Downtown Fort Worth 2018 State of Downtown

STATE of DOWNTOWN 2018

Foreword Welcome to our fourteenth edition of the State of Downtown report. This publication is produced by Downtown Fort Worth, Inc. (DFWI) and Fort Worth Improvement Districts (PID), #1 and #14 to communicate the underlying economic trends shaping our center city.

Downtown Fort Worth continued its outstanding momentum in 2018. Office rental and occupancy rates compare favorably with other North Texas Submarkets while hospitality measures were among the strongest in the country.

Retail remained strong and residential sales and leasing activity reached new highs.

The State of Downtown is your window into the economic forces shaping our center city.

The data presented in the State of Downtown is compiled throughout the year by DFWI’s Director of Research. In addition, quarterly and monthly updates for certain market segments are available upon request and at www.dfwi.org.

Your thoughts on how to improve this publication are welcome, and we encourage you to share your insights with us.

Arrie Mitchell Director of Research Arrie@dfwi.org

On behalf of Downtown Fort Worth, Inc. and Fort Worth Improvement Districts #1 and #14, thank you for your interest in Downtown.

Rick Baumeister Chairman of the Board Downtown Fort Worth, Inc.

Larry Auth Chairman Fort Worth Improvement District #1 (PID)

Table of Contents Year in Review .................................................... 2

Quality of Life ...................................................46

Office and Employment ...................................10

Education...........................................................50

Population and Housing ..................................18

Transportation ..................................................52

Hospitality .........................................................34

PID Advisory Board .........................................58

Retail ................................................................. 40

Cover Photo: TEXRail at Fort Worth Central Station

ABOUT US DFWI’s Mission The mission of Downtown Fort Worth, Inc., is to be the catalyst for transforming Downtown into a vibrant place to live, visit, enjoy and conduct business through aggressive leadership of programs, projects and partnerships.

TIF PID #1 PID#14

Who We Are Formed in 1981, DFWI is Downtown Fort Worth’s planning, advocacy, public space and project management organization. DFWI also builds Downtown Fort Worth’s vitality by serving as a liaison, ombudsman and information source for property owners, residents, business owners, lenders, developers, community organizations and policy-makers.

What We Do DFWI is a 501(c)(6) nonprofit membership organization. In addition to coordinating the Downtown planning process, advocacy, member services, communications and Downtown leadership, DFWI members founded the first Public Improvement District (PID) in the state of Texas in 1986. DFWI continues to manage PID #1 and also manages PID #14. These PIDs provide enhanced services to property owners including maintenance and landscaping, public space management, promotions and marketing, research, transportation, planning and security enhancements to 564 acres of Downtown.

DFWI also administers the Downtown Tax Increment Finance District (TIF) by contract with the City of Fort Worth. Eligible TIF projects include parking, infrastructure assistance to new developments, historic preservation, affordable housing, transportation and education.

DFWI staffs the Downtown Neighborhood Alliance, an organization of Downtown residents that promotes, preserves, encourages and enhances residential quality of life in Downtown Fort Worth.

Downtown Fort Worth Initiatives, Inc. (DFWII) is a 501(c)(3) nonprofit corporation that provides a pathway for foundation grants, philanthropic donations and other contributions to help fund charitable, educational and public-purpose Downtown projects. Each year DFWII helps to bring more than 500,000 people to Downtown by producing the MAIN ST. Fort Worth Arts Festival and the GM Financial Parade of Lights.

DFWII also developed the JFK Tribute in Fort Worth, redeveloped Burnett Park and is currently administering the Heritage Park restoration design. DFWII is a partner with Fort Worth Housing Solutions in the 172-unit, mixed-income Hillside Apartment community.

STATE OF DOWNTOWN FORT WORTH 2018

1

Year in Review

DOWNTOWN BY THE NUMBERS 2,752 acres 4.3 square miles

1,571

Downtown businesses

36,397 private employees

45,245

Downtown employees (all jobs)

$82,635

average private payroll per employee

$3 BILLION private payroll in 2016

13.8 MILLION square feet of office space

3,051 hotel rooms

7,783

Downtown residents

4,323

residential units

At $3,007,652,000 Downtown generates a larger payroll than any other employment center in the county, contributing

18.7 times

its geographic weight in private payroll

$3.8 Billion

appraised value of property in Downtown Fort Worth in 2018

$88.5 Billion appraised value of property in the City of Fort Worth in 2018 $228.1 Billion appraised value of property in Tarrant County in 2018 $19.4 Million

in hotel taxes paid in Downtown 2018

$63 Million

in property taxes paid in Downtown in 2018

$2,407,000,000

in total taxes paid Downtown 1992–2018 Sources: City of Fort Worth, Downtown Fort Worth, Inc., Tarrant County, U.S. Census Bureau, State of Texas

2

STATE OF DOWNTOWN FORT WORTH 2018

Big Picture:

Downtown Fort Worth is a 4.3-square-mile, high-performing North Texas submarket.

With over 45,000 employees, Downtown Fort Worth is the largest employment center in Tarrant County.

Private payroll generated in Downtown exceeds $3 billion per year, the highest among employment centers in the county.

Tr ini ty

Ri

ve r

The labor force in Fort Worth grew by 30.2% from December 2009 to December 2018. This growth rate is 4.4 times faster than the national labor force, which grew at 6.9%. Fort Worth grew 1.9 times faster than Texas at 15.8%. Over this same period, Fort Worth added 112,863 jobs, increasing its employment by 36.8%. During the same period, Texas increased its employment by 21.5%, while national employment increased by 13.7%.

The Fort Worth-Arlington metro area’s annual employment growth rate from December 2017 to December 2018 was 3.3% compared to 1.9% for the nation. The unemployment rate for the City of Fort Worth was 3.4% in December 2018, lower than the national rate of 3.9%.

Downtown is bordered by I-30, I-35 and the Trinity River.

