State of Downtown report captures steady growth in 2018

May 2,2019


Reposted from FortWorthTexas.gov

Downtown Fort Worth has maintained a 97 percent retail occupancy rate and recorded hotel occupancy well above the national average. That’s according to the just-released 2018 State of Downtown report,PDF File an annual publication that offers in-depth analysis of downtown’s primary real estate performance indicators and economic, social and education data.

“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,” said Downtown Fort Worth Inc. researcher Arrie Mitchell.

According to data from the report, downtown hotel occupancy averaged 73.8 percent, with $121.81 revenue per available room. Downtown hotels paid 32.9 percent of Fort Worth’s hotel occupancy taxes in 2018.

Strong occupancy and revenue led to growth in the hospitality market, with 949 rooms under construction or planned.

Findings from the report also indicate a growing demand for downtown living. The downtown residential inventory is growing dramatically. In 2018, 1,078 new units were completed, with an additional 329 units under construction. The new builds will result in a 16.3 percent increase in the number of downtown units.

Retail continues to strengthen with a 97.1 percent occupancy rate. Spending by downtown residents in downtown totaled more than $58 million.

The State of Downtown is produced by Downtown Fort Worth Inc. and Fort Worth Public Improvement Districts No. 1 and No. 14 to help communicate the underlying economic trends shaping the center city.