN FORT WORTH 2015


Entertainment

290,000+ arts venue attendance

Parks/Recreation 385 acres of park land servicing Downtown

Access to 72 miles of trails

4,300 free night and weekend parking spaces

412,000+ items in circulation at

the Central Library

6 childcare centers Entertainment Venues Downtown Fort Worth VENUE

AVAILABLE SEATS

Fort Worth Convention Center (Arena Seating)

10,418

Bass Performance Hall

2,056

AMC Sundance 11

1,850

Maddox-Muse Center

300

McDavid Studio

300

Four Day Weekend

212

Jubilee Theatre

147

Circle Theatre

125

Source: Downtown Fort Worth, Inc. survey

Wings of the City Dedication STATE OF DOWNTOWN FORT WORTH 2015

49


SAMUEL AVENUE

Created in 1986, Downtown Fort Worth Improvement District (PID) #1, administered by DFWI, offers a comprehensive program of services including research, marketing, Downtown PID Districts planning assistance, sidewalk PID #1 cleaning, street sweeping, PID #14 security enhancement, and litter removal. From 1986 to 2009, the PID services were renewed by petition every five years by an overwhelming majority of property owners. Because of the PID’s ongoing success, it was reestablished in 2009 for a 20-year period by the Fort Worth City Council, following the submission of petitions from property owners representing 83% of the property value and 80% of the land area in the District. Downtown Fort Worth Improvement District #14 was established in June 2009. Since then, District contractors provide sidewalk maintenance along Samuels Avenue on Sundays and supplemental weekly trash pick-up. BEL

KN

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NIC

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Quality of Life

PID #1 & #14

H

7T

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8T

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7TH

MONROE

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1

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LANCASTER

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10TH

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EL PASO

SUN

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BROAD WAY

14TH

15TH

WENNECA

3,744 miles of curb and gutter cleaning annually/ 72 miles weekly 1,249 trees serviced within PIDs (361 within the Core)(does not include trees on private property or in the parks)

1,984 cubic yards (53,568 Cubic Feet) of dirt/debris removed from streets, curbs and gutters annually 15,660 linear miles of sidewalks cleaned annually 146 Downtown trees lighted

50

STATE OF DOWNTOWN FORT WORTH 2015

17 full-time clean-team members

2 cubic yards of recycle material collected each week

11,000 sq feet of planters in bloom year round

W

IH

NB

35

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PRESIDIO

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EB


Tax Increment Finance District #3

NIC

TIF: 3 Downtown

HO

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TIF: 4 Southside/Medical District

ING

S

A significant publicTIF: 6 Riverfront TIF: 8 Lancaster private partnership that TIF: 9 Trinity River Vision adds to the success of AP KN RD 0 BEL 28 RFO UR THE Downtown is the A 1 SP WE 2 Downtown Tax CH 3 PEA FF 9 4 Increment Finance BLU 2 District (TIF) and the 1 6 3 other DowntownPIER 1 8 5 oriented TIFs. The 9 7 12 Downtown TIF makes 10 13 strategic investments in 14 TEXAS 15 parking, infrastructure, 13 13 historic preservation, LANCASTER S and residential W 35 PRESIDIO IH development. The TIF is EL PASO a collaboration of the RIO GRANDE VICKERY City of Fort Worth, JARVIS DAGGETT Tarrant County, Tarrant County Hospital District, Tarrant County College District, and Tarrant Regional BROAD WAY Water District. ELM

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HEMPHILL

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To date, the TIF has obligated over $78 million, leveraging $658 MILLION in private development and facilitating $45.8 million in public investment. In the year 2015 the TIF generated $10.6 million of tax increment to the taxing district partners. The TIF is capped in revenues at $5 million per year, the remainder of the tax increment, $5.6 million, is returned to the taxing jurisdictions. DFWI manages the Downtown TIF through a contract with the TIF Board of Directors.