The Dallas-Fort Worth-Arlington metropolitan area’s population grew from 5,161,544 in 2000 to 7,104,415 in 2016. 15.5% of this regional growth is attributed to Fort Worth.

Population:

From 2000 to 2016, 30.2% of regional population growth (for cities with more than 100,000) occurred in Fort Worth. Dallas contributed 11.2%.

Source: U.S. Census Bureau

Contribution of Fort Worth to Regional Growth Richardson 2%

Arlington 6% Carrollton 2% Dallas 11% Denton 5%

Plano 6% Mesquite 2% McKinney 11%

30 %

Irving 5%

th

Grand Prairie 6%

Frisco 12%

or

Garland 2%

t For

W

Source: U.S. Census Bureau 2016

Employment: Employment in Fort Worth grew by 36.8% from December 2009 to December 2018. In Dallas it grew by 25.6%.

Source: Texas Workforce Commission

Job Growth From December 2009 to December 2018 160,000 140,000

138,216

120,000

112,864

100,000 80,000 60,000 0

Dallas

Fort Worth STATE OF DOWNTOWN FORT WORTH 2018

3

Year in Review

Office: Occupancy of Class A office space in Downtown Fort Worth in 4Q 2018 was 81.4%.

Leasing Activity, Share of Market

In 2018, 259,000 sq/ft of Class A office space was added to the market in the 25-story Frost Tower.

While negative absorption in 2018 includes the new Frost Tower, office performance in recent years indicates the need for a more robust Fort Worth push to promote itself as a competitive North Texas office choice. New city incentives, Chamber and DFWI efforts are aligned to do this.

All Office Space Occupancy 4Q 2018

SPACE (SF)

2017

2018

<4,000

68%

70%

4,001â&#x20AC;&#x201C;10,000

22%

18%

>10,001

10%

12%

Source: CoStar

Class A Office Space Occupancy 4Q 2018

Retail Space Occupancy 4Q 2018

100% 95.7% 90%

91.1%

90.0%

88.7%

88.1%

95.6%

96.8%

88.7% 81.4%

80%

Source: CoStar

70%

60%

4

STATE OF DOWNTOWN FORT WORTH 2018

h

Do Fo wnto rt Wo wn rth

Wo rt Fo rt

US A

Do Fo wnto rt Wo wn rth

h Wo rt Fo rt

US A

Do Fo wnto rt Wo wn rth

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US A

50%

Unemployment Rate in 2018 Fort Worth

4.2%

USA

Dallas

4.1%

4.1%

4.0% 4.0%

3.9%

3.9%

4.0% 4.0% 3.9%

3.9%

3.9%

3.8%

3.8%

3.8% 3.8%

3.8% 3.8%

3.8%

3.8%

3.8% 3.7%

3.7%

3.8%

3.6%

3.7%

3.6%

3.5% 3.5% 3.5%

3.5%

3.4%

3.4%

3.5%

3.4% 3.3%

3.3%

3.2%

3.4%

3.3%

D

ec -1 8

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O ct -1 8

Se p18

-1 8 A ug

8 l-1 Ju

n18 Ju

M

ay -1 8

-1 8 pr A

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Fe b18

3.0%

Ja n18

Source: Texas Workforce Commission

3.9%

3.9%

Source: Texas Workforce Commission

Employment Growth December 2018 Over December 2017 3.5% 3.0%

2.9%

2.8%

2.5% 1.9%

2.0% 1.5% 1.0% 0.5% 0.0% Dallas

Fort Worth

USA

Unemployment Rate Among 20 Largest U.S. Cities December 2018 10.0%

6.0% 4.9% 4.0% 3.5% 3.9%

4.0% 2.5% 2.3% 2.0%

3.4%

4.6% 3.4% 3.8% 3.3% 3.2%

4.9% 4.0% 4.0%

4.5% 3.1% 3.1% 2.2%

2.5%

0.0%

Au sti n Bo sto n Ch arl ott e Ch ica go Co lum bu s Da lla s De tro Fo it rt Wo r th Ho us ton Ind ian ap oli Ja s ck so nv Lo s A ille ng ele s Me mp Ne his w Yo rk Cit Ph y ila de lph ia Ph oe Sa nix nA nto nio Sa nD ieg Sa o nF ran cis co Sa nJ os e

Source: U.S. Bureau of Labor Statistics

8.0%

STATE OF DOWNTOWN FORT WORTH 2018

5

Year in Review

Residential: Development remained strong in Downtown with 1,061 units added and an additional 329 units under construction by December of 2018. Alexan Summit, a 373-unit apartment community; Broadstone 5th and Summit, a 345-unit apartment community adjacent to the Pier One Building; and The Kelley at Samuels Avenue, a 380-unit apartment community, all completed construction in 2018. Currently under construction is 311 Nichols, a 55-unit apartment community nearing completion, and Rocklyn, a 274-unit apartment community on Samuels Avenue which broke ground in 2018. Several new projects are expected to break ground in 2019; at time of publication, there are 1,689 units in seven projects at some stage of the planning process.

The multifamily average rent in Downtown has increased by 17.1% since 2015, to $1.85 per square foot.

Apartment occupancy averaged 96.7% in 2018.

Demand for condominiums and townhomes remained high in 2018. 93 owner-occupied units sold in 2018 through MLS, while prices continued to increase. Through the fourth quarter of 2018, the average price per square foot for a Downtown residential unit sold through the MLS system was $268, a 35.4% increase since 2014.

$400,000

Median

$341,872

$350,000 $300,000

$326,421 $295,974

$250,542

$250,000 $200,000

$365,799

Average

$252,450

$262,750

$258,000

2015

2016

2017

$275,000

$219,000

$150,000 2014

2018

Average Apartment Rental Rates and Average Occupancy Rates Average Occupancy

$1,850 96.5%

97.0% $1,804

$1,750

$1,831

97.0% 96.7%

$1,700

94.0%

$1,608

93.0%

$1,550

92.0%

$1,500 $1,450

91.0%

$1,400

90.0% 2015

6

96.0% 95.0%

$1,682

$1,650 $1,600

98.0%

2016

STATE OF DOWNTOWN FORT WORTH 2018

2017

2018

Source: Downtown Fort Worth, Inc.

