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%
Bachelorâ&#x20AC;&#x2122;s
STATE OF DOWNTOWN FORT WORTH 2015
11.2%
Graduate/Professional
20.0%
0.0%
Bachelorâ&#x20AC;&#x2122;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 â&#x20AC;&#x201C; 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 Worthâ&#x20AC;&#x2122;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 Downtownâ&#x20AC;&#x2122;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
LS
RD ING S CR UM
AN
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LHO UN
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28
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5
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LAMAR
CHERRY
MACON
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EN
BALLINGER
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
PENN
H
T 13
NV
FOURNIER
1 CO
TEXAS
614
LUELLA
H 2T
9
10TH
1. Omni Fort Worth Hotel
30
7TH
ROOMS
HO
HA
ELM
PEC JON
CA
D
MM
OR
IN
ERF
SO
MIL
BLU
ATH
DER
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AP
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WE
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KN
CO
BEL
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
Texasâ&#x20AC;&#x2122; 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 nationâ&#x20AC;&#x2122;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 PIDâ&#x20AC;&#x2122;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
AP
NIC
RD
LS
HA
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HO
ING
BLU
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ELM
UM
P
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PECA
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11
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ELM
6T
KM
TO OR
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5TH
H
9T
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5T
OC
CHESAPEAKE ENERGY
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3R
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SP
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2N
28
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UN
RD
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Quality of Life
PID #1 & #14
H
7T
H
8T
H
9T
7TH
MONROE
H
T 13
1
H
T 14
H
T 15
WB
13TH
H 3T
IH
30
LANCASTER
S
B
LAMAR
MACON
LAKE
COLLIER
SUMMIT
PENN
BALLINGER
FOURNIER
N
PAR K
TO
CHERRY
US
EST
T 12
HO
TEXAS
FOR
LUELLA
H
10TH
11 T
EL PASO
SUN
DAGGETT
SET
RIO GRANDE
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
IH 3 5W
IH
H
PRESIDIO
30
EB
Tax Increment Finance District #3
NIC
TIF: 3 Downtown
HO
RD
LS
HA
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
CR
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PECA
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THR
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ST
TH
ND
11
TH
RD
ELM
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TH
TH
TH
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TH
TH
HO
TH
US
TO
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WB
MONROE
LAMAR
MACON
CHERRY
TH
30
EB
IH 3 3W
NB
IH
HEMPHILL
LIPSCOMB
ADAMS
WENNECA
COLLEGE
SUN
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11 T
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BALLINGER
SUMMIT
PENN
FOR
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FOURNIER
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30
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ALABAMA
8TH
15TH
14TH
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 Womenâ&#x20AC;&#x2122;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