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#1 DrkLts

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Posted 12 November 2006 - 10:35 PM

From the FW Business Press

Study highlights healthy downtown Fort Worth market
Jenny Eure - November 13, 2006

For the first time, Fort Worth has a comprehensive study of the entire downtown market, on everything from the increasing residential options to the office market and its ever-narrowing vacancies.

“State of Downtown 2005,” a publication of Downtown Fort Worth Inc. (DFWI) and the Downtown Fort Worth Improvement District, details downtown trends and activities in the office, residential, hospitality and retail markets, and also highlights downtown transportation and parking, education, economic development and quality of life.

Approximately 1,500 copies will be delivered in the coming weeks to investors, real estate professionals, city officials and downtown property owners. The data will be available online and updated regularly. The information is in high demand, a result of profound changes to the downtown market which have spurred interest and activity, said Andy Taft, president of DFWI.

When it comes to downtown, almost all markets are increasing, said DFWI’s director of research Nasser Haghighat, who compiled the data for the publication.

“Things are really looking good. The market overall is looking very healthy,” Haghighat said.

According to Moody’s Investors Service, a source in the study, downtown Fort Worth was ranked the strongest central business district office market in the United States in May 2006, with more than 1,500 businesses and 36,000 employees. Accordingly, more than 375,000 square feet of office space was absorbed in 2005 — Class A vacancies were 3.7 percent.

In the expanding residential market, the story is similar.

This year alone, 367 downtown owner-occupied units are scheduled for completion, which will double the existing market. In 2007 and beyond, the inventory of owner-occupied units will multiply, with 914 units scheduled to come online. Average prices settled around $375,000, with some as high as $1.1 million. In the rental segment, which has approximately 1,600 units and 324 more scheduled for 2006, the monthly rates range from just $600 to $4,000. Plans for more than 1,000 units have been announced.

The residential population within a mile of downtown is 4,930. By comparison, downtown Dallas’ is 3,933.

It’s no secret that the opening of the 604-room Omni Hotel has helped the downtown hospitality market. Several renovations are under way, like the former Clarion Hotel’s conversion to an Embassy Suites and the Renaissance Worthington Hotel’s 2005 multimillion dollar renovation. The improvements have resulted in increased hotel revenues. According to DFWI and the Texas Comptroller of Public Accounts, the median hotel revenue generated per room in downtown increased from $59.42 in 2002 to $72.36 in 2005.

All of the activity is causing a surge in retail.

From 2000 to 2005, gross sales at eateries increased more than $10 million to $54.6 million. At downtown convenience stores, gross sales jumped from $2.9 million in 2000 to $10.2 million in 2005, according to the Texas Comptroller of Public Accounts.

The downtown Fort Worth Central Business District retail rental rate towers above those in other Fort Worth and Dallas locations, according to 2006 numbers from CB Richard Ellis Inc. Central Business District tenants paid $25.76 per square foot in 2005; tenants in the Dallas Central Business District paid $15.91 per square foot, and those in southwest Fort Worth paid $11.91 per square foot.

The publication uses detailed graphs, charts and tables to show the underlying trends and forces in the downtown market. It’s a way to bridge the information gap, Taft said.

“[Until now,] we didn’t have the information in a form we could use to tell the whole story,” Taft said.

He added that the study, modeled after similar publications in Philadelphia and Washington, D.C., can be used for business-to-business decisions and as a tool for policy-making.

Haghighat compiled the information from January to June 2006, and said during that time, he received increased phone calls from investors and companies seeking downtown statistics.

“In the beginning, I hardly got any calls. I’m getting three or four calls a week now from companies and investors,” he said. It is interesting, he noted, that most are from out of state.

Haghighat used independent sources for most of the research, and a DFWI-generated survey for the rental apartment market. During the course of the study, the findings were presented to the DFWI board of directors and a panel of advisers who would offer suggestions for the research criteria.

Randy Gideon, chairman of the board of directors for DFWI and co-chairman and CEO of Gideon Toal, said the group’s goal is to track the downtown development instead of relying on anecdotal information.

“There are many people who want to know about investments, or about success downtown,” Gideon said. “If you have quantifiable data, it’s much easier to convince people. It gives a much greater depth of conversation than to say ‘Oh, we’re doing great.’ It’s just a tremendous tool.”