$1,800

96.9%

Average Rental Rates

Sources: National Association of Realtors and North Texas Real Estate Information System, Inc.

Price of Condos and Townhomes Sold by Year

Hospitality: Downtown Fort Worth

hotels have consistently outperformed the national market and other large markets in the Dallas-Fort Worth metropolitan area. As a result, a new wave of hotel development is occurring in Downtown. In 2017, two projects added 359 rooms. In 2018, Aloft Downtown Fort Worth remodeled six floors of One City Place tower into a 180 - room hotel. The Marriott Autograph is remodeling the Sinclair Building into a 164-room hotel and the AC Hotel broke ground on a 16-story, 246-room hotel on Main Street These projects, combined with three other hotel projects currently in the planning process; are poised to bring an additional 1,308 rooms to Downtown.

The occupancy rate in 2018 was 73.8%, higher than the national average of 66.2%. Revenue per available room

Hotels in Downtown Fort Worth generate 32.9% of all annual hotel occupancy taxes in the city.

(RevPAR) was $121.81, significantly above the national average of $85.96.

Hotel occupancy taxes paid in Downtown averaged $4,846,784 per quarter in 2018.

While 20% of all Fort Worth hotel rooms are located Downtown, 32.9% of all Fort Worth hotel occupancy taxes were paid in Downtown.

Omni Fort Worth Hotel

Hotel Occupancy Taxes Paid Downtown Fort Worth by Quarter Millions

Source: Texas Comptroller of Public Accounts

$6.0 $5.2

$5.5 $5.0 $4.5 $4.0

$4.2

$4.5

$4.4 $4.0

$3.8

$3.8

$4.0 $3.7

$3.8

$4.6

$4.5 $4.1

$4.0 $4.0 $3.6

$5.1 $4.6

$4.3

$3.7

$3.5 $3.0 $2.5 $2.0 $1.5 $1.0 $0 1Q 14 2Q 14 3Q 14 4Q 14

1Q 15 2Q 15 3Q 15 4Q 15 1Q 16 2Q 16 3Q 16 4Q 16 1Q 17

2Q 17 3Q 17 4Q 17 1Q 18 2Q 18 3Q 18 4Q 18

STATE OF DOWNTOWN FORT WORTH 2018

7

Year in Review

Retail: The Downtown retail market continues to tighten. With strong year-over-year growth, Downtown continues to attract national and local retailers and restaurants.

Retail occupancies maintained a robust rate of 96.8% in existing space. The average rent per square foot for retail space in

Downtown was $22.68.

Retail Occupancy Rate Downtown Fort Worth

96.8%

4Q 2016

4Q 2017

95.7%

95.5%

95.3%

96.4% 94.3%

94.1%

95.2% 95.3% 95.1%

94%

93.3%

95%

93.9%

95.5%

97% 96%

96.9%

98%

USA

95.7%

DFW

Source: CoStar

93% 92% 91% 90%

4Q 2014

4Q 2015

4Q 2018

Sundance Square Retail

Cumulative Value of Building Permits Downtown Fort Worth 2002 – 2018 Millions

$2,500 $2,193 $1,952

$2,000 $1,566 $1,500

$1,000

$956

$1,064

$1,171

$1,223

$1,374

$2,032

$1,672

$1,446

Annual Permits Millions $280 $300 $250

Source: City of Fort Worth

$200

8

$161

$150

$500

$100

$80

$50 $0

$0

2002-08 2009

2010

STATE OF DOWNTOWN FORT WORTH 2018

2011

2012

2013

2014

2015

2016

2016

2017

2017

2018

2018

$521 Million

in New Construction Permits from 2016â&#x20AC;&#x201C;2018

STATE OF DOWNTOWN FORT WORTH 2018

9

Office and Employment

COMPANIES GET MORE IN DOWNTOWN. Bank of America, Chase, Frost Bank, Pier 1, Alcon, GM Financial, Morningstar, TPG Capital, Cash America – the list of companies with a presence in Downtown goes on and on. Companies get more than just their office space when they locate in Downtown. With easy access to a large workforce and a presence in one of America’s fastest-growing cities, companies get a location that is a magnet for talent. From scores of restaurants and stores within easy walking distance to hotels, conference facilities and mass transit, Downtown is the MetroplexWest’s leader in office-related amenities.

5-year growth in Class A office space inventory: 10.8%

Downtown has 50 square feet of retail space for every 1,000 square feet of office space *Source: CoStar

10

STATE OF DOWNTOWN FORT WORTH 2018

777 Main

45,245 jobs in Downtown 1,571 private businesses $3 BILLION in private payroll

3,051 hotel rooms 253,326 sq. ft.

convention center

5,807,305 square feet of Class A office space Class A Office Buildings Burnett Plaza

