STATE of DOWNTOWN 2018
Foreword Welcome to our fourteenth 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 2018. 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. 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 Arrie@dfwi.org
On behalf of Downtown Fort Worth, Inc. and Fort Worth Improvement Districts #1 and #14, thank you for your interest in Downtown.
Rick Baumeister Chairman of the Board Downtown Fort Worth, Inc.
Larry Auth Chairman Fort Worth Improvement District #1 (PID)
Table of Contents Year in Review .................................................... 2
Quality of Life ...................................................46
Office and Employment ...................................10
Education...........................................................50
Population and Housing ..................................18
Transportation ..................................................52
Hospitality .........................................................34
PID Advisory Board .........................................58
Retail ................................................................. 40
Cover Photo: TEXRail at Fort Worth Central Station
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.
TIF PID #1 PID#14
Who We Are Formed in 1981, DFWI is Downtown Fort Worth’s planning, advocacy, public space and project management organization. DFWI also builds 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) nonprofit 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 (PID) 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. DFWI also administers the Downtown 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. DFWI staffs the Downtown Neighborhood Alliance, an organization of Downtown residents that promotes, preserves, encourages and enhances residential quality of life in Downtown Fort Worth. Downtown Fort Worth Initiatives, Inc. (DFWII) is a 501(c)(3) nonprofit 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 GM Financial Parade of Lights. DFWII also developed the JFK Tribute in Fort Worth, redeveloped Burnett Park and is currently administering the Heritage Park restoration design. DFWII is a partner with Fort Worth Housing Solutions in the 172-unit, mixed-income Hillside Apartment community.
STATE OF DOWNTOWN FORT WORTH 2018
1
Year in Review
DOWNTOWN BY THE NUMBERS 2,752 acres 4.3 square miles
1,571
Downtown businesses
36,397 private employees
45,245
Downtown employees (all jobs)
$82,635
average private payroll per employee
$3 BILLION private payroll in 2016
13.8 MILLION square feet of office space
3,051 hotel rooms
7,783
Downtown residents
4,323
residential units
At $3,007,652,000 Downtown generates a larger payroll than any other employment center in the county, contributing
18.7 times
its geographic weight in private payroll
$3.8 Billion
appraised value of property in Downtown Fort Worth in 2018
$88.5 Billion appraised value of property in the City of Fort Worth in 2018 $228.1 Billion appraised value of property in Tarrant County in 2018 $19.4 Million
in hotel taxes paid in Downtown 2018
$63 Million
in property taxes paid in Downtown in 2018
$2,407,000,000
in total taxes paid Downtown 1992–2018 Sources: City of Fort Worth, Downtown Fort Worth, Inc., Tarrant County, U.S. Census Bureau, State of Texas
2
STATE OF DOWNTOWN FORT WORTH 2018
Big Picture:
Downtown Fort Worth is a 4.3-square-mile, high-performing North Texas submarket. With over 45,000 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.
Tr ini ty
Ri
ve r
The labor force in Fort Worth grew by 30.2% from December 2009 to December 2018. This growth rate is 4.4 times faster than the national labor force, which grew at 6.9%. Fort Worth grew 1.9 times faster than Texas at 15.8%. Over this same period, Fort Worth added 112,863 jobs, increasing its employment by 36.8%. During the same period, Texas increased its employment by 21.5%, while national employment increased by 13.7%. The Fort Worth-Arlington metro area’s annual employment growth rate from December 2017 to December 2018 was 3.3% compared to 1.9% for the nation. The unemployment rate for the City of Fort Worth was 3.4% in December 2018, lower than the national rate of 3.9%.
Downtown is bordered by I-30, I-35 and the Trinity River.
The Dallas-Fort Worth-Arlington metropolitan area’s population grew from 5,161,544 in 2000 to 7,104,415 in 2016. 15.5% of this regional growth is attributed to Fort Worth.
Population:
From 2000 to 2016, 30.2% of regional population growth (for cities with more than 100,000) occurred in Fort Worth. Dallas contributed 11.2%.
Source: U.S. Census Bureau
Contribution of Fort Worth to Regional Growth Richardson 2%
Arlington 6% Carrollton 2% Dallas 11% Denton 5%
Plano 6% Mesquite 2% McKinney 11%
30 %
Irving 5%
th
Grand Prairie 6%
Frisco 12%
or
Garland 2%
t For
W
Source: U.S. Census Bureau 2016
Employment: Employment in Fort Worth grew by 36.8% from December 2009 to December 2018. In Dallas it grew by 25.6%. Source: Texas Workforce Commission
Job Growth From December 2009 to December 2018 160,000 140,000
138,216
120,000
112,864
100,000 80,000 60,000 0
Dallas
Fort Worth STATE OF DOWNTOWN FORT WORTH 2018
3
Year in Review
Office: Occupancy of Class A office space in Downtown Fort Worth in 4Q 2018 was 81.4%.
Leasing Activity, Share of Market
In 2018, 259,000 sq/ft of Class A office space was added to the market in the 25-story Frost Tower. While negative absorption in 2018 includes the new Frost Tower, office performance in recent years indicates the need for a more robust Fort Worth push to promote itself as a competitive North Texas office choice. New city incentives, Chamber and DFWI efforts are aligned to do this.
All Office Space Occupancy 4Q 2018
SPACE (SF)
2017
2018
<4,000
68%
70%
4,001â&#x20AC;&#x201C;10,000
22%
18%
>10,001
10%
12%
Source: CoStar
Class A Office Space Occupancy 4Q 2018
Retail Space Occupancy 4Q 2018
100% 95.7% 90%
91.1%
90.0%
88.7%
88.1%
95.6%
96.8%
88.7% 81.4%
80%
Source: CoStar
70%
60%
4
STATE OF DOWNTOWN FORT WORTH 2018
h
Do Fo wnto rt Wo wn rth
Wo rt Fo rt
US A
Do Fo wnto rt Wo wn rth
h Wo rt Fo rt
US A
Do Fo wnto rt Wo wn rth
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US A
50%
Unemployment Rate in 2018 Fort Worth
4.2%
USA
Dallas
4.1%
4.1%
4.0% 4.0%
3.9%
3.9%
4.0% 4.0% 3.9%
3.9%
3.9%
3.8%
3.8%
3.8% 3.8%
3.8% 3.8%
3.8%
3.8%
3.8% 3.7%
3.7%
3.8%
3.6%
3.7%
3.6%
3.5% 3.5% 3.5%
3.5%
3.4%
3.4%
3.5%
3.4% 3.3%
3.3%
3.2%
3.4%
3.3%
D
ec -1 8
ov -1 8 N
O ct -1 8
Se p18
-1 8 A ug
8 l-1 Ju
n18 Ju
M
ay -1 8
-1 8 pr A
ar -1 8 M
Fe b18
3.0%
Ja n18
Source: Texas Workforce Commission
3.9%
3.9%
Source: Texas Workforce Commission
Employment Growth December 2018 Over December 2017 3.5% 3.0%
2.9%
2.8%
2.5% 1.9%
2.0% 1.5% 1.0% 0.5% 0.0% Dallas
Fort Worth
USA
Unemployment Rate Among 20 Largest U.S. Cities December 2018 10.0%
6.0% 4.9% 4.0% 3.5% 3.9%
4.0% 2.5% 2.3% 2.0%
3.4%
4.6% 3.4% 3.8% 3.3% 3.2%
4.9% 4.0% 4.0%
4.5% 3.1% 3.1% 2.2%
2.5%
0.0%
Au sti n Bo sto n Ch arl ott e Ch ica go Co lum bu s Da lla s De tro Fo it rt Wo r th Ho us ton Ind ian ap oli Ja s ck so nv Lo s A ille ng ele s Me mp Ne his w Yo rk Cit Ph y ila de lph ia Ph oe Sa nix nA nto nio Sa nD ieg Sa o nF ran cis co Sa nJ os e
Source: U.S. Bureau of Labor Statistics
8.0%
STATE OF DOWNTOWN FORT WORTH 2018
5
Year in Review
Residential: Development remained strong in Downtown with 1,061 units added and an additional 329 units under construction by December of 2018. Alexan Summit, a 373-unit apartment community; Broadstone 5th and Summit, a 345-unit apartment community adjacent to the Pier One Building; and The Kelley at Samuels Avenue, a 380-unit apartment community, all completed construction in 2018. Currently under construction is 311 Nichols, a 55-unit apartment community nearing completion, and Rocklyn, a 274-unit apartment community on Samuels Avenue which broke ground in 2018. Several new projects are expected to break ground in 2019; at time of publication, there are 1,689 units in seven projects at some stage of the planning process. The multifamily average rent in Downtown has increased by 17.1% since 2015, to $1.85 per square foot.
Apartment occupancy averaged 96.7% in 2018.
Demand for condominiums and townhomes remained high in 2018. 93 owner-occupied units sold in 2018 through MLS, while prices continued to increase. Through the fourth quarter of 2018, the average price per square foot for a Downtown residential unit sold through the MLS system was $268, a 35.4% increase since 2014.
$400,000
Median
$341,872
$350,000 $300,000
$326,421 $295,974
$250,542
$250,000 $200,000
$365,799
Average
$252,450
$262,750
$258,000
2015
2016
2017
$275,000
$219,000
$150,000 2014
2018
Average Apartment Rental Rates and Average Occupancy Rates Average Occupancy
$1,850 96.5%
97.0% $1,804
$1,750
$1,831
97.0% 96.7%
$1,700
94.0%
$1,608
93.0%
$1,550
92.0%
$1,500 $1,450
91.0%
$1,400
90.0% 2015
6
96.0% 95.0%
$1,682
$1,650 $1,600
98.0%
2016
STATE OF DOWNTOWN FORT WORTH 2018
2017
2018
Source: Downtown Fort Worth, Inc.
$1,800
96.9%
Average Rental Rates
Sources: National Association of Realtors and North Texas Real Estate Information System, Inc.
Price of Condos and Townhomes Sold by Year
Hospitality: Downtown Fort Worth
hotels have consistently outperformed the national market and other large markets in the Dallas-Fort Worth metropolitan area. As a result, a new wave of hotel development is occurring in Downtown. In 2017, two projects added 359 rooms. In 2018, Aloft Downtown Fort Worth remodeled six floors of One City Place tower into a 180 - room hotel. The Marriott Autograph is remodeling the Sinclair Building into a 164-room hotel and the AC Hotel broke ground on a 16-story, 246-room hotel on Main Street These projects, combined with three other hotel projects currently in the planning process; are poised to bring an additional 1,308 rooms to Downtown.
