FORT WORTH, Texas, May 13, 2016 /PRNewswire-USNewswire/ -- 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 a 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.
2015 State of Downtown at a glance:
Population and Housing:
- Downtown's population has increased by 112.7% since 2000.
- 18.2% increase in average apartment rent since 2006.
- One hundred condominiums sold in 2015 at a median price of $255,000, an increase of 15.9% over the previous year.
- 2,532 residential units are planned or under construction. This represents a 73% increase in the downtown apartment inventory.
Office & Employment:
- Downtown has over 48,150 employees with a total payroll of more than $3 Billion.
- 542,612 SF of office space has been added since 2013, and additional 258,900 SF is currently under construction.
- Average retail occupancy of 91.9% since 2006.
- 85.9% growth in clothing store sales since 2006.
- Growth year over year:
- Real Estate, Leasing and Rental Sales increased by 34.2%.
- Retail Trade increased by 64.6%
- Clothing Store Sales increased by 28.6%
- Growth year over year:
- 670,000+ room nights sold in 2015.
- $106+ million in Downtown hotel revenue in 2015.
- Transit use in downtown increased by 55.4% since 2006.
- Over $130,000,000 in sales taxes paid in Downtown in 2014, an increase of 13% over 2013.
- Over $62,000,000 in property taxes paid in Downtown in 2015.
Downtown Fort Worth, Inc. is a 501(c)(6) non-profit membership organization dedicated to transforming Downtown into a vibrant place to live, work, visit, shop and play through leadership, programs, projects and partnerships. www.dfwi.org
Contact: Arrie Mitchell
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/dfwis-2015-state-of-downtown-captures-remarkable-growth-300268390.html
SOURCE Downtown Fort Worth, Inc.