1,024,627

777 Main

954,895

Bank of America Tower

820,509

Wells Fargo Tower

716,533

Pier One Imports Building

460,000

Two City Place

330,000

The Carnegie

280,000

Frost Tower Fort Worth

259,000

One City Place

231,365

Chase Bank Building

202,123

Cash America

135,293

Cantey Hanger

86,300

The Westbrook

80,607

The Cassidy

66,940

Commerce Building

66,000

100 Lexington Building

63,113

The Tower

30,000

Source: CoStar

Chase Bank Building

Office Inventory and Occupancy Rate Downtown Fort Worth Million

Inventory

square feet 14

13.87 13.82

13.8 13.6

13.69

13.61

88.6%

13.66

13.66

88.5% 89.9%

13.82 90.6%

89.0%

91.5%

90%

90.1%

86.1%

85%

13.2

13

100% 95%

13.76

13.75

88.5%

13.4 Source: CoStar

Occupancy

80%

2010

2011

2012

2013

2014

2015

2016

2017

2018

75%

STATE OF DOWNTOWN FORT WORTH 2018

11

Office Occupancy Rate Fourth Quarter 2018

USA 78.5% 88.7% 91.1%

77.1%

77.3%

90.1% 90.3%

90.6% 90.6%

Fort Worth CBD

80.5% 91.5% 89.0%

80%

74.5% 86.1% 87.8%

60%

40%

Source: CoStar

Office and Employment

100%

88.8% 89.0% 88.5%

Dallas CBD

20%

0%

2013

2014

2016

2015

2017

2018

Class A Office Occupancy Rates Downtown Fort Worth 100%

95%

90% 88.5%

89.5%

88.9%

88.0% 86.4%

88.6% 84.4%

85%

85.5%

84.1%

84.3% 81.4% Source: CoStar

80%

75%

70%

2008 2009 2010

2011

2012

2013

2014 2015

2016

2017

2018

Net Absorption of Office Space -225

2018

-185

2017

669 -32

-246

-643

200

2015

234

2014 2013

-51

-271 -700

STATE OF DOWNTOWN FORT WORTH 2018

Downtown Fort Worth Downtown Dallas

15

-496

2011

12

1,119

-220

-621

2012

-1,200

422

Source: CoStar

2016

Frost Tower

-200

0 Thousand Square Feet

300

800

1,300

Metro Area Office Vacancy Rates Downtown Fort Worth

Downtown Dallas

Dallas Central Expressway

Dallas Stemmons Freeway

50% 40% 23.0% 21.9%

30% 20% 10%

Source: CoStar – Fourth quarter 2018

0%

11.0%

8.5% 9.9% 9.4%

22.0%

22.7%

21.2% 19.3% 11.3%

22.9%

9.8% 10.6%

21.5% 14.4% 13.2%

2014 2015 2016 2017 2018

2014 2015 2016 2017 2018

Dallas LBJ Expressway

22.0% 11.7%

2014 2015 2016 2017 2018

North Irving

21.2%

2014 2015 2016 2017 2018

West Plano

Dallas Uptown

50% 40% 30% 20% 10% 0%

24.2% 24.7%

17.5%

23.9%21.4% 18.8%

19.1%

16.5%

21.8% 22.4%

19.4%

14.5%

13.6% 2014 2015 2016 2017 2018

20.3%

13.3%

11.0%

10.1% 9.8%

15.2%

10.5%

2014 2015 2016 2017 2018

2014 2015 2016 2017 2018

2014 2015 2016 2017 2018

Metro Area Class A Office Vacancy Rates Downtown Fort Worth

Downtown Dallas

Dallas Central Expressway

Dallas Stemmons Freeway

50% 40% 30% 18.6% 20% 15.6% 12.0%13.6%15.9%

27.4%

21.6%

26.7%

23.4%

24.9%

10%

12.8%

19.0%

14.3%

12.5%

0% 2014 2015 2016 2017 2018 Source: CoStar – Fourth quarter 2018

19.1%

17.8%

2014 2015 2016 2017 2018

Dallas LBJ Expressway

2014 2015 2016 2017 2018

North Irving

West Plano

22.6%

17.3% 19.4%

17.2%

2014 2015 2016 2017 2018

Dallas Uptown

50% 40% 30% 23.7%26.6% 20% 10% 0%

22.2%

24.9%

21.5%

12.8% 13.0%

2014 2015 2016 2017 2018

19.5%

15.6% 15.9%

2014 2015 2016 2017 2018

21.8% 16.4% 20.9%

25.6% 25.3%

2014 2015 2016 2017 2018

10.0%9.8% 10.7% 9.9%

15.3%

2014 2015 2016 2017 2018

STATE OF DOWNTOWN FORT WORTH 2018

13

Metro Area Class A Office Rental Rates ($/SF) Downtown Dallas

Dallas Central Expressway

Dallas Stemmons Freeway

40% $28.66

30%

$29.40

$26.04

$26.26

$23.36

10%

$28.50

$27.13

$25.72

$30.83

$28.16

$24.86

$30.22

$28.55

20% $28.74

$24.96

$18.43 $18.61

0%

2014 2015 2016 2017 2018

2014 2015 2016 2017 2018

Dallas LBJ Expressway

2014 2015 2016 2017 2018

North Irving

$16.48

30%

West Plano

Dallas Uptown

$32.53 $24.67 $22.03

20%

$25.79

10% 0%

$26.69 $25.55

$26.72

2014 2015 2016 2017 2018

$40.28 $33.07

$32.42

$29.72

$41.67

$39.91

$35.69

$32.03

$25.43

$27.63

$25.63

$18.82

2014 2015 2016 2017 2018

50% 40%

$18.68

$37.80

$25.69

2014 2015 2016 2017 2018

2014 2015 2016 2017 2018

Source: CoStar – Fourth quarter 2018

Office and Employment

Downtown Fort Worth 50%

2014 2015 2016 2017 2018

Metro Area Class B Office Rental Rates ($/SF) Downtown Fort Worth

Downtown Dallas

Dallas Central Expressway

Dallas Stemmons Freeway

50% 40%

20% 10% 0%

$19.90 $21.28

$22.36

$20.92

$22.38

2014 2015 2016 2017 2018

$19.84

$21.26 $22.74

$19.09

$20.36 $20.87

2014 2015 2016 2017 2018

Dallas LBJ Expressway

$25.16

$23.28

$19.71

$26.63

$15.65

$13.87 $14.89

2014 2015 2016 2017 2018

North Irving

$16.12

$16.10

2014 2015 2016 2017 2018

West Plano

Dallas Uptown

50% 40% 30% 20%

10% $16.81 0%

14

$19.11

$17.39 $18.01

$18.84

$20.16

$19.42

2014 2015 2016 2017 2018

$20.65

$19.46

$21.09

2014 2015 2016 2017 2018

STATE OF DOWNTOWN FORT WORTH 2018

$23.42 $22.72

$26.22

$23.67

$30.06 $31.49

$32.69

$31.62

$32.01

$26.14

2014 2015 2016 2017 2018

2014 2015 2016 2017 2018

Source: CoStar – Fourth quarter 2018

30%

Average Office Rental Rates Downtown Fort Worth

$35

Class A

Class B

$30 $29.22 $28.52

Source: CoStar

$25

$20

$15

$25.92

$26.80

$28.66

$18.29

$19.05

2009

2010

2011

$30.22

$22.36

$22.38

2017

2018

$27.52

$20.86 $18.08

$29.40 $28.55

$24.96

$20.14

2008

$28.74

$21.28

2012

2013

$20.92 $19.90

$19.60

2014

2015

2016

Downtown, the Near Southside and the West Side combined generate $6,168,767,000 in annual payroll. Downtown Fort Worth has the highest number of employees and generates the largest payroll among all the employment centers in the county.