The occupancy rate in 2018 was 73.8%, higher than the national average of 66.2%. Revenue per available room
Hotels in Downtown Fort Worth generate 32.9% of all annual hotel occupancy taxes in the city.
(RevPAR) was $121.81, significantly above the national average of $85.96.
Hotel occupancy taxes paid in Downtown averaged $4,846,784 per quarter in 2018. While 20% of all Fort Worth hotel rooms are located Downtown, 32.9% of all Fort Worth hotel occupancy taxes were paid in Downtown.
Omni Fort Worth Hotel
Hotel Occupancy Taxes Paid Downtown Fort Worth by Quarter Millions
Source: Texas Comptroller of Public Accounts
$6.0 $5.2
$5.5 $5.0 $4.5 $4.0
$4.2
$4.5
$4.4 $4.0
$3.8
$3.8
$4.0 $3.7
$3.8
$4.6
$4.5 $4.1
$4.0 $4.0 $3.6
$5.1 $4.6
$4.3
$3.7
$3.5 $3.0 $2.5 $2.0 $1.5 $1.0 $0 1Q 14 2Q 14 3Q 14 4Q 14
1Q 15 2Q 15 3Q 15 4Q 15 1Q 16 2Q 16 3Q 16 4Q 16 1Q 17
2Q 17 3Q 17 4Q 17 1Q 18 2Q 18 3Q 18 4Q 18
STATE OF DOWNTOWN FORT WORTH 2018
7
Year in Review
Retail: The Downtown retail market continues to tighten. With strong year-over-year growth, Downtown continues to attract national and local retailers and restaurants. Retail occupancies maintained a robust rate of 96.8% in existing space. The average rent per square foot for retail space in
Downtown was $22.68.
Retail Occupancy Rate Downtown Fort Worth
96.8%
4Q 2016
4Q 2017
95.7%
95.5%
95.3%
96.4% 94.3%
94.1%
95.2% 95.3% 95.1%
94%
93.3%
95%
93.9%
95.5%
97% 96%
96.9%
98%
USA
95.7%
DFW
Source: CoStar
93% 92% 91% 90%
4Q 2014
4Q 2015
4Q 2018
Sundance Square Retail
Cumulative Value of Building Permits Downtown Fort Worth 2002 – 2018 Millions
$2,500 $2,193 $1,952
$2,000 $1,566 $1,500
$1,000
$956
$1,064
$1,171
$1,223
$1,374
$2,032
$1,672
$1,446
Annual Permits Millions $280 $300 $250
Source: City of Fort Worth
$200
8
$161
$150
$500
$100
$80
$50 $0
$0
2002-08 2009
2010
STATE OF DOWNTOWN FORT WORTH 2018
2011
2012
2013
2014
2015
2016
2016
2017
2017
2018
2018
$521 Million
in New Construction Permits from 2016â&#x20AC;&#x201C;2018
STATE OF DOWNTOWN FORT WORTH 2018
9
Office and Employment
COMPANIES GET MORE IN DOWNTOWN. Bank of America, Chase, Frost Bank, Pier 1, Alcon, GM Financial, Morningstar, TPG Capital, Cash America – the list of companies with a presence in Downtown goes on and on. Companies get more than just their office space when they locate in Downtown. With easy access to a large workforce and a presence in one of America’s fastest-growing cities, companies get a location that is a magnet for talent. From scores of restaurants and stores within easy walking distance to hotels, conference facilities and mass transit, Downtown is the MetroplexWest’s leader in office-related amenities.
5-year growth in Class A office space inventory: 10.8%
Downtown has 50 square feet of retail space for every 1,000 square feet of office space *Source: CoStar
10
STATE OF DOWNTOWN FORT WORTH 2018
777 Main
45,245 jobs in Downtown 1,571 private businesses $3 BILLION in private payroll
3,051 hotel rooms 253,326 sq. ft.
convention center
5,807,305 square feet of Class A office space Class A Office Buildings Burnett Plaza
1,024,627
777 Main
954,895
Bank of America Tower
820,509
Wells Fargo Tower
716,533
Pier One Imports Building
460,000
Two City Place
330,000
The Carnegie
280,000
Frost Tower Fort Worth
259,000
One City Place
231,365
Chase Bank Building
202,123
Cash America
135,293
Cantey Hanger
86,300
The Westbrook
80,607
The Cassidy
66,940
Commerce Building
66,000
100 Lexington Building
63,113
The Tower
30,000
Source: CoStar
Chase Bank Building
Office Inventory and Occupancy Rate Downtown Fort Worth Million
Inventory
square feet 14
13.87 13.82
13.8 13.6
13.69
13.61
88.6%
13.66
13.66
88.5% 89.9%
13.82 90.6%
89.0%
91.5%
90%
90.1%
86.1%
85%
13.2
13
100% 95%
13.76
13.75
88.5%
13.4 Source: CoStar
Occupancy
80%
2010
2011
2012
2013
2014
2015
2016
2017
2018
75%
STATE OF DOWNTOWN FORT WORTH 2018
11
Office Occupancy Rate Fourth Quarter 2018
USA 78.5% 88.7% 91.1%
77.1%
77.3%
90.1% 90.3%
90.6% 90.6%
Fort Worth CBD
80.5% 91.5% 89.0%
80%
74.5% 86.1% 87.8%
60%
40%
Source: CoStar
Office and Employment
100%
88.8% 89.0% 88.5%
Dallas CBD
20%
0%
2013
2014
2016
2015
2017
2018
Class A Office Occupancy Rates Downtown Fort Worth 100%
95%
90% 88.5%
89.5%
88.9%
88.0% 86.4%
88.6% 84.4%
85%
85.5%
84.1%
84.3% 81.4% Source: CoStar
80%
75%
70%
2008 2009 2010
2011
2012
2013
2014 2015
2016
2017
2018
Net Absorption of Office Space -225
2018
-185
2017
669 -32
-246
-643
200
2015
234
2014 2013
-51
-271 -700
STATE OF DOWNTOWN FORT WORTH 2018
Downtown Fort Worth Downtown Dallas
15
-496
2011
12
1,119
-220
-621
2012
-1,200
422
Source: CoStar
2016
Frost Tower
-200
0 Thousand Square Feet
300
800
1,300
Metro Area Office Vacancy Rates Downtown Fort Worth
Downtown Dallas
Dallas Central Expressway
Dallas Stemmons Freeway
50% 40% 23.0% 21.9%
30% 20% 10%
Source: CoStar – Fourth quarter 2018
0%
11.0%
8.5% 9.9% 9.4%
22.0%
22.7%
21.2% 19.3% 11.3%
22.9%
9.8% 10.6%
21.5% 14.4% 13.2%
2014 2015 2016 2017 2018
2014 2015 2016 2017 2018
Dallas LBJ Expressway
22.0% 11.7%
2014 2015 2016 2017 2018
North Irving
21.2%
2014 2015 2016 2017 2018
West Plano
Dallas Uptown
50% 40% 30% 20% 10% 0%
24.2% 24.7%
17.5%
23.9%21.4% 18.8%
19.1%
16.5%
21.8% 22.4%
19.4%
14.5%
13.6% 2014 2015 2016 2017 2018
20.3%
13.3%
11.0%
10.1% 9.8%
15.2%
10.5%
2014 2015 2016 2017 2018
2014 2015 2016 2017 2018
2014 2015 2016 2017 2018
Metro Area Class A Office Vacancy Rates Downtown Fort Worth
Downtown Dallas
Dallas Central Expressway
Dallas Stemmons Freeway
50% 40% 30% 18.6% 20% 15.6% 12.0%13.6%15.9%
27.4%
21.6%
26.7%
23.4%
24.9%
10%
12.8%
19.0%
14.3%
12.5%
0% 2014 2015 2016 2017 2018 Source: CoStar – Fourth quarter 2018
19.1%
17.8%
2014 2015 2016 2017 2018
Dallas LBJ Expressway
2014 2015 2016 2017 2018
North Irving
West Plano
22.6%
17.3% 19.4%
17.2%
2014 2015 2016 2017 2018
Dallas Uptown
50% 40% 30% 23.7%26.6% 20% 10% 0%
22.2%
24.9%
21.5%
12.8% 13.0%
2014 2015 2016 2017 2018
19.5%
15.6% 15.9%
2014 2015 2016 2017 2018
21.8% 16.4% 20.9%
25.6% 25.3%
2014 2015 2016 2017 2018
10.0%9.8% 10.7% 9.9%
15.3%
2014 2015 2016 2017 2018
STATE OF DOWNTOWN FORT WORTH 2018
13
Metro Area Class A Office Rental Rates ($/SF) Downtown Dallas
Dallas Central Expressway
Dallas Stemmons Freeway
40% $28.66
30%
$29.40
$26.04
$26.26
$23.36
10%
$28.50
$27.13
$25.72
$30.83
$28.16
$24.86
$30.22
$28.55
20% $28.74
$24.96
$18.43 $18.61
0%
2014 2015 2016 2017 2018
2014 2015 2016 2017 2018
Dallas LBJ Expressway
2014 2015 2016 2017 2018
North Irving
$16.48
30%
West Plano
Dallas Uptown
$32.53 $24.67 $22.03
20%
$25.79
10% 0%
$26.69 $25.55
$26.72
2014 2015 2016 2017 2018
$40.28 $33.07
$32.42
$29.72
$41.67
$39.91
$35.69
$32.03
$25.43
$27.63
$25.63
$18.82
2014 2015 2016 2017 2018
50% 40%
$18.68
$37.80
$25.69
2014 2015 2016 2017 2018
2014 2015 2016 2017 2018
Source: CoStar – Fourth quarter 2018
Office and Employment
Downtown Fort Worth 50%
2014 2015 2016 2017 2018
Metro Area Class B Office Rental Rates ($/SF) Downtown Fort Worth
Downtown Dallas
Dallas Central Expressway
Dallas Stemmons Freeway
50% 40%
20% 10% 0%
$19.90 $21.28
$22.36
$20.92
$22.38
2014 2015 2016 2017 2018
$19.84
$21.26 $22.74
$19.09
$20.36 $20.87
2014 2015 2016 2017 2018
Dallas LBJ Expressway
$25.16
$23.28
$19.71
$26.63
$15.65
$13.87 $14.89
2014 2015 2016 2017 2018
North Irving
$16.12
$16.10
2014 2015 2016 2017 2018
West Plano
Dallas Uptown
50% 40% 30% 20%
10% $16.81 0%
14
$19.11
$17.39 $18.01
$18.84
$20.16
$19.42
2014 2015 2016 2017 2018
$20.65
$19.46
$21.09
2014 2015 2016 2017 2018
STATE OF DOWNTOWN FORT WORTH 2018
$23.42 $22.72
$26.22
$23.67
$30.06 $31.49
$32.69
$31.62
$32.01
$26.14
2014 2015 2016 2017 2018
2014 2015 2016 2017 2018
Source: CoStar – Fourth quarter 2018
30%
Average Office Rental Rates Downtown Fort Worth
$35
Class A
Class B
$30 $29.22 $28.52
Source: CoStar
$25
$20
$15
$25.92
$26.80
$28.66
$18.29
$19.05
2009
2010
2011
$30.22
$22.36
$22.38
2017
2018
$27.52
$20.86 $18.08
$29.40 $28.55
$24.96
$20.14
2008
$28.74
$21.28
2012
2013
$20.92 $19.90
$19.60
2014
2015
2016
Downtown, the Near Southside and the West Side combined generate $6,168,767,000 in annual payroll. Downtown Fort Worth has the highest number of employees and generates the largest payroll among all the employment centers in the county.