#2 John T Roberts

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Posted 12 November 2006 - 11:10 PM

I received my copy of the report on Friday.

#3 Sam Stone

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Posted 13 November 2006 - 09:01 AM

Is it available on CD-ROM?

#4 renamerusk

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Posted 18 March 2015 - 09:15 AM

 

I'm starting to put a lot more credence in how downtown is planning its developments; that one building could solve the "west of Taylor street" curse, which has limited the viability of establishments.....Almost as if they just picked up and move the corner post of what is considered "downtown."

 

 

David, I don't think one building will solve the "west of Taylor Street" curse, but any new development along and west of the street certainly won't hurt.  Until the old Monnig's Block is developed, there will be a visual connection to Sundance Square, so if the 12th floor restaurant is a place that becomes a "destination", then there is hope that more commercial activity will push westward. 

 

I am surely missing something ---what curse? 



#5 mmmdan

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Posted 18 March 2015 - 10:35 AM

Downtown activity really dies off when you get west of Taylor.  Even on Taylor it's pretty dead.  Just look at all the restaurants that have been in the Tower.  East side of the Tower, they do really well, the west side of the Tower can't seem to make one work.



#6 renamerusk

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Posted 18 March 2015 - 11:29 AM

Downtown activity really dies off when you get west of Taylor.  Even on Taylor it's pretty dead.  Just look at all the restaurants that have been in the Tower.  East side of the Tower, they do really well, the west side of the Tower can't seem to make one work.

 

What expectations are yall looking for?  Growth and expansion to the west is inevitable.

 

I have long theorized that once Sundance exhausted its land holdings downtown that other groups would start development as is being witnessed further down Main Street or Sinclair Boutique Hotel going forward inspite of Sundance's plans to build its own boutique hotel.

 

There has been an unspoken self imposed restraint on the part of non-Bass groups to venture into downtown because of the inordinate influence and power that Sundance sways in downtown and elsewhere. This sentiment has been frequently expressed by several groups based in Dallas when commenting about Fort Worth.

 

What we are hopefully and finally witnessing is the end of the era of restraint.



#7 Austin55

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Posted 18 March 2015 - 12:33 PM

West is the primary way the city (and skyline) can grow and densify.

To the north is obviously the Trinity. The land to the northeast has the Sundance monopoly. To the east and southeast is a limited amount of empty lots before you hit a hard barrier of freeways. To the south is the Lancaster corridor which has been taken over by the plans from the city and the urban planner group it has selected. The core is filling up quickly, so much so that previously unusable buildings are being converted.

The west has no such barriers. The land is mostly empty or surface lots or small buildings without any importance. The Trinity is several blocks away. Its open out there.

#8 RD Milhollin

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Posted 18 March 2015 - 02:08 PM

To the north is obviously the Trinity. 

 

 

Don't forget the large area that will open up north of the downtown if and when the TRV infrastructure gets built. The Near West Side may have a limited amount of time to build in and up before the "new west" north of Town Lake opens up.



#9 John T Roberts

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Posted 04 April 2015 - 09:40 AM

I don't really know where to post this, but the Star-Telegram had an editorial in today's paper about the upcoming building boom.

 

http://www.star-tele...le17362634.html



#10 johnfwd

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Posted 05 April 2015 - 09:07 AM

Obviously building construction will be the state of downtown in the coming years and, along with it, traffic problems.  An acceptable trade-off, but look for all those detours in the future. 



#11 Austin55

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Posted 13 May 2015 - 07:10 PM

The 2014 SoDT has been released. 

 

http://www.dfwi.org/...Downtown-Report

 

I'm digging through it looking for anything interesting lol. 



#12 McHand

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Posted 14 May 2015 - 06:49 PM

The retail occupancy rate and increase in clothing stores are good trends. Downtown is almost a retail destination in its own right, like the good 'ole days.


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#13 johnfwd

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Posted 15 May 2015 - 07:46 AM

I don't shop downtown (with the exception of occasional food purchases at Walgreens).  How do the prices compare with stores outside DT?



#14 McHand

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Posted 17 May 2015 - 08:57 AM

Same prices as stores in University Park Village (Loft, WHBM, Jos A Bank), but smaller stores with no sale sections.