Average Payroll Per Employee in Private Sector PRIVATE-SECTOR EMPLOYEES

PAYROLL

PAYROLL PER EMPLOYEE

76102 (Downtown)

36,397

$3,007,652,000

$82,635

76104 (Near Southside)

29,822

$1,949,685,000

$65,377

76107 (West Side)

26,657

$1,211,430,000

$45,445

Source: U.S. Census Bureau 2016

ZIP CODE (SUBMARKET)

$90,000

$82,635

$65,377

$60,000

$45,445

$30,000

$0

Downtown

Near Southside

Cultural District

STATE OF DOWNTOWN FORT WORTH 2018

15

Class A

Class B $20.87

Downtown Dallas

$25.72 $26.63

Dallas Central Expressway $19.42

Dallas LBJ

$30.83

$25.55 $28.56

Dallas Preston Center $16.12

Dallas Stemmons Freeway

$39.41

$18.82 $31.62

Dallas Uptown Alliance

$20.59 $22.38

Downtown Fort Worth

$30.22

$24.01

Fort Worth Southwest North Irving/Las Colinas

$19.46

Mid-Cities

$19.00 $19.87

$28.14

$25.43

$26.14

West Plano $0

$5

$10

$15

$41.67

$26.85

Source: CoStar

Office and Employment

Average Class A and B Office Rent, 4Q 2018 Dallas/Fort Worth MSA ($/SF)

$20

$25

$33.07

$30

$35

$40

$45

6% USA

Dallas

Fort Worth

5% 4.1% 4%

3.8% 3.8%

3%

16

Jan-18

4.1%

4.0%

3.9% 3.8%

3.9%

3.9%

4.0%

3.8% 3.5% 3.5%

Feb-18

3.8%

Mar-18

STATE OF DOWNTOWN FORT WORTH 2018

Apr-18

3.5% 3.5% May-18

3.9% 3.9%

Jun-18

3.9% 3.8% 3.8% Jul-18

3.8% 3.7% 3.7% Aug-18

3.7% 3.6% 3.5% Sep-18

3.9%

3.8%

3.7%

3.4%

3.3%

3.3% Oct-18

Nov-18

3.4%

3.3% 3.4% Dec-18

Source: Texas Workforce Commission

Unemployment Rates in 2018

National Regional Office Statistics 4Q 2018 AVERAGE ASKING RENT

OVERALL VACANCY RATE

Atlanta

$24.94

11.3%

Austin

$34.45

7.7%

Boston

$23.28

7.6%

Chicago

$24.79

11.9%

Dallas/Fort Worth

$25.61

14.6%

Denver

$26.95

9.4%

Houston

$28.56

16.5%

Los Angeles

$36.74

9.9%

New York

$62.00

7.9%

Philadelphia

$23.10

7.8%

Phoenix

$25.61

12.6%

Seattle

$32.63

6.1%

Washington, DC

$25.90

12.8%

Source: CoStar

Total private employees: 36,397 Business Profile â&#x20AC;&#x201C; Number of Businesses Per Category

Total number of businesses: 1,571

Downtown Fort Worth

93

Accommodation and Food Services

Annual payroll: $3,007,652,000

81

Administrative and Support 23

Arts, Entertainment and Recreation

37

Construction 8

Education Services

252

Finance and Insurance 92

Health Care Industries Not Classified 5 55

Information

115

Management of Companies 26

Manufacturing

81

Mining

87

Source: U.S. Census Bureau 2016

Other Services

392

Professional, Scientific and Technical Services 100

Real Estate 54

Retail Trade 28

Transportation 5

Utilities

37

Wholesale Trade 0

50

100

150

200

250

300

350

400

STATE OF DOWNTOWN FORT WORTH 2018

17

Population and Housing

LIVING THE DOWNTOWN LIFESTYLE.

Loop in Burnett Park

The Downtown residential inventory is growing dramatically. In 2018, 1,078 new units were completed, with an additional 329 units under construction. This new product will result in a

16.3% increase in the

number of Downtown units. A testimony to the appeal of Downtown as a place to live: only 14.8% of Downtown residents list Downtown as their workplace.

36.7% of Downtown residents report

that they live Downtown because of the lifestyle.

Work 14.8%

School 2.2%

Convenience 12.0% Community 3.4%

18

STATE OF DOWNTOWN FORT WORTH 2018

le

36

.7 %

Location 30.9%

L i fe s

ty

Lifestyle was selected as the primary reason for living Downtown by 44.9% of condo/ townhome owners and 28.6% of apartment renters.