Average Payroll Per Employee in Private Sector PRIVATE-SECTOR EMPLOYEES
PAYROLL
PAYROLL PER EMPLOYEE
76102 (Downtown)
36,397
$3,007,652,000
$82,635
76104 (Near Southside)
29,822
$1,949,685,000
$65,377
76107 (West Side)
26,657
$1,211,430,000
$45,445
Source: U.S. Census Bureau 2016
ZIP CODE (SUBMARKET)
$90,000
$82,635
$65,377
$60,000
$45,445
$30,000
$0
Downtown
Near Southside
Cultural District
STATE OF DOWNTOWN FORT WORTH 2018
15
Class A
Class B $20.87
Downtown Dallas
$25.72 $26.63
Dallas Central Expressway $19.42
Dallas LBJ
$30.83
$25.55 $28.56
Dallas Preston Center $16.12
Dallas Stemmons Freeway
$39.41
$18.82 $31.62
Dallas Uptown Alliance
$20.59 $22.38
Downtown Fort Worth
$30.22
$24.01
Fort Worth Southwest North Irving/Las Colinas
$19.46
Mid-Cities
$19.00 $19.87
$28.14
$25.43
$26.14
West Plano $0
$5
$10
$15
$41.67
$26.85
Source: CoStar
Office and Employment
Average Class A and B Office Rent, 4Q 2018 Dallas/Fort Worth MSA ($/SF)
$20
$25
$33.07
$30
$35
$40
$45
6% USA
Dallas
Fort Worth
5% 4.1% 4%
3.8% 3.8%
3%
16
Jan-18
4.1%
4.0%
3.9% 3.8%
3.9%
3.9%
4.0%
3.8% 3.5% 3.5%
Feb-18
3.8%
Mar-18
STATE OF DOWNTOWN FORT WORTH 2018
Apr-18
3.5% 3.5% May-18
3.9% 3.9%
Jun-18
3.9% 3.8% 3.8% Jul-18
3.8% 3.7% 3.7% Aug-18
3.7% 3.6% 3.5% Sep-18
3.9%
3.8%
3.7%
3.4%
3.3%
3.3% Oct-18
Nov-18
3.4%
3.3% 3.4% Dec-18
Source: Texas Workforce Commission
Unemployment Rates in 2018
National Regional Office Statistics 4Q 2018 AVERAGE ASKING RENT
OVERALL VACANCY RATE
Atlanta
$24.94
11.3%
Austin
$34.45
7.7%
Boston
$23.28
7.6%
Chicago
$24.79
11.9%
Dallas/Fort Worth
$25.61
14.6%
Denver
$26.95
9.4%
Houston
$28.56
16.5%
Los Angeles
$36.74
9.9%
New York
$62.00
7.9%
Philadelphia
$23.10
7.8%
Phoenix
$25.61
12.6%
Seattle
$32.63
6.1%
Washington, DC
$25.90
12.8%
Source: CoStar
Total private employees: 36,397 Business Profile â&#x20AC;&#x201C; Number of Businesses Per Category
Total number of businesses: 1,571
Downtown Fort Worth
93
Accommodation and Food Services
Annual payroll: $3,007,652,000
81
Administrative and Support 23
Arts, Entertainment and Recreation
37
Construction 8
Education Services
252
Finance and Insurance 92
Health Care Industries Not Classified 5 55
Information
115
Management of Companies 26
Manufacturing
81
Mining
87
Source: U.S. Census Bureau 2016
Other Services
392
Professional, Scientific and Technical Services 100
Real Estate 54
Retail Trade 28
Transportation 5
Utilities
37
Wholesale Trade 0
50
100
150
200
250
300
350
400
STATE OF DOWNTOWN FORT WORTH 2018
17
Population and Housing
LIVING THE DOWNTOWN LIFESTYLE.
Loop in Burnett Park
The Downtown residential inventory is growing dramatically. In 2018, 1,078 new units were completed, with an additional 329 units under construction. This new product will result in a
16.3% increase in the
number of Downtown units. A testimony to the appeal of Downtown as a place to live: only 14.8% of Downtown residents list Downtown as their workplace.
36.7% of Downtown residents report
that they live Downtown because of the lifestyle.
Work 14.8%
School 2.2%
Convenience 12.0% Community 3.4%
18
STATE OF DOWNTOWN FORT WORTH 2018
le
36
.7 %
Location 30.9%
L i fe s
ty
Lifestyle was selected as the primary reason for living Downtown by 44.9% of condo/ townhome owners and 28.6% of apartment renters.
Source: Downtown Fort Worth, Inc., Survey December 2017
Reason for Living Downtown
Downtown has
$275,000 median sale
maintained a 95.8% price of Downtown average apartment condos/townhomes 82% of Downtown occupancy since 2011,
purchased in 2018
while increasing 19.6% increase in inventory by 77.4%
939
average apartment rent since 2010 - $1,531/2010 to $1,831/2018
condo/townhomes units
3,984 $2Million: top Downtown condo
apartment units
9,684
people live
sale in 2018
residents have a bachelor's degree or higher Downtown residents spend on average $58 million a year in Downtown restaurants, bars and retail
Downtown added 1,078
residential units in three projects in 2018
18.2% of the 2018 condo sales in Fort Worth were located in Downtown
2,018 residential rental units planned or under Density of 3,026 residents per construction will increase square mile in Downtown 82.7% of Downtown condo the Downtown housing (1,538 housing units/sq mile) owners have income greater stock by 41%
in Downtown
City of Fort Worth density of 2,503 residents per square mile (942 housing units/sq mile)
than $100,000
Downtown residents' median income is 53% greater than national median income
Neighborhood Safety Downtown Fort Worth
Source: Downtown Fort Worth, Inc., Survey December 2017
Unsafe 4.0% Very unsafe 0.6%
Very Safe
Safe
65.8%
29.7%
Residents perceive Downtown as safe. •9 5.4% of residents rated their neighborhood as safe or very safe. • 98.8% of residents feel safe or very safe walking in Downtown during the day. •8 6.2% of residents feel safe or very safe walking in Downtown after dark.
STATE OF DOWNTOWN FORT WORTH 2018
19
Population and Housing
Residential – For Sale Housing affordability is one of Fort Worth’s competitive advantages. In 2017, the median value of a home in Fort Worth was $169,400, compared to $332,700 in Austin and $190,600 in Dallas. The median home value in the U.S. was $217,000. (U.S. Census 2017) Currently, there are 939 owner-occupied condominiums and townhomes Downtown. The median sale price of a home in Downtown Fort Worth was $275,000 in 2018.
Residential – For Rent The rental market remained at historically high occupancy. Currently, there are 3,984 units in Downtown with monthly rents ranging from $1,120 to $7,800 (4Q 2018). The occupancy rate of rental units in Downtown has stayed above 94% since 2010. Although 1,078 units became available in 2018 (a 37.1% increase), occupancy in established apartment communities remained above 96% and finished the year at 96.7%. 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 10 State Population Gain
April 1, 2010, through July 1, 2017 Texas
3,158,496
California
2,282,135
Florida
2,179,806
Georgia North Carolina
Source: U.S. Census Bureau
740,689 737,698 681,198
Washington Arizona
623,961 577,829
Colorado Virginia
471,289 468,977
New York 0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
Fastest-Growing Metropolitan Areas
Population Added April 1, 2010, through July 1, 2017 973,431
Houston-The Woodlands-Sugar Land, TX
971,941
Dallas-Fort Worth-Arlington, TX 754,396
New York-Newark-New Jersey, NY-NJ-PA 597,993
Atlanta-Sandy Springs-Roswell, GA Miami-Fort Lauderdale-Pompano Beach, FL
592,252
Washington-Arlington-Alexandria, DC-VA-MD-WV
580,228
524,946
Phoenix-Mesa-Scottsdale, AZ 427,240
Seattle-Tacoma-Bellevue, WA
399,507
San Francisco-Oakland-Hayward, CA 0
20
STATE OF DOWNTOWN FORT WORTH 2018
100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 900,000 1,000,000
Source: U.S. Census Bureau
544,141
Los Angeles-Long Beach-Anaheim, CA
Regional City Population Change 2000 – 2017 Austin, TX
Baton Rouge, LA
Dallas, TX
2000
2017
% CHANGE
656,562
950,714
44.8%
227,818
1,188,580
225,370
1,341,103
-1.1%
12.8%
El Paso, TX
563,662
683,583
21.3%
Fort Worth, TX
534,694
876,060
63.8%
Houston, TX
1,953,631
2,313,230
18.4%
Little Rock, AR
Oklahoma City, OK
San Antonio, TX
Shreveport, LA
Tulsa, OK
183,133
506,132
1,144,646
200,145
393,049
198,594
643,574
1,511,913
191,715
402,227
8.4%
27.2%
32.1%
-4.2%
2.3%
Source: U.S. Census Bureau
The DallasFort Worth metropolitan area population grew by 973,431 from 2010–2017.