Downtown TIF Costs, Investments and Tax Increment Millions $800 City’s TIF Contribution

TIF Costs

Investments

Tax Increment

$704.20

Source: Downtown Fort Worth, Inc. and Tarrant Appraisal District

$700

$584.25

$600

$500 Trinity Bluff

$400

$300

$200

$100

Cassidy Building

Carnegie Building

Crescent Garage/ Bass Hall

Ashton Hotel

Chase Building

Family Law Center

The Tower

Pecan Place

UTA

Marriott Towne Place

Oliver’s

Westbrook, City Place Garage/ Commerce Buildings Retail

Two City Place

$50.33 $25.69

$0 1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

STATE OF DOWNTOWN FORT WORTH 2015

51


Education

From Pre-K to MBA, Downtown is the place to learn.

education

enrollment has grown by 1,227% in 13 years

Downtown in 2015

2003

9,229 higher

students = future customers = future workforce

Downtown higher education

695

2015

9,229

= future residents

964 K-12 education students Downtown in 2015

52

STATE OF DOWNTOWN FORT WORTH 2015


Higher Education Fall Semester Enrollment Downtown Fort Worth Tarrant County College

University of Texas at Arlington Fort Worth Center 1,800

10,000 9,000 8,000 7,000

8,410

8,849

8,774

1,200

1,138

1,000

5,000

918

848

800

4,000 Source: Downtown Fort Worth, Inc. Survey of Downtown Education Institutions

1,564

1,400

7,237

6,000

600

3,000 2,000

400

1,000

200

0

1,590

1,600 7,800*

2011

2012

2013

2014

0

2015

2011

2012

2013

2014

2015

*2015 no longer includes online students

Texas A&M School of Law (Formerly Texas Wesleyan)

Number of students enrolled in higher education campuses in Downtown has increased by 36% since 2009.

1,000 900 800

730

738

770

700

702

600

581

500

10,757

10,394

9,557

10,000 8,000

400

6,786

7,808

2009

2010

9,229

6,000

300

4,000

200

2,000

100 0

10,712

12,000

2011

2012

2013

2014

2015

0

2011

2012

2013

2014

2015

Educational Institutions Downtown Fort Worth

10,193

students in 2015.

FALL 2015 ENROLLMENT

Montessori at Sundance Square

97

St. Paul Lutheran School

224

Young Women’s Leadership Academy

361

Nash Elementary School

282

Texas A&M School of Law

581

University of Texas at Arlington, Fort Worth Center

848

Tarrant County College, Trinity River Campus

7,800

Source: Downtown Fort Worth, Inc. Survey of Downtown Education Institutions

STATE OF DOWNTOWN FORT WORTH 2015

53


Transportation

Downtown Fort Worth is a local transit hub, offering excellent access to various transportation options throughout the community and the Dallas-Fort Worth area. The Intermodal Transportation Center (ITC), which opened in 2002, is the central gathering point for the Greyhound Bus Line, The Fort Worth Transportation Authority (FWTA), Trinity Railway Express, Amtrak, taxis and the Molly the Trolley shuttle service. Currently, 28 bus routes serve Downtown. Downtown is home to 19 Bike Share stations. Each year, there are over 41,000 trips on the Bike Share system. Riders use the bike to go from one place to another within Downtown and travel to other Bike Share stations throughout the system. Downtown visitors enjoy 4,300 free parking spaces available after 6 p.m. on weekdays and all-day on weekends, courtesy of the Downtown Tax Increment Finance District. In addition, The Tower garage offers first-hour-free parking during daytime hours, as does the City Place garage for validated guests. There are more than 42,000 Downtown parking spaces. To inform the public about the many parking options Downtown, a Fort Worth parking website was created through a partnership between the City of Fort Worth, Downtown Fort Worth, Inc., Fort Worth Convention & Visitors Bureau and the Historic Stockyards. Fortworthparking.com allows users to quickly find the nearest parking options.

54

STATE OF DOWNTOWN FORT WORTH 2015


55.4% increase in bus ridership since 2006

389,026 Downtown riders for the Trinity Railway Express (2015)

603,553 Molly the Trolley ridership since inception (May 2009)

6,937,462

Calories Burned

on 41,657 trips taken using Fort Worth’s Bike Share Program in 2015

487,000+ Average daily traffic count on Downtown highways

Highways Serving Downtown: • I-35 • I-30 • Hwy 121 • Hwy 287 • Chisholm Trail Parkway

Meacham International Airport, 44 Bike Share stations 19 are in Downtown in 2015

North Texas’s premier general aviation facility, is located just 5 miles from Downtown

four hours Dallas-Fort Worth International Airport

•1 7 miles from Downtown •6 3+ MILLION passengers in 2015 •1 49 domestic non-stop destinations •5 8 international destinations •2 6 carriers •A pproximately 172,000+ passengers daily •E very major city in the continental United States can be accessed within four hours

STATE OF DOWNTOWN FORT WORTH 2015

55


Transportation

COMING

2018 TexRail Commuter Rail System

Trinity Railway Express Ridership Fiscal Years 2004 – 2015 Millions 3.0 2.7 2.5

2.4 2.16

2.15

2004

2005

2.65

2.5

2.5

2.4

2.3

2.29 2.14

2.16

Source: Fort Worth Transportation Authority

2.0

1.5

1.0

0.5

0.0

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

The Trinity Railway Express links Downtown Fort Worth’s T&P and ITC Stations to CenterPort/DFW Airport Station and Downtown Dallas Union Station Monday through Saturday. The airport’s free Remote South shuttle bus service provides continuous connections between the station and airline terminals.