Source: Downtown Fort Worth, Inc., Survey December 2017

Reason for Living Downtown

Downtown has

$275,000 median sale

maintained a 95.8% price of Downtown average apartment condos/townhomes 82% of Downtown occupancy since 2011,

purchased in 2018

while increasing 19.6% increase in inventory by 77.4%

939

average apartment rent since 2010 - $1,531/2010 to $1,831/2018

condo/townhomes units

3,984 $2Million: top Downtown condo

apartment units

9,684

people live

sale in 2018

residents have a bachelor's degree or higher Downtown residents spend on average $58 million a year in Downtown restaurants, bars and retail

Downtown added 1,078

residential units in three projects in 2018

18.2% of the 2018 condo sales in Fort Worth were located in Downtown

2,018 residential rental units planned or under Density of 3,026 residents per construction will increase square mile in Downtown 82.7% of Downtown condo the Downtown housing (1,538 housing units/sq mile) owners have income greater stock by 41%

in Downtown

City of Fort Worth density of 2,503 residents per square mile (942 housing units/sq mile)

than $100,000

Downtown residents' median income is 53% greater than national median income

Neighborhood Safety Downtown Fort Worth

Source: Downtown Fort Worth, Inc., Survey December 2017

Unsafe 4.0% Very unsafe 0.6%

Very Safe

Safe

65.8%

29.7%

Residents perceive Downtown as safe.

•9 5.4% of residents rated their neighborhood as safe or very safe.

• 98.8% of residents feel safe or very safe walking in Downtown during the day.

•8 6.2% of residents feel safe or very safe walking in Downtown after dark.

STATE OF DOWNTOWN FORT WORTH 2018

19

Population and Housing

Residential – For Sale Housing affordability is one of Fort Worth’s competitive advantages. In 2017, the median value of a home in Fort Worth was $169,400, compared to $332,700 in Austin and $190,600 in Dallas. The median home value in the U.S. was $217,000. (U.S. Census 2017) Currently, there are 939 owner-occupied condominiums and townhomes Downtown. The median sale price of a home in Downtown Fort Worth was $275,000 in 2018.

Residential – For Rent The rental market remained at historically high occupancy. Currently, there are 3,984 units in Downtown with monthly rents ranging from $1,120 to $7,800 (4Q 2018). The occupancy rate of rental units in Downtown has stayed above 94% since 2010. Although 1,078 units became available in 2018 (a 37.1% increase), occupancy in established apartment communities remained above 96% and finished the year at 96.7%.

During the national recession that lasted from December 2007 through June 2009, apartment occupancy in Downtown did not decline below 92% in any quarter, despite hefty additions to the inventory.

Top 10 State Population Gain

April 1, 2010, through July 1, 2017 Texas

3,158,496

California

2,282,135

Florida

2,179,806

Georgia North Carolina

Source: U.S. Census Bureau

740,689 737,698 681,198

Washington Arizona

623,961 577,829

Colorado Virginia

471,289 468,977

New York 0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

Fastest-Growing Metropolitan Areas

Population Added April 1, 2010, through July 1, 2017 973,431

Houston-The Woodlands-Sugar Land, TX

971,941

Dallas-Fort Worth-Arlington, TX 754,396

New York-Newark-New Jersey, NY-NJ-PA 597,993

Atlanta-Sandy Springs-Roswell, GA Miami-Fort Lauderdale-Pompano Beach, FL

592,252

Washington-Arlington-Alexandria, DC-VA-MD-WV

580,228

524,946

Phoenix-Mesa-Scottsdale, AZ 427,240

Seattle-Tacoma-Bellevue, WA

399,507

San Francisco-Oakland-Hayward, CA 0

20

STATE OF DOWNTOWN FORT WORTH 2018

100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 900,000 1,000,000

Source: U.S. Census Bureau

544,141

Los Angeles-Long Beach-Anaheim, CA

Regional City Population Change 2000 – 2017 Austin, TX

Baton Rouge, LA

Dallas, TX

2000

2017

% CHANGE

656,562

950,714

44.8%

227,818

1,188,580

225,370

1,341,103

-1.1%

12.8%

El Paso, TX

563,662

683,583

21.3%

Fort Worth, TX

534,694

876,060

63.8%

Houston, TX

1,953,631

2,313,230

18.4%

Little Rock, AR

Oklahoma City, OK

San Antonio, TX

Shreveport, LA

Tulsa, OK

183,133

506,132

1,144,646

200,145

393,049

198,594

643,574

1,511,913

191,715

402,227

8.4%

27.2%

32.1%

-4.2%

2.3%

Source: U.S. Census Bureau

The DallasFort Worth metropolitan area population grew by 973,431 from 2010–2017.

Sundance Square Plaza

Regional City Change in Median Family Income 2000 – 2017 CITY

2000

2017

% CHANGE

Austin, TX

$54,091

$87,200

61.2%

Baton Rouge, LA

Dallas, TX

El Paso, TX

$40,266

$40,921

$35,432

$58,785

$55,540

$50,933

46.0%

35.7%

43.7%

Fort Worth, TX

$42,939

$69,973

63.0%

Houston, TX

$40,443

$56,751

40.3%

Little Rock, AR

Oklahoma City, OK

San Antonio, TX

Shreveport, LA

Tulsa, OK

USA

$47,446

$42,689

$41,331

$37,126

$44,518

$50,046

$74,390

$67,201

$59,810

$45,579

$56,706

$73,891

56.8%

57.4%

44.7%

22.8%

27.4%

47.6%

Source: U.S. Census Bureau

STATE OF DOWNTOWN FORT WORTH 2018

21

Demographics of Downtown Fort Worth Residential Population

Population and Housing

Age

Income

54.5%

38.8%

of Downtown residents have income greater than $100,000

62.1%

of Downtown residents are under 40 years old

of apartment renters are under 40 years old

Median household income in Downtown is

$113,000

Household Type

52.2%

Education

94.5%

of Downtown residents are unmarried

44%

of households have no children living in the household

of residents have a bachelor’s degree

Previous Resident's

25.2%

a master’s degree

12.9%

a doctoral degree (including JDs)

Lifestyle

Downtown resident’s previous place of residence Lifestyle was cited as the primary reason for living Downtown

44.9%

18.5% 44.5% 55.8% 67.3% within five miles of Downtown

within 10 miles of Downtown

within 20 miles of Downtown

within the Metroplex

by of condominium/ townhome owners

28.6%

and of apartment renters

Employment Health Care

Education

Science & Engineering

Finance

Real Estate

Retail

Government

Law

19.7% 11.8% 11.8% 11.8% 7.4% 5.9% 6.7% 6.1% 22

STATE OF DOWNTOWN FORT WORTH 2018

Residential Survey With the addition of more apartments, the Downtown Fort Worth residential population is becoming wealthier and better educated and has grown at an annual rate of 7.1% since 2007. Currently, 9,684 people live in Downtown. DFWI has conducted five surveys of residents since 2007 to monitor trends in the changing demographics of the Downtown population.