Sundance Square Plaza
Regional City Change in Median Family Income 2000 – 2017 CITY
2000
2017
% CHANGE
Austin, TX
$54,091
$87,200
61.2%
Baton Rouge, LA
Dallas, TX
El Paso, TX
$40,266
$40,921
$35,432
$58,785
$55,540
$50,933
46.0%
35.7%
43.7%
Fort Worth, TX
$42,939
$69,973
63.0%
Houston, TX
$40,443
$56,751
40.3%
Little Rock, AR
Oklahoma City, OK
San Antonio, TX
Shreveport, LA
Tulsa, OK
USA
$47,446
$42,689
$41,331
$37,126
$44,518
$50,046
$74,390
$67,201
$59,810
$45,579
$56,706
$73,891
56.8%
57.4%
44.7%
22.8%
27.4%
47.6%
Source: U.S. Census Bureau
STATE OF DOWNTOWN FORT WORTH 2018
21
Demographics of Downtown Fort Worth Residential Population
Population and Housing
Age
Income
54.5%
38.8%
of Downtown residents have income greater than $100,000
62.1%
of Downtown residents are under 40 years old
of apartment renters are under 40 years old
Median household income in Downtown is
$113,000
Household Type
52.2%
Education
94.5%
of Downtown residents are unmarried
44%
of households have no children living in the household
of residents have a bachelor’s degree
Previous Resident's
25.2%
a master’s degree
12.9%
a doctoral degree (including JDs)
Lifestyle
Downtown resident’s previous place of residence Lifestyle was cited as the primary reason for living Downtown
44.9%
18.5% 44.5% 55.8% 67.3% within five miles of Downtown
within 10 miles of Downtown
within 20 miles of Downtown
within the Metroplex
by of condominium/ townhome owners
28.6%
and of apartment renters
Employment Health Care
Education
Science & Engineering
Finance
Real Estate
Retail
Government
Law
19.7% 11.8% 11.8% 11.8% 7.4% 5.9% 6.7% 6.1% 22
STATE OF DOWNTOWN FORT WORTH 2018
Residential Survey With the addition of more apartments, the Downtown Fort Worth residential population is becoming wealthier and better educated and has grown at an annual rate of 7.1% since 2007. Currently, 9,684 people live in Downtown. DFWI has conducted five surveys of residents since 2007 to monitor trends in the changing demographics of the Downtown population. Our latest survey was conducted in December 2017. A one-sheet survey instrument was delivered to 3,128 households in Downtown using first-class postage. The response rate was 11.1%, providing a margin of error of +/-.5% at a 95% confidence level. A summary of the survey and trends are presented here. The full report is available for download from DFWI’s website at www.dfwi.org, or contact Arrie Mitchell at arrie@dfwi.org to receive a copy. The Tower
Downtown Population Study Area
Affordable Housing Of Downtown’s 4,923 residential units, 9.4% qualify as workforce or “affordable” housing. Downtown Fort Worth, Inc., and Fort Worth Housing Solutions (FWHS) are actively engaged in recruiting more affordable housing to Downtown. We are promoting the construction of these new units within mixed-income developments. Interested parties should contact Tyler Arbogast, FWHS at dam@fwhs.org.
Age Distribution
Downtown Fort Worth Residents Apartments 100%
Source: Downtown Fort Worth, Inc. Survey December 2017
60%
50%
All Residents Condos/Townhomes Apartments
81.6%
52.3%
75%
62.1%
50%
18.4%
40% 33.6%
0.0%
28.5%
30%
24.2% 20%
17.1%
19.0%
29.1%
Residents 40 and under
Residents over 40
24.1%
20.8%
16.2% 7.2%
5.2% 0%
37.9%
11.8%
9.8%
10%
Condos/Townhomes
1.3% <25
25-40
41-55
56-65
>65 STATE OF DOWNTOWN FORT WORTH 2018
23
24
2014
95.5%
2017
94.5%
80.0%
2014
2017
80.0% 60.0%
55.8% 52.2%
60.0%
47.8%
44.2% 40.0%
40.0%
20.0%
20.0% 4.5% 0.0%
5.5%
With children
Without children
0.0%
Married
Not married
Highest Degree Completed Downtown Fort Worth 80.0%
60%
Downtown
Fort Worth
2014
USA
2017
44.0% 60.0%
38.2%
40%
48.1% 44.0% 40.0%
20%
36.9%
38.2%
18.5% 19.3% 9.1%
0%
Bachelor’s
Source: Downtown Fort Worth, Inc., Survey December 2017
100.0%
Downtown Fort Worth
11.9%
Graduate/Professional
STATE OF DOWNTOWN FORT WORTH 2018
20.0%
0.0%
Bachelor’s
Graduate
Source: Downtown Fort Worth, Inc., Survey December 2017
Source: Downtown Fort Worth, Inc., Survey December 2017
Marital Status
Downtown Fort Worth
Highest Degree Completed Sources: U.S. Census Bureau 2016 and Downtown Fort Worth, Inc., Survey December 2017
Population and Housing
Children in the Household
Median Household Income Source: Downtown Fort Worth, Inc. survey December 2017
Downtown Fort Worth 90%
82.7% 80%
Apartments
Condos/Townhomes
70% 60% 50%
46.1%
40% 27.3%
30%
21.1%
20% 10% 0%
4.7%
0.8% 0.0% Less than $30,000
9.8%
6.0% 1.5%
$30,000$49,999
$50,000$74,999
$75,000$100,000
More than $100,000
Historic Electric Building and The Niel P.
Household Income Trends Downtown Fort Worth
Sources: U.S. Census Bureau 2016 and Downtown Fort Worth, Inc., Survey December 2017
60%
60%
60.0%
Downtown Fort Worth USA
50%
20.0%
40%
Less than $50,000
$50,000$99,999
30%
18.1% 18.2%
19.6% 19.2%
10%
48.9%
54.5%
54.5%
9.4% 4.4%
Less than $50,000
$50,000$99,999
$100,000 and above
21.5% 21.6% 20.6%
18.1% 18.2%
16.2% 14.0%
19.6% 19.2%
17.8%
21.5% 21.6% 20.6% 16.2% 14.0%
10% 1.1%
0%
2017
27.1% 27.2%
20%
17.8%
40.0%
41.7% 41.1%
$100,000 and above
27.1% 27.2%
20%
2014
0.0%
40%
9.4% 4.4%
60.0%
20.0%
41.7% 41.1%
40.0%
0.0%
30%
Downtown Fort Worth 2014 50% 2017 54.5% 48.9% USA 54.5%
3.3%
Less than $30,000
$30,000$49,999
$50,000$74,999
1.1%
0%
$75,000$100,000
3.3% More than $100,000
Less than $30,000
$30,000$49,999
$50,000$74,999
$75,000$100,000
STATE OF DOWNTOWN FORT WORTH 2018
More than $100,000
25
97.8% go to Downtown restaurants, 84.4% to bars, 71.8% to convenience/drug stores and 73.7% to retail stores. Condominium and townhome owners eat at Downtown restaurants an average of 7.5 times per month and spend $125.51 per visit. Apartment renters eat at Downtown restaurants an average of 6.9 times per month and spend $80.58 per visit.
Apartment Residents
6.9
Apartment Residents
$80.58
Apartment Residents
6.9
Apartment Residents
$80.58
Condo/Townhome Residents Condo/Townhome Residents All Residents All Residents
Condo/Townhome Residents Condo/Townhome Residents All Residents
7.5 7.5 7.2 7.2
5
6
7
5
6
7
8
9
10
8
9
10
All Residents
$125.51 $125.51 $101.67 $101.67 $0 $20 $40 $60 $80 $100 $120 $140
Source: Downtown Fort Worth, Inc., Survey December 2017
Average Monthly Visits to Downtown Restaurants by Downtown Residents and Spending Per Visit
$0 $20 $40 $60 $80 $100 $120 $140
Average Monthly Visits to Downtown Bars by Downtown Residents and Spending Per Visit Apartment Residents
4.5
Apartment Residents
$52.19
Apartment Residents
4.5
Apartment Residents
$52.19
Condo/Townhome Residents Condo/Townhome Residents All Residents All Residents
Condo/Townhome Residents Condo/Townhome Residents All Residents
3.9 3.9 4.2 0
1
2
3
4
4.2 5
6
0
1
2
3
4
5
6
All Residents
$67.10 $67.10 $58.61 $58.61 $0 $10 $20 $30 $40 $50 $60 $70 $0 $10 $20 $30 $40 $50 $60 $70
Source: Downtown Fort Worth, Inc., Survey December 2017
Population and Housing
Downtown residents patronize Downtown businesses.
Condo/Townhome Residents
Condo/Townhome Residents
2.2
All Residents 1
2
3
$42.21
$40.05
All Residents
2.5 0
$38.24
Apartment Residents
2.6
Apartment Residents
4
$37
5
$39
$41
Source: Downtown Fort Worth, Inc., Survey December 2017
Average Monthly Visits to Downtown Convenience/Drug Stores by Downtown Residents and Spending Per Visit
$43
Condo/Townhome Residents
1
2
STATE OF DOWNTOWN FORT WORTH 2018
$131.06
$108.83
All Residents
1.7 0
26
Condo/Townhome Residents
2.0
All Residents
$85.79
Apartment Residents
1.5
Apartment Residents
3
4
5
$0
$50
$100
$150
Source: Downtown Fort Worth, Inc., Survey December 2017
Average Monthly Visits to Downtown Clothing Stores by Downtown Residents and Spending Per Visit
Street and Sidewalk Cleanliness
Source: Downtown Fort Worth, Inc., Survey December 2017
Downtown Fort Worth Very unclean 0.0%
Unclean 3.9%
Very Clean
Clean
52.9%
43.2%
Residents perceive Downtown as clean.
96.1% of residents rated the streets and sidewalks Downtown as clean or very clean.
Downtown Ambassadors and Clean Team
STATE OF DOWNTOWN FORT WORTH 2018
27
YEAR
DALLAS
FORT WORTH
2013
33.6%
3.9%
2015
39.4%
4.2%
2014
26.9%
2016
4.5%
37.6%
2017
4.1%
35.6%
2018
4.6%
36.5%
4.1%
Source: North Texas Real Estate Information Systems, Inc.
T&P Lofts
Number of Residential Units Sold Single-Family Residences
14,000
Condos/Townhomes 512
568
12,000 3,284
10,000
3,131
8,000
12,547
12,442
6,000 9,216
8,589
4,000 2,000 0
Dallas
Fort Worth
Dallas
Fort Worth
2017
2018
Source: North Texas Real Estate Information System, 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
Market Opportunity
250 200 150 100
56 36
50 0
28
112
10
2008
2009
47
39
0
0
2010
2011
STATE OF DOWNTOWN FORT WORTH 2018
62
63
0
0
2012
2013
102
100
0
0
2014
2015
110 94
0 2016
93
13
0
2017
2018
Source: North Texas Real Estate Information System, Inc.
