Downtown Fort Worth Registers High Marks Ended for 2014
- May 14, 2015
Each year, Downtown Fort Worth Inc., a non-profit membership organization, and the Fort Worth Public Improvement District #1 release the State of Downtown report, a publication that covers the economic, social, education and real estate performance of the Downtown Fort Worth submarket.
In 2014, the submarket performed well across all sectors, according to the report. The multifamily market registered an 11.6 percent increase in inventory, a vacancy rate of 4.4 percent, an average rent of $1,688 and an average year-end sale price of $220,000 (MLS).
The office market also experienced growth. In the year ending in November 2014, almost 543,000 square feet of office space was added to the submarket, a 10.8 percent increase in inventory. The occupancy rate rose to 86.4 percent, a 180-basis-point year-over-year rise. Significant projects that came online last year included One City Place at 300 Throckmorton; The Westbrook at 425 Houston; The Cassidy at 420 Commerce; and the Cassidy at 407 Throckmorton.
“Downtown’s success is radiating out from the center,” said Jack Clark, president of Red Oak Realty & Dallas Fort Worth Inc. “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.”