Our latest survey was conducted in December 2017.

A one-sheet survey instrument was delivered to 3,128 households in Downtown using first-class postage. The response rate was 11.1%, providing a margin of error of +/-.5% at a 95% confidence level.

A summary of the survey and trends are presented here.

The full report is available for download from DFWI’s website at www.dfwi.org, or contact Arrie Mitchell at arrie@dfwi.org to receive a copy.

The Tower

Downtown Population Study Area

Affordable Housing Of Downtown’s 4,923 residential units, 9.4% qualify as workforce or “affordable” housing. Downtown Fort Worth, Inc., and Fort Worth Housing Solutions (FWHS) are actively engaged in recruiting more affordable housing to Downtown. We are promoting the construction of these new units within mixed-income developments. Interested parties should contact Tyler Arbogast, FWHS at dam@fwhs.org.

Age Distribution

Downtown Fort Worth Residents Apartments 100%

Source: Downtown Fort Worth, Inc. Survey December 2017

60%

50%

All Residents Condos/Townhomes Apartments

81.6%

52.3%

75%

62.1%

50%

18.4%

40% 33.6%

0.0%

28.5%

30%

24.2% 20%

17.1%

19.0%

29.1%

Residents 40 and under

Residents over 40

24.1%

20.8%

16.2% 7.2%

5.2% 0%

37.9%

11.8%

9.8%

10%

Condos/Townhomes

1.3% <25

25-40

41-55

56-65

>65 STATE OF DOWNTOWN FORT WORTH 2018

23

24

2014

95.5%

2017

94.5%

80.0%

2014

2017

80.0% 60.0%

55.8% 52.2%

60.0%

47.8%

44.2% 40.0%

40.0%

20.0%

20.0% 4.5% 0.0%

5.5%

With children

Without children

0.0%

Married

Not married

Highest Degree Completed Downtown Fort Worth 80.0%

60%

Downtown

Fort Worth

2014

USA

2017

44.0% 60.0%

38.2%

40%

48.1% 44.0% 40.0%

20%

36.9%

38.2%

18.5% 19.3% 9.1%

0%

Bachelor’s

Source: Downtown Fort Worth, Inc., Survey December 2017

100.0%

Downtown Fort Worth

11.9%

Graduate/Professional

STATE OF DOWNTOWN FORT WORTH 2018

20.0%

0.0%

Bachelor’s

Graduate

Source: Downtown Fort Worth, Inc., Survey December 2017

Source: Downtown Fort Worth, Inc., Survey December 2017

Marital Status

Downtown Fort Worth

Highest Degree Completed Sources: U.S. Census Bureau 2016 and Downtown Fort Worth, Inc., Survey December 2017

Population and Housing

Children in the Household

Median Household Income Source: Downtown Fort Worth, Inc. survey December 2017

Downtown Fort Worth 90%

82.7% 80%

Apartments

Condos/Townhomes

70% 60% 50%

46.1%

40% 27.3%

30%

21.1%

20% 10% 0%

4.7%

0.8% 0.0% Less than $30,000

9.8%

6.0% 1.5%

$30,000$49,999

$50,000$74,999

$75,000$100,000

More than $100,000

Historic Electric Building and The Niel P.

Household Income Trends Downtown Fort Worth

Sources: U.S. Census Bureau 2016 and Downtown Fort Worth, Inc., Survey December 2017

60%

60%

60.0%

Downtown Fort Worth USA

50%

20.0%

40%

Less than $50,000

$50,000$99,999

30%

18.1% 18.2%

19.6% 19.2%

10%

48.9%

54.5%

54.5%

9.4% 4.4%

Less than $50,000

$50,000$99,999

$100,000 and above

21.5% 21.6% 20.6%

18.1% 18.2%

16.2% 14.0%

19.6% 19.2%

17.8%

21.5% 21.6% 20.6% 16.2% 14.0%

10% 1.1%

0%

2017

27.1% 27.2%

20%

17.8%

40.0%

41.7% 41.1%

$100,000 and above

27.1% 27.2%

20%

2014

0.0%

40%

9.4% 4.4%

60.0%

20.0%

41.7% 41.1%

40.0%

0.0%

30%

Downtown Fort Worth 2014 50% 2017 54.5% 48.9% USA 54.5%

3.3%

Less than $30,000

$30,000$49,999

$50,000$74,999

1.1%

0%

$75,000$100,000

3.3% More than $100,000

Less than $30,000

$30,000$49,999

$50,000$74,999

$75,000$100,000

STATE OF DOWNTOWN FORT WORTH 2018

More than $100,000

25

97.8% go to Downtown restaurants, 84.4% to bars, 71.8% to convenience/drug stores and 73.7% to retail stores. Condominium and townhome owners eat at Downtown restaurants an average of 7.5 times per month and spend $125.51 per visit. Apartment renters eat at Downtown restaurants an average of 6.9 times per month and spend $80.58 per visit.