350
Average Residential Sales Price Per Square Foot
Condominiums and Townhomes 2018
Condominiums and Townhomes 2018
$350,000
$300
$279
$302,500 $300,000 $250,000
$275,000 $224,000
$200
$172
$200,000
$150
$150,000 $100,000
$100
$50,000
$50
$0
$268
$250
Downtown Dallas Downtown Fort Worth
North Texas
$0
North Texas
Downtown Dallas Downtown Fort Worth
Source: North Texas Real Estate Information Systems, Inc.
Source: North Texas Real Estate Information System, Inc.
Median Sales Price
Source: North Texas Real Estate Information System, Inc.
Average Days on Market
Condominiums and Townhomes 2018 90 80
Median sales price for Downtown condos and townhomes increased 40.3% since 2010.
78
70 60 50
44
43
North Texas
Downtown Dallas
40 30 20 10 0
Downtown Fort Worth
Downtown Condominium and Townhome Sales As Percentage of City
18.2% of all condominiums and townhomes sold in Fort Worth in 2018 were in Downtown.
YEAR
FORT WORTH
DOWNTOWN
2010
242
47
19.4%
2012
315
62
19.7%
2011
2013 2014
216 395 495
39 63
20.6%
63
19.6%
483
100
2017
568
110
2018
479 512
15.9%
102
2015 2016
18.1%
93
20.7% 19.4% 18.2%
Source: North Texas Real Estate Information System, Inc.
STATE OF DOWNTOWN FORT WORTH 2018
29
$300,000
$281,000 $252,450
$250,000 $219,900 $200,000
$275,000
$219,000
$212,000
$196,000
$262,750 $258,000
$190,000
$150,000 $100,000 $50,000 $0
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
Median Residential Sales Price Per Square Foot Downtown Fort Worth $300
$286 $268
$250
$242
$243
$243
2015
2016
2017
$219 $200
$183
$196
$188
$198
$150
$100
$50
$0
30
Source: North Texas Real Estate Information Systems, Inc.
Downtown Fort Worth
2009
2010
2011
STATE OF DOWNTOWN FORT WORTH 2018
2012
2013
2014
Source: North Texas Real Estate Information Systems, Inc.
Population and Housing
Median Residential Sales Price
2018
The Neil P.
Average Apartment Occupancy Rate Downtown Fort Worth 99.0%
97.0%
97.8% 96.9%
97.5% 96.3%
96.0%
96.9% 96.7% 96.7% 96.5% 97.4% 97.1% 96.0%
96.7%
96.4% 96.4%
95.0%
Source: Downtown Fort Worth, Inc.
98.0%
95.6%
95.1%
94.0% 93.0% 92.0% 91.0% 90.0%
1Q
2Q 3Q 2015
4Q
1Q
4Q
2Q 3Q 2016
1Q
4Q
2Q 3Q 2017
1Q
2Q 3Q 2018
4Q
Average Apartment Rent Per Square Foot Downtown Fort Worth $2.00
$1.65 $1.54
$1.58 $1.56
$1.85
$1.76
$1.73
$1.70
$1.83
$1.81
$1.81 $1.81
$1.77 Source: Downtown Fort Worth, Inc.
$1.80
$1.60
$1.90
$1.87
$1.90
$1.61 $1.62
$1.50 $1.40 $1.30
1Q
2Q 3Q 2015
4Q
1Q
2Q 3Q 2016
4Q
1Q
2Q 3Q 2017
4Q
1Q
2Q 3Q 2018
4Q
Average Apartment Rent Downtown Fort Worth $2,000 $1,886
$1,861
$1,803
$1,800 $1,727
$1,700 $1,600
$1,812
$1,789
$1,774
$1,739
$1,657 $1,605 $1,606
$1,817 $1,847
$1,599
$1,565
$1,607
$1,500 $1,400
1Q
2Q 3Q 2015
4Q
1Q
2Q 3Q 2016
4Q
1Q
2Q 3Q 2017
4Q
1Q
2Q 3Q 2018
Source: Downtown Fort Worth, Inc.
$1,900
4Q
STATE OF DOWNTOWN FORT WORTH 2018
31
Population and Housing
2,018 units currently planned or under construction.
Burnett Lofts
Residential Units Planned, Announced and/or Under Construction Downtown Fort Worth PROJECT
311 Nichols
UNITS
YEAR
55
2019
143
2020
Kent Lofts
201
Burnett Lofts
330
Hilton Annex
The Hampton
350
The Worth
138
901 Commerce
217
Rocklyn
274
1000 Weatherford
310
Total
2020 2020 2020 2020 2020 2020 2020
2,018
Source: Downtown Fort Worth, Inc.
The Worth
Downtown Fort Worth
Source: Downtown Fort Worth, Inc.
$1,850
32
$1,804
$1,800
$1,813
$2.00 $1.58
$1.69
2015
2016
$1.83
$1.81
2017
2018
$1,682
$1,700 $1,600
Downtown Fort Worth
$1.50
$1,750 $1,650
Average Monthly Apartment Rent Per Square Foot
$1.00
$1,608
$1,550
$0.50
$1,500 $1,450
2015
2016
2017
STATE OF DOWNTOWN FORT WORTH 2018
2018
$0.00
Source: Downtown Fort Worth, Inc.
Average Monthly Apartment Rent
Housing Construction in Downtown Fort Worth Owner-Occupied Condominiums and Townhomes 1,000 13
2016-2018
939 units as of 2018
800 Source: Downtown Fort Worth, Inc.
700 600
3,984 units as of 2018
4,000 3,500 1,458
2006-2010
542
Increase of 145% since 2005
500
3,000 2,500
2016-2018 2011-2015
400
2,000
300 200
Renter-Occupied Units
2000-2005
347
1,500
280
2006-2010
583
2000-2005
209
Pre-1999
1,454
Increase of 174% since 2000
100 0
Pre-1999
37
1,000 500
Source: Downtown Fort Worth, Inc.
900
Housing Construction in Downtown Fort Worth
0
901 Commerce Street
Rate of Growth Condominiums and Townhomes PERIOD
2006 – 2010 2000 – 2005
Rate of Growth of Renter-Occupied Units PERIOD
FORT WORTH
DOWNTOWN
14%
141%
17%
937%
Sources: Downtown Fort Worth, Inc., and the City of Fort Worth
FORT WORTH
DOWNTOWN
2016-2018
14.9%
57.7%
2006 – 2010
17.7%
35%
2011 – 2014
2000 – 2005
5.4%
5.9%
12.4%
14.3%
Sources: Downtown Fort Worth, Inc., and the City of Fort Worth
From 2005 to 2018 only 13 for-sale units have been delivered. This reflects a significant market gap that can be quickly filled by developers.
STATE OF DOWNTOWN FORT WORTH 2018
33
Hospitality
BUSINESS AND LEISURE TRAVELERS AGREE, DOWNTOWN IS THE PLACE TO STAY. Downtown Fort Worth hoteliers roll out the welcome mat and more hotels are on the way. As the hub of Fort Worth’s visitor attractions, Downtown is home to 3,051 hotel rooms, 20.9% of the city’s inventory. Since 2017, 539 new rooms were added to the market and construction started on two more properties that will add an additional 410 rooms. Plans are being drawn for an additional three hotels totaling 539 rooms. The addition of the recently completed planned and under construction rooms will increase the Downtown inventory by 59%. With 780,000+
room nights sold in 2018, the average hotel occupancy was 73.8% with
$121.81 revenue per available room (RevPAR).
Downtown paid 32.9% of Fort Worth’s hotel
occupancy taxes in 2018
$129+ MILLION
in Downtown hotel revenue in 2018 Hotels Planned (P) or Under Construction (UC) HOTEL
Marriott Autograph (UC)
164
AC Hotel (UC)
246
Avid Hotel (P)
107
Kimpton Hotel (P)
232
Waggoner Building (P)
200
Total
949
Source: Downtown Fort Worth, Inc.
34
STATE OF DOWNTOWN FORT WORTH 2018
ROOMS
Source: Texas Comptroller of Public Accounts
Plano 7.0% Dallas 42.5%
Richardson 3.1% Arlington 8.2%
Area Hotel Room Supply Irving 16.8%
Grapevine 6.4%
Downtown Fort Worth
Fort Worth without Downtown 12.9%
3.2%
Hampton Inn & Suites
Plano 6.3% Richardson 2.6%
Arlington
$21,287
Dallas
$28,612
Downtown Fort Worth
$42,630
Fort Worth without Downtown
$19,962
Grapevine
$52,458
Irving
$25,182
Plano
$25,390
Richardson
$23,017
Dallas 43.6%
Arlington 6.3%
Irving 15.2%
Area Hotel Revenue Share
Grapevine 12.0%
Downtown Fort Worth
Source: Texas Comptroller of Public Accounts
Fort Worth without Downtown 9.2%
Source: Texas Comptroller of Public Accounts
Average 2018 Revenue Per Available Room
4.9%
Hotel Occupancy 2018
66.2%
Source: Smith Travel Research
USA
73.8%
Downtown Fort Worth Downtown 64.1% Dallas 60 %
65 %
70 %
75%
80%
Aloft
STATE OF DOWNTOWN FORT WORTH 2018
35
Hotel Revenue Per Available Room $130.00
$120.00
$115.49
Fort Worth CBD
USA
$123.24
$114.23 $111.69
$109.18 $110.00
$121.81
$106.28 $101.74
$100.00
$90.00
$80.00
$85.96
$83.57
$81.19 $78.67
$70.00
$60.00
Source: Smith Travel Research
Hospitality
Dallas CBD
$50.00
$40.00 2015
36
STATE OF DOWNTOWN FORT WORTH 2018
2016
2017
2018
Fort Worth Water Gardens
Current Hotel Room Inventory LS
RD ING
IC SN HO
RD
LS
HA
2. Worthington Renaissance Hotel
504
3. Sheraton Fort Worth Hotel
430
4. Hilton Fort Worth Hotel
294
5. Hampton Inn & Suites
245
6. Downtown Fort Worth LUELLA Courtyard-Blackstone Hotel
203
WB
3
H 5T
IH
30
1
3 IH
5W
S
IH
3
35
W
S
8. Embassy Suites Fort Worth Hotel Downtown
156
30
EB
IH 9. Marriott TownePlace Suites B E 0 FortH 3Worth Downtown
140
I
10. Holiday Inn Express Hotel & Suites Downtown Fort Worth
132
11. Fairfield Inn and Suites
114
12. The Ashton
39
Total
3,051
IH 3 5W
IH
180
NB
10
7. Aloft Fort Worth Downtown
NB
H
T 14
B EL PASO PRESIDIO
614
IH 3 5W
1
B
MONROE
LANCASTER
H
T 15
H 3T
WB
1
13TH
T 14
30
LAMAR
MONROE
LAMAR
CHERRY
MACON MACON
13TH
1. Omni Fort Worth Hotel
LUELLA
H
H 2T
1
TER TER EN NC N TIO N TO EN STO US NV HOU HO
1
LANCASTER
H
T 13
EN
CHERRY
ELM
11
CO
LAKE
ELM
N H
T 12
5
NC
COLLIER
PECA
4
TIO
LAKE
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5
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COLLIER
PECA
TH
11
NV
SUMMIT
P
11
H 9T
8 4
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10
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UM
6
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KM
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2
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OC
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80
SP
8T11
10TH 7TH TEXAS
ELMT
AN
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TO OR
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CE AN ZA ND LA SU RE P H UA 6T SQ
0
28
UR
SP
CE AN ZA ND LA SU RE P UA SQ
KM
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7TH 5TH
PRESIDIO
AN
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22
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PEC
ND
D 2N
ST 51TH
D
3R
1S
7
D
3R
ES ES JON JON UN UN LHO LHO E CA CEA ERC ERC MM
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LS
SO
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MA
R
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R RFO
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RD
IN
P
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7 ND
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NA
WE
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H EAC
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LO TAY
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LS
F LUF
BL
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KN
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BEL
ROOMS
HO
HA
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9
HOTEL
NIC
9
RIO GRANDE EL PASO RIO GRANDE
Seasonal Hotel Occupancy Rates 100.0%
Downtown Fort Worth
USA
90.0% 80.2% 80.0%
77.5%
81.1%
79.2%
77.1% 73.6%
73.0%
73.5% 74.5%
70.0% 61.8%
68.5%
67.9%
Source: Smith Travel Research
71.4%
68.2%
75.8%
68.0%
74.2%
69.9%
57.7%
63.3%
60.0%
50.0%
73.8%
61.7%
54.5%
54.1%
40.0%
30.0% Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
STATE OF DOWNTOWN FORT WORTH 2018
37
Hospitality
949 rooms
planned or under construction.
