Downtown Fort Worth, Inc. Releases 2014 "State of Downtown" Report
FORT WORTH, Texas, May 12, 2015 /PRNewswire-USNewswire/ -- Downtown Fort Worth, Inc. has released its 2014 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 95.5% average retail occupancy rate and experienced a 50.5% increase in clothing store sales since 2006. Findings from the report also indicate a growing demand for Downtown housing. Apartment occupancy remained above 94% for the year, while inventory grew by 11.6% with the addition of 262 units. More than 1,314 new rental units are currently planned or under construction.
Downtown Fort Worth is the largest employment center in Tarrant County generating over $2.9 billion in private payroll with more than 46,000 jobs.
"Downtown's 2014 performance in retail, hospitality, multifamily and condominiums continues recent positive trends. High occupancies and increasing prices suggest fertile ground for new development," said DFWI Researcher, Arrie Mitchell.
"Downtown's success is radiating out from the center," said Jack Clark, President at Red Oak Realty and DFWI Chairman. "Activity on the Samuels Avenue corridor, Lancaster, Forest Park and soon on Commerce Street near the convention center is an indication that downtown's market appeal is spreading in all directions as developers capitalize on opportunity in all of downtown's real estate sectors."
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 2014 State of Downtown report, visit www.dfwi.org.
2014 State of Downtown at a glance:
Population and Housing:
- Apartment inventory increased by 11.6%, while price per square foot increased by 2%.
- One hundred condominiums sold in 2014 at a median price of $220,000, an increase of 15.8% over the previous year.
- Downtown has 6,228 residents living in 3,452 units.
Office & Employment:
- 542,612 SF of office space has been added since November 2013, an inventory increase on 10.8%.
- Downtown has 38,044 private employees with a total payroll of $2.9 Billion
Retail:
- Growth year over year:
Accommodation and Food Service Sales increased by 10.3%.
Full Service Restaurant Gross Sales increased by 12.5%
Clothing Store Sales increased by 10.7%
Hospitality:
- Revenue Per Available Room (RevPar) increased by 10.1%
Education:
- The number of students enrolled in downtown has increased by 53% during the past five years.
Transportation:
- Transit use in downtown increased by 7% over 2013.
Tax Collection:
- Over $200,000,000 in property, hotel, and sales taxes paid in Downtown in 2013
About DFWI
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: Andy Taft
(817) 475-1115
Email: [email protected]
Photo - http://photos.prnewswire.com/prnh/20150512/215512
SOURCE Downtown Fort Worth, Inc.
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