56

STATE OF DOWNTOWN FORT WORTH 2015


Annual Ridership for Bus Routes Serving Downtown Fort Worth 2006 – 2015 Millions 5.00

4.81

4.68

Source: Fort Worth Transportation Authority

4.57

4.49

4.50

4.00

3.49

3.50

3.00

2.94

3.03

3.02

2008

2009

2.95

3.09

2.50

2.00 2006

2007

2010

2011

2012

2013

2014

2015

Average Daily Traffic Count on Selected State and National Highways Serving Downtown Fort Worth Thousands 600

571

596 531

532

500 438

Source: Texas Department of Transportation

422

481

460

454

2005

2006

491

498

2008

2009

537

400

300

200

100

0

2003

2004

SH 287

SH 121

2007

I-35W

2010

2011

2012

2013

2014

I-30

59,000 2014

106,000 175,000 147,000

STATE OF DOWNTOWN FORT WORTH 2015

57


Means of Transportation to Work: Car, Truck or Van 92.7%

100.0%

83.7%

80.0% 83.7%

80.0%

80.0% 60.0%

92.7%

61.9%

61.4%

60.0% 60.0%

92.7%

83.7% 61.9%

61.4%

61.9%

61.4%

40.0% 40.0% Downtown Austin*

Downtown Dallas*

Downtown 40.0% Fort Worth

Downtown Fort Worth Austin*

Downtown Dallas*

Downtown Fort Worth

Fort Worth

Downtown Austin*

Downtown Dallas*

Downtown Fort Worth

Fort Worth

Downtown Fort Worth Austin*

*Zip codes 75201 and 75202 are used for downtown Dallas Zip code 78701 is used for downtown Austin Source: US Census Bureau

Means of Transportation to Work: Public Transportation

Downtown Dallas*

Downtown Fort Worth

Fort Worth

Downtown Austin*

Downtown Dallas*

Downtown Fort Worth

Fort Worth

6.0%

6.0% 6.0%

4.9%

4.0%

4.9% 4.9%

4.0% 4.0%

1.8%

2.0%

1.8%

2.0% 1.5% 2.0%

1.0%

0.0% 0.0% Downtown Austin*

Downtown Dallas*

Downtown 0.0% Fort Worth

1.8%

*Zip codes 75201 and 75202 are used for downtown Dallas Zip code 78701 is used for downtown Austin Source: US Census Bureau

Transportation

100.0% 100.0%

1.5% 1.0% 1.5% 1.0%

25.0% 25.0%

21.6% 21.6%

25.0% 20.0%

20.0%

21.6% 20.0% 15.0%

15.0%

12.2% 12.2%

15.0% 10.0%

10.0%

12.2%

10.0% 5.0% 5.0%

5.0% 0.0% 0.0%

2.9%

2.9%

Downtown Austin*

Downtown Dallas*

Downtown Fort Worth 0.0%

1.4% 1.4% Downtown Fort Worth Austin*

Downtown Dallas*

2.9% Downtown Fort Worth

Downtown Austin*

Downtown Dallas*

Downtown Fort Worth

*Additional categories of Means of Transportation are tracked by the U.S. Census Bureau but are not graphed in this publication.

58

STATE OF DOWNTOWN FORT WORTH 2015

Fort1.4% Worth Fort Worth

*Zip codes 75201 and 75202 are used for downtown Dallas Zip code 78701 is used for downtown Austin Source: US Census Bureau

Means of Transportation to Work: Walk or Bike


200

100

2015

0

Average Daily Traffic Count 2003 2004 State2005 Selected and

2006 Highways 2007 2008 2009 2010 2011 Federal Serving Downtown Fort Worth

SH 121

SH 287

2013

2014

I-30

I-35W

59,000

Construction began in 2013 on a $1.6 billion project to rebuild 10 miles of I-35W from north of I-30 to North Tarrant Parkway to double the existing capacity by adding four toll managed lanes, auxiliary lanes and some frontage roads.