Sheraton Fort Worth Hotel
Omni Fort Worth Hotel
Seasonal Revenue Per Available Room $160
Downtown Fort Worth
$142.29
USA $141.76
$139.50
$140
$131.74 $125.82
$120
$129.01
$123.92
$118.23
$112.27
$124.20 $98.32
$100 $99.16 $90.32
$80
$88.60
$95.11
$88.69
$93.45
$89.15
$76.69
$78.13
$67.20
$67.20
Source: Smith Travel Research
$60
$80.75
$93.57
$40
$20
$0
38
Jan-18
Feb-18
Mar-18
STATE OF DOWNTOWN FORT WORTH 2018
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Average Daily Hotel Room Rate (RevPAR) $190 Downtown Fort Worth $170
$161.76
$164.92
USA $165.62
$162.19
$164.60
$154.68 $150 $146.82 $130
$110
$115.14
$106.02
$120.30
$123.97
$126.72
$129.83
Source: Smith Travel Research
$109.98 $90
$70
$50
2012
2013
2014
2015
2016
2017
Fort Worth Convention Center Facts
Largest Conventions 2018 by Hotel Rooms Reserved Downtown Fort Worth
Total arena
NAME
70,960 SF
Permanent seats in the arena
10,418
Temporary seats in the arena
3,266
Total exhibit hall
182,266 SF
Total exhibit space
253,226 SF
Ballroom space
28,160 SF
Number of meeting rooms Hotel rooms within a 15-minute walk Source: Visit Fort Worth
RevPAR in Downtown Fort Worth was 40.6% higher than the national average.
41 2,410
2018
ROOMS RESERVED
SHOW ATTENDESS
2018 Texas FFA Association Annual Convention and Trade Show
8,741
10,000
2018 Kenneth Copeland Ministries Southwest Believersâ&#x20AC;&#x2122; Convention
8,291
8,000
2018 Premier Designs Annual Rally
6,975
8,500
2018 A-Kon
6,608
32,000
2018 Texas Municipal League Annual Convention
6,290
4,500
2018 Rapid Exposition and Conference
4,483
6,000
2018 National Rural Water Association Annual WaterPro Conference
4,446
1,500
2018 Texas Association of School Business Officials Annual State Convention
4,423
4,567
2018 Texas Emergency Medical Services Annual Conference
4,275
2,500
2018 Conference for the Advancement of Science Teaching
4,158
7,000
Source: Visit Fort Worth
STATE OF DOWNTOWN FORT WORTH 2018
39
Retail
DOWNTOWN HAS IT ALL – DINING, DRINKS, DANCING, SHOPPING, THEATRE AND MORE.
Bass Hall
Downtown Fort Worth is a premier dining and entertainment destination. More than 70 restaurants can be found in the center city while live theatre, shopping, movies and comedy add to the mix. These diverse offerings and the vibrant street life they foster make Downtown more attractive to office users, Fort Worth locals, regional day-trippers, out-of-town visitors and Downtown residents. Downtown has a
96.8% retail occupancy rate and soft goods retail is making strong gains.
Several new retailers and restaurants have opened in Downtown, including 203 Café, Ashim’s Hibachi Grill, Cowtown Brewery, CVS Pharmacy, Earthbound Trading Company, FunkyTown Donuts and Drafts, Good Karma Cigar Lounge, Local Barber of Fort Worth, Novak Hair Studios, Sons of Liberty Coffee, Verizon, Vigor Active Fitness and Willow House.
Spending by Downtown residents in Downtown $58 MILLION+
annual spending by residents in Downtown
40
STATE OF DOWNTOWN FORT WORTH 2018
4.2+ monthly visits to Downtown
retailers and convenience stores
$109 average spent per retail visit 11.4 average monthly visits to Downtown restaurants and bars
$101 average spending per restaurant visit
State Exports As the 10th-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 14th straight year, Texas is ranked the top exporting state, according to the U.S. Department of Commerce. The value of state exports in 2017 totaled more than $264 billion. Texasâ&#x20AC;&#x2122; top exporting industries in 2017 were petroleum and coal products, chemicals, computer and electronic products, non-electrical machinery and transportation equipment.
Texas Exports to Our Top Partners Top Import Partners for Texas Goods
Source: U.S. Census Bureau 2017
$90
$97.5 billion
China
$16.3 billion
Canada
Billions
$100
Mexico
$22.2 billion
Brazil
$89.8
$9.9 billion
$80
South Korea
$70
Source: U.S. Census Bureau 2017
$9.8 billion
$60 $50
$42.7
$40
Downtown Fort Worth Private-Sector Employees, Businesses and Payroll
$30 $18.3
$20
$9.1
$10 $0
Mexico
China
Canada
South Korea
Total Downtown private-sector employees
$7.3
Annual payroll
Saudi Arabia
Average payroll per employee
36,397 $3,007,652,000 $82,635
Number of business establishments
1,570
Source: U.S. Census Bureau 2016
Downtown Retail Occupancy Rate Downtown Fort Worth
100%
95%
95.3% 93.3%
93.9%
USA 96.9%
96.4%
95.5%
DFW
94.1%
94.3%
95.2%
95.1%
96.8% 95.3%
95.5%
95.7%
95.7%
Source: CoStar
90%
85%
80%
4Q 2014
4Q 2015
4Q 2016
4Q 2017
4Q 2018
STATE OF DOWNTOWN FORT WORTH 2018
41
Fourth Quarter 2018 Addison
92.9%
Addison Dallas CBD
92.9% 97.7%
Dallas CBD Downtown Fort Worth
97.7% 96.8%
Downtown Fort Worth East Dallas
96.8% 97.2% 97.2% 95.7%
East Dallas East Fort Worth East Fort Worth Far North Dallas
95.7% 94.2%
Far North Dallas Las Colinas
94.2% 95.7%
Las Colinas North Arlington
95.7% 95.3%
North Arlington Northwest Dallas
95.3% 95.7%
Northwest Dallas Northwest Fort Worth
95.7% 98.0%
Northwest Fort Worth Park Cities
98.0% 97.1%
Park Cities Richardson
97.1% 94.1%
Richardson Southlake
94.1% 94.5%
Southlake Southwest Fort Worth
94.5% 95.7% 95.7% 96.2%
Southwest Fort Worth Uptown Dallas Uptown Dallas West Frisco
92.3%96.2%
West Frisco West Plano
92.3% 96.7%
0%West Plano10%
20%
30%
40%
50%
60%
70%
80%
90%
96.7% 100%
0%
20%
30%
40%
50%
60%
70%
80%
90%
100%
10%
Source: CoStar
Retail
Retail Occupancy Rates for Submarkets in the Dallas-Fort Worth Metropolitan Area
Retail Rental Rates ($/SF) for Submarkets in the Dallas-Fort Worth Metropolitan Area Fourth Quarter 2018 Addison
$17.60
Addison Dallas CBD
$17.60
$28.00
Dallas CBDFort Worth Downtown
$22.68
Downtown Fort Worth East Dallas
$22.68 $22.74 $22.74
East Fort Dallas East Worth $8.91 East Fort Worth $8.91 Far North Dallas
$22.33 $22.33
Far North Dallas Las Colinas
$13.70
North Arlington Northwest Dallas
$13.70 $14.84 $14.84
$24.80
$19.42 $19.42
Northwest Fort Worth Park Cities
42
$24.80
Park Cities Richardson
$15.36
Richardson Southlake
$15.36
Southlake Southwest Fort Worth
$14.22
Southwest Fort Worth Uptown Dallas
$14.22
$31.53 $31.53
$21.63 $21.63 $38.31
Uptown Dallas West Frisco
$20.87
West Frisco West Plano
$20.87
$38.31 $23.16
$5 West Plano
$10
$15
$20
$23.16 $25
$30
$35
$40
$45
$5
$10
$15
$20
$25
$30
$35
$40
$45
STATE OF DOWNTOWN FORT WORTH 2018
Source: CoStar
Las Colinas North Arlington
Northwest Dallas Northwest Fort Worth
$28.00
Retail Occupancy Rates for Submarkets in the Dallas-Fort Worth Metropolitan Area
Source: Texas Comptroller of Public Accounts
Fourth Quarter 2012
Downtown Adult Beverage Sales Millions
$65 $60 $55 $50
$48.3
$46.9
$52.4
$53.2
$54.1
2014
2015
2016
$59.2
$59.8
2017
2018
$48.6
$45 $40 $35 $30 $25
2011
2012
2013
Sources: CoStar and Downtown Fort Worth, Inc.
