FORT WORTH, Texas, April 24, 2019 /PRNewswire/ -- Downtown Fort Worth, Inc. (DFWI) has released its 2018 State of Downtown, an annual publication that offers in-depth analysis of Downtown's primary real estate performance indicators and economic, social and education data.
According to report data, Downtown hotel occupancy averaged 73.8% - well above the national average of 66.2%. Strong occupancy and revenue led to growth in the hospitality market with the addition of 539 rooms since 2017, and an additional 949 planned or under construction.
Findings from the report also indicate a growing demand for Downtown living. Apartment occupancy in established Downtown communities remained above 96% for the year. An additional 1,078 new units were added in 2018. Investment in Downtown housing remains strong, with 2,018 residential units planned or under construction - a 46.1% increase in Downtown housing inventory.
The office occupancy rate in Downtown decreased by 1.9% in 2018, indicating a need for a robust push to promote Downtown as a competitive North Texas office choice. New city incentives, along with Fort Worth Chamber of Commerce and DFWI efforts are aligned to do this.
"With increased home values and high occupancy rates in apartments, it is not surprising to see so many projects in the pipeline. The impact of this development is significant to our taxing jurisdictions. The projects completed in 2018 added $207 million to Downtown's taxable property value," said DFWI Researcher, Arrie Mitchell.
"The growth in the hospitality market has been just as impressive as the housing market," said Rick Baumeister, Fort Worth Managing Principal at CLA and 2018 DFWI Chairman. "Since 2017, Downtown has added 539 rooms, with another 410 rooms under construction. Even with this growth, Downtown's hotel occupancy and revenue remained historically high, further proof of Downtown's attractiveness as a destination."
The State of Downtown is produced by 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 2018 State of Downtown report, visit http://www.dfwi.org/research.
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
SOURCE Downtown Fort Worth, Inc.