Fort Worth ranks No. 4 hottest market for real estate development in last decade
June 19,2023
See full CultureMap article by Amber Heckler here.
new report has discovered Texas cities hold the top five most active real estate development markets in the country, with Fort Worth landing at No. 4 (and edging out fifth-ranked Dallas).
The ranking by storage marketplace StorageCafe reflects the city's resiliency over the last decade, even after a recent report declared that Fort Worth's quality of life had plummeted.
Fort Worth had the fourth highest number of single-family home permits between 2013 and 2022, totaling just under 50,600 units. At the same time, the city also permitted 36,686 new multi-family/apartment units. The massive influx of housing ultimately adds up to an impressive surge.
On the industrial end, Fort Worth also took the No. 4 spot for the most square feet of new industrial space construction. "With an economy anchored by several key industries, including defense, energy, logistics, aviation and aerospace, Fort Worth also added significant amounts of commercial real estate: over 58.5M square feet of industrial space and 6.6M square feet of retail space.," the report says.
This further solidifies the city's standing as a top destination for business.
The StorageCafe report attributes Fort Worth's business success to a 25 percent increase in population in the last decade.
The true national winner in real estate growth is Houston(No. 1), with 55,600 single-family homes permitted between 2013 and 2022, and nearly 90,000 multi-family units, followed by San Antonio (No. 2) and Austin (No. 3). Dallas rounded out the top five, with over 17,300 single-family homes permitted and nearly 69,000 multi-family units.
The cities that complete the top 10 include:
- No. 6 – Phoenix, Arizona
- No. 7 – Jacksonville, Florida
- No. 8 – Las Vegas, Nevada
- No. 9 – Denver, Colorado
- No. 10 – Oklahoma City, Oklahoma
The full report can be found on storagecafe.com.