H&M is going to be a game-changer.

 

Edit: Leddy's is through the roof expensive. 


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#15 dangr.dave

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Posted 18 May 2015 - 08:00 AM

I remember, a couple of years ago, seeing a really cool pearl-snap shirt at Leddy's.  I went in and the price was like $900 or something like that, and I make it a point to never pay over $500 for a shirt.  I haven't been in since, though they do have some cool stuff.



#16 johnfwd

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Posted 06 April 2016 - 10:42 AM

The Star-Telegram has a pictorial on new construction projects in downtown.  Highlighted are the almost-finished Pinnacle Place on Lancaster and the site preparation for the XTO parking garage.

 

 

http://www.star-tele...le70252497.html



#17 JBB

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Posted 06 April 2016 - 10:50 AM

I posted this in the interactive map thread. I think this is the first time we've heard "Broadstone 5th and Summit" for the Pier 1 property apartments.

#18 Austin55

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Posted 04 June 2016 - 12:58 PM

The 2015 edition of the SoDT is out. 

 

 

 

http://fortworthtexa...owntown-report/



#19 PeopleAreStrange

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Posted 04 June 2016 - 07:48 PM

Looks like they messed up the "Area Hotel Room Supply" graphic on page 35 (or 37 if you type in the page number).

 

Otherwise, looks good. Always fun to look through.


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#20 rriojas71

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Posted 04 June 2016 - 10:15 PM

The report says over 2500 residential units are planned or under construction... Does anyone know what those may be? I don't know of any downtown projects besides the Lancaster building currently going up and the proposed units in the Frost Tower.

#21 JBB

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Posted 05 June 2016 - 08:25 AM

They're all listed on a page in the report. I'm on my phone so I can't see the page number.

#22 johnfwd

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Posted 09 March 2017 - 07:05 AM

An update on the office occupancy rate and the rent based on per square-footage in this overview of the Fort Worth downtown market, FWBP article below.  What struck me was the reporting of the high opinion people have of the quality of the Frost Bank Tower building design.  The article mentions 25 floors to the tower.  I  thought it was going to top out at 26.  There's discussion about this is another thread.  The article also mentions that downtown promoters are somewhat concerned that the Frost Bank Tower will contribute (along with unfavorable economic factors) to declining office building occupancy rates.  Is the oil price "crash" still with us and is it harming economic growth in DTFW?

 

http://www.fortworth...3068cdd5bb.html



#23 renamerusk

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Posted 09 March 2017 - 07:33 AM

You will find that there is a discussion 3/6/17 about this article and its findings in another thread "Downtown Office Occupancy" :)



#24 JBB

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Posted 09 March 2017 - 09:22 AM

The article mentions 25 floors to the tower.  I  thought it was going to top out at 26.


Here's your post in the Frost thread about the building topping out at 25 instead of 26. http://www.fortworth...ic=5589&p=93474  :smwink:  It was always planned at 25, but a possible tenant wanted to add an extra floor of parking that was eventually deemed unnecessary.



#25 Austin55

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Posted 03 April 2017 - 03:39 PM

DFWI has posted the 2016 State of downtown online. There's nothing particularly exciting in there, but always fun to look through, 

 

Scroll down a bit and look on the right side - http://www.dfwi.org/



#26 Now in Denton

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Posted 03 April 2017 - 07:17 PM

"The east side of the metroplex is getting a lot more office prospects than the west side" Glad to know that Fort Worth chamber is at least seeing this reality. I was beginning to wonder if anyone in Fort Worth, outside this forum even had a clue of the building boom on the "east side of the metroplex "



#27 johnfwd

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Posted 04 April 2017 - 06:11 AM

DFWI has posted the 2016 State of downtown online. There's nothing particularly exciting in there, but always fun to look through, 

 

Scroll down a bit and look on the right side - http://www.dfwi.org/

I did.  Several additional hotels planned for CBD, all in the 10-15-story height range.



#28 Austin55

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Posted 08 June 2017 - 03:08 PM

Bisnow has a short article about the SoDT which sums it up nicely.

 

https://www.bisnow.c...al-report-75139

 

Significant growth in Residential and hotel development, both are nearly doubling their total existing capacities.






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