STATE OF DOWNTOWN FORT WORTH 2018
43
Retail
Household Income Downtown Fort Worth Trade Areas 10 MINUTES DRIVE TIME HOUSEHOLD BY INCOME
20 MINUTES DRIVE TIME
NUMBER OF HOUSEHOLDS
PERCENTAGE OF HOUSEHOLDS
NUMBER OF HOUSEHOLDS
PERCENTAGE OF HOUSEHOLDS
<$15,000
7,814
19.98%
44,425
12.86%
$15,000 – $24,999
5,897
15.08%
39,961
11.57%
$25,000 – $34,999
5,197
13.29%
40,632
11.76%
$35,000 – $49,999
5,688
14.54%
50,604
14.65%
$50,000 – $74,999
6,128
15.67%
64,675
18.72%
$75,000 – $99,999
3,278
8.38%
41,508
12.02%
$100,000 – $149,999
2,767
7.07%
38,521
11.15%
$150,000 – $199,999
1,064
2.72%
12,801
3.71%
$200,000+
1,284
3.28%
12,336
3.57%
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
Annual Budget Expenditures
$49,071
$1,919,496,186
$58,121
$20,078,776,463
Retail Goods
$15,580
$609,439,439
$18,468
$6,379,874,096
Food at Home
$3,851
$150,626,245
$4,470
$1,544,101,004
$725
$28,344,079
$880
$304,075,969
Apparel and Services
Entertainment and Recreation
$1,540 $2,112
Food Away From Home
$2,375
Vehicle Purchases
Medical Services Travel
Owner Dwelling Mortgage Payments Renter Dwelling Rent
$60,237,590
$82,633,618
$1,799
$621,600,532
$2,526
$872,521,784
$92,912,788
$2,782
$2,659
$104,030,795
$2,926
$1,010,700,419
$12,051
$222,993,834
$13,217.71
$2,448,764,986
$1,256 $8,341
$49,136,421
$171,914,809
$961,174,401
$18,468
$6,379,874,096
$9,920.66
$1,589,299,546
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
$462,080,000
$3,212,541,000
General Merchandise Stores
452
$276,892,000
$2,823,470,000
722
$475,134,000
$2,066,703,000
71
$168,221,000
$561,540,000
Clothing and Clothing Accessories Stores Non-Store Retailers
Food Services and Drinking Places Accommodation Sales
Arts/Entertainment Recreation Sales Real Estate/Rent/Leasing Sales
448 454 721 53
$195,252,000 $82,951,000
$173,849,000
$845,286,000
$952,950,000 $407,783,000 $432,912,000
$3,016,898,000
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 2018
Drive Time Downtown Fort Worth
10
MINUTES drive time
20 MINUTES
drive time
Drive Time 2016 – 2021 Downtown Fort Worth 10 MINUTES DRIVE TIME
Population
Households
Average household size
Owner-occupied housing units
Renter-occupied housing units Median age
Caption
2016
2021
109,527
126,395
39,117 2.80
44,821 2.82
35,596
38,568
32.3
33.1
32,269
33,269
Source: ESRI
STATE OF DOWNTOWN FORT WORTH 2018
45
Quality of Life
DOWNTOWN FORT WORTH IS KNOWN FOR ITS OUTSTANDING QUALITY OF LIFE. Loop in Burnett Park
Downtown is known as a safe, clean and exciting place to live, work, shop and play. By providing a wide range of amenities, services and activities, our city center offers something for everyone. From cosmopolitan cultural experiences, relaxing parks and special events to fun entertainment options and action-packed outdoor opportunities, Downtown presents an excellent environment for urban livability.
46
STATE OF DOWNTOWN FORT WORTH 2018
Sundance Square Plaza
Entertainment
Home to the MAIN ST. Fort Worth Arts Festival and GM Financial Parade of Lights
290,000+ arts venue attendance Parks/Recreation
385 acres
of park land servicing Downtown
Access to 40 miles of riverfront trails for running, walking, cycling and horseback riding Downtownâ&#x20AC;&#x2122;s Trinity Waterfront offers seasonal canoeing, kayaking, paddle boarding and fishing
3,311 free night and weekend parking spaces
412,000+
items in circulation at the Central Library
6 childcare centers
AMC Palace 9
Source: Downtown Fort Worth, Inc., Survey
MAIN ST. Fort Worth Arts Festival
STATE OF DOWNTOWN FORT WORTH 2018
47
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 planning assistance, sidewalk cleaning, street sweeping, security enhancement, litter removal and bird abatement.
BEL
KN
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NIC RD
LS
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HO
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9T
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35
W
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30
LANCASTER
B
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BALLINGER
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EST
Ambassadors are trained to connect those in need with proper social services while providing support to Downtown safety providers (both public and private). 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. FOR
H
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EL PASO
IH
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MONROE
LAMAR
MACON
H 3T
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TO
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IH 3 5W
CHESAPEAKE ENERGY
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THR
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28
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In November 2017, DFWI established a new Ambassador Program that provides hospitality services including directions, safety escorts, motorist assistance and much more.
KN
CO
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PID #1 PID #14
CR
PEC
PID Districts HEN
Quality of Life
PID #1 & #14
SET
RIO GRANDE
SUN
DAGGETT
BROAD WAY
14TH
15TH
WENNECA
Downtown Fort Worth Improvement District #14 was established in June 2009. District contractors provide services along Samuels Avenue multiple days a week.
$3,051,950 in services annually 7,488
miles of curb and gutters cleaned annually/144 miles weekly
15,660
linear miles of sidewalks cleaned
1,984
cubic yards (53,568 cubic feet) of dirt/debris removed from streets, curbs and gutters annually
1,249 trees serviced within PIDs 218 Downtown trees lighted
17
full-time Clean Team members
13 Ambassadors 27 dump trucks of recyclable material collected each year
13,500
square feet of planters in bloom seasonally
75,000
plants planted annually 48
STATE OF DOWNTOWN FORT WORTH 2018
30
EB
NIC
TIF: 3 Downtown
ING S H
9T
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ND
2
11
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TIF: 4 Southside/Medical District
A significant partnership TIF: 6 Riverfront that adds to the success TIF: 8 Lancaster of Downtown is the TIF: 9 Trinity River Vision Downtown Tax Increment Finance District (TIF) and CH PEA the other DowntownFF BLU oriented TIFs. The Downtown TIF makes PIER 1 strategic investments in parking, infrastructure, historic preservation and residential development. The TIF is a collaboration of the City of Fort Worth, PRESIDIO Tarrant County, Tarrant EL PASO County Hospital District, RIO GRANDE Tarrant County College District and Tarrant Regional Water District. DAGGETT
NB
Tax Increment Financing District #3
VICKERY
SUN
SET
JARVIS
BROAD WAY
HEMPHILL
COLLEGE
ADAMS
8TH
ALABAMA
14TH
15TH
LIPSCOMB
To date, the TIF has obligated roughly $59 million, leveraging $836 MILLION in private development WENNECA and facilitating $52.25 million in public investment. In Tax Year 2017 the TIF generated $12.3 million of tax increment to the taxing district partners. The TIF revenue is capped at $5 million per year; the remainder of the tax increment, $7.3 million, was returned to the taxing jurisdictions in 2018. DFWI manages the Downtown TIF through a contract with the TIF Board of Directors.
Downtown TIF Costs, Investments and Tax Increment Millions $1,400
City’s TIF Contribution
TIF Cost
Investments
Taxable Value $1,206.83
$1,200
Taxable Value of TIF Millions $1,400
$1,100
$1,207
$1,200 $1,000
$1,000
$800
Frost Tower
Source: Downtown Fort Worth, Inc. and Tarrant County Appraisal District
$600
$900
$400
$322
$836.25
$200 $0
$800
Before Current TIF Value TIF Value
$700 Marriott Towne Oliver’s Place
$600
$500
Trinity Bluff
Carnegie Building
Westbrook, Commerce City Place Buildings Garage/ Retail
$400
$300
$200
$100
Crescent Garage/ Bass Hall
Ashton Hotel
Chase Building
Family Law Center
The Tower
Pecan Place
UTA
Hunter Plaza Cassidy Building
Two City Place
$59.59
$28.46
$0 1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
STATE OF DOWNTOWN FORT WORTH 2018
49
Education
EDUCATION IS KEY TO DOWNTOWN’S SUCCESS. Tarrant County College – Trinity River Campus East
UTA, Texas A&M and TCC have a growing presence in Downtown and create workforce development opportunities. Our elementary and high school offerings are top performers and the Fort Worth ISD’s new flagship Science Technology Engineering and Math (STEM) and Visual Performing Arts (VPA) programs opened their downtown campus in 2018.
8,588 higher
Downtown higher education
enrollment has
education
grown by 1,136% in 15 years
Downtown in 2018
2003
students • Potential customers • Future workforce
695
2017
8,588
• Potential residents
1,114 K-12 students 50
STATE OF DOWNTOWN FORT WORTH 2018
Downtown in 2018
Higher Education Fall Semester Enrollment Downtown Fort Worth Tarrant County College
UTA Fort Worth
1,800
10,000 9,000
8,774 7,800
8,000
7,952
1,600 7,704
7,338
7,000
1,400
6,000
1,000
5,000
918
848
800
4,000
838
772
600
3,000 2,000
400
1,000
200
0
1,242
1,200
2014
2016
2015
2017
0
2018
Source: Tarrant County College
2014
2015
2016
2017
2018
Source: University of Texas at Arlington
Texas A&M School of Law Number of Students Enrolled in Higher Education Campuses in Downtown
1,000 900 800 700
702
600
12,000
10,394 9,229
10,000
581
500
439
400
412
412
9,163
9,358
8,588
8,000 6,000
300
4,000
200
2,000
100 0
10,757
10,712
2014
2015
2016
2017
2018
Source: Texas A&M School of Law
0
2012
2013
2014
2015
2016
2017
2018
Source: Downtown Fort Worth, Inc., Survey of Downtown Education Institutions
Young Women's Leadership Academy
Educational Institutions Downtown Fort Worth FALL 2018 ENROLLMENT
Montessori at Sundance Square
110
St. Paul Lutheran School
213
I.M. Terrell Academy for STEM and Visual Performing Arts
154
Young Women’s Leadership Academy
412
Nash Elementary School
255
UTA Fort Worth
838
Texas A&M School of Law Tarrant County College, Trinity River Campus
412
Texas A&M School of Law ranked in Top 100 U.S. News & World's Report list of the nation’s top law schools
7,338
Source: Downtown Fort Worth, Inc., Survey of Downtown Education Institutions STATE OF DOWNTOWN FORT WORTH 2018
51
Transportation
DOWNTOWN IS FORT WORTHâ&#x20AC;&#x2122;S TRANSIT HUB.
