FORT WORTH, TX - Downtown Fort Worth, Inc. has released its 2015 State of Downtown Report, a yearly publication that offers in-depth analysis of Downtown's primary real estate performance indicators and economic, social and education data.
According to data from the report, Downtown has maintained a 91.9% average retail occupancy rate and experienced an 89.9% increase in clothing store sales since 2006. Findings from the report also indicate a growing demand for Downtown housing. Apartment occupancy remained above 96.5% for the year. Investment in Downtown housing is expanding, currently 2,532 residential units are planned or under construction which is a 73% increase in downtown housing inventory.
Downtown Fort Worth is the largest employment center in Tarrant County, generating over $3 billion in payroll with more than 48,150 total jobs.
"The State of Downtown in 2014 illustrated that performance in retail, hospitality, multifamily and condominiums continued positive trends. High occupancies and increasing prices suggested fertile ground for new development and we saw that development take root in 2015," said DFWI Researcher, Arrie Mitchell.
"Demand for downtown real estate is expanding in all sectors," said Jack Clark, President at Red Oak Realty and DFWI Chairman. "In the pipeline we have 14 residential developments, 3 hotel developments, 56,000 square feet of new retail and a 25 story tower bringing 304,000 square feet of office and retail space. It's an exciting time to be a part of Downtown."
The State of Downtown is produced by Downtown Fort Worth, Inc. (DFWI) and Fort Worth Public Improvement District #1 (PID) to help communicate the underlying economic trends shaping our center city. The data is compiled throughout the year by Arrie Mitchell, DFWI's Director of Research.
To download the 2015 State of Downtown report, visit www.dfwi.org