106,000

2014

175,000 147,000 65,297 106,000

2013

175,000 140,000 67,000 107,000

2012

174,000 147,000 67,000 106,000

2011

177,000 141,000

1

4

2012

4.57

59,000 112,000

2010

163,000 143,000 61,000 106,000

2009

168,000 137,000 58,000 102,000

2008

144,000

175,000

63,000 106,000

2007

155,000 147,000

2015 0

50,000

100,000

150,000

Source: Texas Department of Transportation

4

300

200,000

Downtown Parking Availability

All counts were taken within a radius of 2 miles from the intersection of I-30 and I-35W, SH 121 and SH 287 in Downtown Fort Worth.

Parking spaces

41,866

Parking meters

1,967

Free evening and weekend parking spaces

2,826

Free daytime 1-hour parking spaces

300

Free daytime 2½-hour spaces with validation

164

Source: Downtown Fort Worth, Inc.

STATE OF DOWNTOWN FORT WORTH 2015

59


PID Advisory Board

Jed Wagenknecht Chair Downtown Fort Worth Blackstone Courtyard Rita Aves Stream Realty/Oil & Gas Building Carma Bohannon Holt Lunsford/Mallick Tower Johnny Campbell Sundance Square Sabrina Carter Starpoint Commercial Properties, LLC/The Tower Gary Cumbie The Cumbie Consultancy Ryan Delaney Hines Interests, L.P./Pier 1 Imports Building Jim Finley Finley Resources Inc. Dave Fulton Hilton Fort Worth Hotel Taylor Gandy Ron Investments, Ltd Suzan Greene ONCOR Electric Delivery Marie Holliday, DMD Flowers to Go in Sundance Square Chris Jeans XTO Energy Julie Jones Chesapeake Energy Corporation

60

STATE OF DOWNTOWN FORT WORTH 2015

John Klukan The Worthington Renaissance Fort Worth Hotel Walter Littlejohn The Fort Worth Club Michelle Lynn Building Owners & Managers Association Renee Massey Red Oak Realty Allison Millington TIER REIT/Burnett Plaza Tom Struhs Struhs Construction Joy Webster MorningStar Oil & Gas


Credits Downtown Fort Worth, Inc. is especially grateful to the following organizations and individuals for their assistance in producing the State of Downtown publication: Carmen Escalante Research Specialist Texas Comptroller of Public Accounts

Andrea Timbes CRM Analyst Fort Worth Convention & Visitors Bureau

Phil Dupler Service Planner Fort Worth Transportation Authority

Susan White Planning and Development Department City of Fort Worth

Downtown Fort Worth, Inc. Publications

Texas A&M School of Law Texas Comptroller of Public Accounts Texas Department of Transportation Texas Workforce Commission The North Central Texas Council of Governments U.S. Bureau of Economic Analysis U.S. Bureau of Labor Statistics U.S. Census Bureau U.S. Department of Commerce University of Texas at Arlington Young Women’s Leadership Academy

Annual Report Commercial Market Report Downtown Dashboard Downtown Retail Profile In View Residential Focus State of Downtown

Information Sources City of Fort Worth CoStar Downtown Fort Worth, Inc. ESRI Federal Housing Finance Agency Fort Worth Convention & Visitors Bureau Fort Worth Transportation Authority Nash Elementary School National Association of Realtors North Texas Real Estate Information System, Inc. Office of Governor, Economic Development and Tourism Smith Travel Research St. Paul’s Lutheran School Tarrant County Appraisal District Tarrant County Clerk Tarrant County College Texas A&M Real Estate Center

Downtown Fort Worth, Inc. Staff Andrew Taft President Matt Beard Director of Public Improvement Districts Cleshia Butler Administrative Assistant Jay Downie Event Producer Becky Fetty Director of Membership and Marketing

Brad Patrick, RPA Director – BPP, Utilities & Minerals Department Tarrant County Appraisal District

Special thanks to Fort Worth Convention & Visitors Bureau, Brian Luenser, Geno Loro, and Sundance Square for their photography.

Candice Fry Accounting Assistant Diana Hahn Program and Production Manager Brandi Huckabee Controller Melissa Konur Director of Planning Arrie Mitchell Director of Research Carole Robinson Executive Assistant/Office Manager Taylor Qualls Marketing and Special Projects Manager


Downtown Fort Worth is a remarkable place and DFWI members make it even better. You are invited to be a part of Downtown, become a member today! Have a question? Becky Fetty beckyf@dfwi.org

PMS 286

777 Taylor Street, Suite 100 Fort Worth, Texas 76102 817.870.1692 | www.dfwi.org

#DowntownFortWorth


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