Downtown Fort Worth offers excellent access to various transportation options throughout the community and the Dallas-Fort Worth area. Fort Worth Central Station is the gathering point for Trinity Metro, Trinity Railway Express (TRE), TEXRail, Amtrak, Greyhound Bus Line, taxis and the Molly the Trolley shuttle service. Currently, 28 bus routes connect all parts of Fort Worth to Downtown. The TRE offers eight-stop service between Downtown Fort Worth and Dallas. TexRail offers seven-stop service to DFW International Airport. Both lines represent excellent commute options for Downtown employees. Downtown is also home to 19 Bike Share stations. In 2018, there were over 43,000 trips on the Bike Share system. Downtown visitors enjoy 3,311 free parking spaces available after 6 p.m. on weekdays and all day on weekends, courtesy of the Downtown Tax Increment Finance District. There are more than 41,000 Downtown parking spaces. To inform the public about the many parking options Downtown, Fortworthparking.com allows users to quickly find the parking options nearest to their destination. 52
STATE OF DOWNTOWN FORT WORTH 2018
49.1% increase in bus ridership since 2009 (10 years)
384,363
563,000+ Average daily traffic count on Downtown highways
Downtown riders on
Trinity Railway Express (2018)
four hours
938,776 Molly the Trolley riders since inception (May 2009)
Dallas-Fort Worth International Airport
45 Bike Share stations 19 in Downtown
Highways serving Downtown:
• I-35 • I-30 • Hwy 121 • Hwy 287 • Chisholm Trail Parkway
• 17 miles from Downtown • 69+ MILLION passengers in 2018 • 249 destinations • 23 carriers
Every major city in the continental United States can be accessed within four hours Meacham International Airport, Texas' premier general aviation facility, is located just 5 miles from Downtown
STATE OF DOWNTOWN FORT WORTH 2018
53
Transportation
OPENED JAN
2019
TexRail Commuter Rail System
Trinity Railway Express Ridership Calendar Years 2009 – 2018 Millions 3.0 2.65 2.5
2.5
2.4
2.3
2.29 2.16
2.14 2.0
2.05
2.07
2016
2017
2.04
1.5
Source: Trinity Metro
1.0
0.5
0.0
2009
2010
2011
2012
2013
2014
2015
2018
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.
54
STATE OF DOWNTOWN FORT WORTH 2018
Annual Ridership for Bus Routes Serving Downtown Fort Worth 2009 – 2018 Millions 5.50 5.05
4.81
5.00 4.68
4.58
4.57
4.49
4.50
4.50
4.00 3.49
Source: Trinity Metro
3.50 3.09
3.02
3.00 2.50 2.00
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
Annual Ridership for Molly the Trolley Serving Downtown Fort Worth 2011 – 2018 140,000 124,848
120,000
80,000
88,958
91,157
2014
2015
72,600
Source: Trinity Metro
60,000 40,000 20,000 0
2011
2012
2013
2016
104,905
Fare Changed
84,833
92,746
Fare Changed
105,470
100,000
2017
2018
Mid-year2018, Molly the Trolley was returned to a free service.
Average Daily Traffic Count on Selected State and National Highways Serving Downtown Fort Worth Thousands 600
596
586
571
550
563 531
532
537
Source: Texas Department of Transportation
515
500
498
450
400
350
300
2009
2010
2011
SH 287
2012
2013
SH 121 65,000
2017
I-35W
2014
2015
2016
2017
I-30 118,000
STATE OF DOWNTOWN FORT WORTH 2018
197,000
55
92.9%
100.0% 80.0% 100.0% 80.0% 60.0% 80.0% 60.0% 40.0% 60.0% 40.0% 40.0%
78.6%
92.9%
78.6%
92.9%
73.8% 62.6% 62.6%
73.8% 78.6% 73.8%
62.6% Downtown Austin*
Downtown Dallas**
Downtown Fort Worth
Fort Worth
Downtown Austin*
Downtown Dallas**
Downtown Fort Worth
Fort Worth
Downtown Austin*
Downtown Dallas**
Downtown Fort Worth
Fort Worth
6.0% Means of Transportation to Work: Public Transportation 6.0% 4.2% 4.0% 6.0%
3.3%
4.2%
4.0% 2.0% 4.0% 2.0% 0.0% 2.0% 0.0% 0.0%
2.1%
3.3%
2.1%
3.3%
4.2% 0.9%
2.1% Downtown Austin*
Downtown Dallas**
Downtown Fort Worth
Downtown Austin*
Downtown Dallas**
Downtown Fort Worth
Downtown Austin*
Downtown Dallas**
Downtown Fort Worth
0.9% Fort Worth 0.9% Fort Worth
*ZIP code 78701 is used for downtown Austin. Source: U.S. Census Bureau 2016. **ZIP codes 75201 and 75202 are used for downtown Dallas.
100.0%
*ZIP code 78701 is used for downtown Austin. Source: U.S. Census Bureau 2016. **ZIP codes 75201 and 75202 are used for downtown Dallas.
Transportation
Means of Transportation to Work: Car, Truck or Van
Fort Worth
25.0%
of Transportation to Work: Walk or Bike 17.7%
25.0% 20.0% 15.0%
17.7%
20.0% 15.0% 10.0%
17.7%
15.0% 10.0% 5.0% 10.0% 5.0% 0.0% 5.0% 0.0% 0.0%
12.6% 12.6% 12.6%
11.2% 11.2% 11.2%
1.5%
Downtown Austin*
Downtown Dallas**
Downtown Fort Worth
Fort1.5% Worth
Downtown Austin*
Downtown Dallas**
Downtown Fort Worth
Fort1.5% Worth
Downtown Austin*
Downtown Dallas**
Downtown Fort Worth
Fort Worth
Additional categories of Means of Transportation are tracked by the U.S. Census Bureau but are not graphed in this publication.
56
STATE OF DOWNTOWN FORT WORTH 2018
*ZIP code 78701 is used for downtown Austin. Source: U.S. Census Bureau 2016. **ZIP codes 75201 and 75202 are used for downtown Dallas.
Means 25.0% 20.0%
500
450
498
Average Daily Traffic Count
Selected State and Federal Highways Serving Downtown Fort Worth 400
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.
350
300
2009
2010
2011
2012
SH 287
2013
SH 121
2014
2015
2016
2017
I-30
I-35W
65,000
118,000
2017
197,000 157,000
59,000
121,000
2016
197,000 152,000
59,000 76,000
2015
197,000 147,000
106,000
175,000 147,000
65,297
106,000
2013
4.50
175,000 140,000
67,000
In 2018, construction was completed on a $1.6 billion project to rebuild 10 miles of I-35W north of I-30 to North Tarrant Parkway. This increased capacity by adding four toll lanes, auxiliary lanes and additional frontage road segments.
107,000
2012
174,000 147,000
67,000
106,000
2011
177,000
Source: Texas Department of Transportation
59,000 2014
141,000 59,000
112,000
2010
163,000 143,000
2018 0
50,000
100,000
150,000
200,000
Downtown Parking Availability Parking spaces
41,866
Total metered spaces
1,967
Free evening and weekend parking spaces
3,311*
Free daytime 1-hour parking spaces
300
Free daytime 2 1/2-hour spaces with validation
164
*This number reflects the changes made to the free parking program at the end of January 2019. Source: Downtown Fort Worth, Inc.
STATE OF DOWNTOWN FORT WORTH 2018
57
PID Advisory Board
Larry Auth Chair Omni Fort Worth Hotel Rita Aves Oil & Gas Building Johnny Campbell Sundance Square Gary Cumbie The Cumbie Consultancy Jim Finley Finley Resources Inc. Taylor Gandy Ron Investments, Ltd. Suzan Greene ONCOR Electric Delivery
Michelle Lynn Building Owners & Managers Association Renee Massey Red Oak Realty Robbie Tawill The Worthington Renaissance Fort Worth Hotel Karen Vaughan StarPoint Commercial Properties, LLC Joy Webster MorningStar Capital Jed Wagenknecht Downtown Fort Worth Blackstone Courtyard John Yeung Sheraton Fort Worth Hotel
Marie Holliday, DMD Flowers to Go in Sundance Square Chris Jeans XTO Energy Inc. Walter Littlejohn The Fort Worth Club
58
STATE OF DOWNTOWN FORT WORTH 2018
PID Ambassadors and Clean Team
Downtown Fort Worth, Inc., is grateful to the following organizations and individuals for their assistance in producing the State of Downtown publication: Hannah Behrens Briggs Freeman Sotheby’s International Realty Mary Margaret Davis Real Estate Broker Mary Margaret Davis Real Estate Team
Mary McCoy Administration Tarrant County Appraisal District Natalie Watkins Planning and Development Department City of Fort Worth
Andrea Timbes CRM Analyst Visit Fort Worth
Credits
Credits
Ebonie Wingo Performance and Regulatory Standards Trinity Metro
Special thanks to Rachel Delira, Joseph Haubert, Brian Luenser, Sundance Square, Trinity Metro and Visit Fort Worth for their photography.
Downtown Fort Worth, Inc. Publications • • • •
Annual Report In View Residential Survey Report State of Downtown
Information Sources City of Fort Worth CoStar Downtown Fort Worth, Inc. ESRI Federal Housing Finance Agency I.M. Terrell Academy for STEM and Visual Performing Arts 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 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 Trinity Metro 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 Visit Fort Worth Young Women’s Leadership Academy
Downtown Fort Worth, Inc. Staff
Becky Fetty Director of Membership and Marketing Diana Hahn Production Manager Melissa Konur Director of Planning Arrie Mitchell Director of Research Barbara Sprabary Executive Assistant/ Office Manager
Andrew Taft President Matt Beard Director of Public Improvements Nicole Browne Marketing and Special Projects Manager Cleshia Butler Administrative Assistant Jay Downie Event Producer Brandi Ervin Controller
A service of Downtown Fort Worth, Inc.
STATE OF DOWNTOWN FORT WORTH 2018
59
PMS 286
Published in April 2019 Downtown Fort Worth, Inc. 777 Taylor Street, Suite 100 Fort Worth, Texas 76102 817.870.1692 | dfwi.org
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