Apartment Residents

6.9

Apartment Residents

$80.58

Apartment Residents

6.9

Apartment Residents

$80.58

Condo/Townhome Residents Condo/Townhome Residents All Residents All Residents

Condo/Townhome Residents Condo/Townhome Residents All Residents

7.5 7.5 7.2 7.2

5

6

7

5

6

7

8

9

10

8

9

10

All Residents

$125.51 $125.51 $101.67 $101.67 $0 $20 $40 $60 $80 $100 $120 $140

Source: Downtown Fort Worth, Inc., Survey December 2017

Average Monthly Visits to Downtown Restaurants by Downtown Residents and Spending Per Visit

$0 $20 $40 $60 $80 $100 $120 $140

Average Monthly Visits to Downtown Bars by Downtown Residents and Spending Per Visit Apartment Residents

4.5

Apartment Residents

$52.19

Apartment Residents

4.5

Apartment Residents

$52.19

Condo/Townhome Residents Condo/Townhome Residents All Residents All Residents

Condo/Townhome Residents Condo/Townhome Residents All Residents

3.9 3.9 4.2 0

1

2

3

4

4.2 5

6

0

1

2

3

4

5

6

All Residents

$67.10 $67.10 $58.61 $58.61 $0 $10 $20 $30 $40 $50 $60 $70 $0 $10 $20 $30 $40 $50 $60 $70

Source: Downtown Fort Worth, Inc., Survey December 2017

Population and Housing

Downtown residents patronize Downtown businesses.

Condo/Townhome Residents

Condo/Townhome Residents

2.2

All Residents 1

2

3

$42.21

$40.05

All Residents

2.5 0

$38.24

Apartment Residents

2.6

Apartment Residents

4

$37

5

$39

$41

Source: Downtown Fort Worth, Inc., Survey December 2017

Average Monthly Visits to Downtown Convenience/Drug Stores

by Downtown Residents and Spending Per Visit

$43

Condo/Townhome Residents

1

2

STATE OF DOWNTOWN FORT WORTH 2018

$131.06

$108.83

All Residents

1.7 0

26

Condo/Townhome Residents

2.0

All Residents

$85.79

Apartment Residents

1.5

Apartment Residents

3

4

5

$0

$50

$100

$150

Source: Downtown Fort Worth, Inc., Survey December 2017

Average Monthly Visits to Downtown Clothing Stores

by Downtown Residents and Spending Per Visit

Street and Sidewalk Cleanliness

Source: Downtown Fort Worth, Inc., Survey December 2017

Downtown Fort Worth Very unclean 0.0%

Unclean 3.9%

Very Clean

Clean

52.9%

43.2%

Residents perceive Downtown as clean.

96.1% of residents rated the streets and sidewalks Downtown as clean or very clean.

Downtown Ambassadors and Clean Team

STATE OF DOWNTOWN FORT WORTH 2018

27

YEAR

DALLAS

FORT WORTH

2013

33.6%

3.9%

2015

39.4%

4.2%

2014

26.9%

2016

4.5%

37.6%

2017

4.1%

35.6%

2018

4.6%

36.5%

4.1%

Source: North Texas Real Estate Information Systems, Inc.

T&P Lofts

Number of Residential Units Sold Single-Family Residences

14,000

Condos/Townhomes 512

568

12,000 3,284

10,000

3,131

8,000

12,547

12,442

6,000 9,216

8,589

4,000 2,000 0

Dallas

Fort Worth

Dallas

Fort Worth

2017

2018

Source: North Texas Real Estate Information System, Inc.

Population and Housing

Sales Ratio of Condos and Townhomes to Single-Family Residences

Condominiums and Townhomes Built and Sold Downtown Fort Worth 450

Built

Sold

400

300

Market Opportunity

250 200 150 100

56 36

50 0

28

112

10

2008

2009

47

39

0

0

2010

2011

STATE OF DOWNTOWN FORT WORTH 2018

62

63

0

0

2012

2013

102

100

0

0

2014

2015

110 94

0 2016

93

13

0

2017

2018

Source: North Texas Real Estate Information System, Inc.

350

Average Residential Sales Price Per Square Foot

Condominiums and Townhomes 2018

Condominiums and Townhomes 2018

$350,000

$300

$279

$302,500 $300,000 $250,000

$275,000 $224,000

$200

$172

$200,000

$150

$150,000 $100,000

$100

$50,000

$50

$0

$268

$250

Downtown Dallas Downtown Fort Worth

North Texas

$0

North Texas

Downtown Dallas Downtown Fort Worth

Source: North Texas Real Estate Information Systems, Inc.

Source: North Texas Real Estate Information System, Inc.

Median Sales Price

Source: North Texas Real Estate Information System, Inc.

Average Days on Market

Condominiums and Townhomes 2018 90 80

Median sales price for Downtown condos and townhomes increased 40.3% since 2010.

78

70 60 50

44

43

North Texas

Downtown Dallas

40 30 20 10 0

Downtown Fort Worth

Downtown Condominium and Townhome Sales As Percentage of City

18.2% of all condominiums and townhomes sold in Fort Worth in 2018 were in Downtown.

YEAR

FORT WORTH

DOWNTOWN

2010

242

47

19.4%

2012

315

62

19.7%

2011

2013 2014

216 395 495

39 63

20.6%

63

19.6%

483

100

2017

568

110

2018

479 512

15.9%

102

2015 2016

18.1%

93

20.7% 19.4% 18.2%

Source: North Texas Real Estate Information System, Inc.

STATE OF DOWNTOWN FORT WORTH 2018

29

$300,000

$281,000 $252,450

$250,000 $219,900 $200,000

$275,000

$219,000

$212,000

$196,000

$262,750 $258,000

$190,000

$150,000 $100,000 $50,000 $0

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Median Residential Sales Price Per Square Foot Downtown Fort Worth $300

$286 $268

$250

$242

$243

$243

2015

2016

2017

$219 $200

$183

$196

$188

$198

$150

$100

$50

$0

30

Source: North Texas Real Estate Information Systems, Inc.

Downtown Fort Worth

2009

2010

2011

STATE OF DOWNTOWN FORT WORTH 2018

2012

2013

2014

Source: North Texas Real Estate Information Systems, Inc.

Population and Housing

Median Residential Sales Price

2018

The Neil P.

Average Apartment Occupancy Rate Downtown Fort Worth 99.0%

97.0%

97.8% 96.9%

97.5% 96.3%

96.0%

96.9% 96.7% 96.7% 96.5% 97.4% 97.1% 96.0%

96.7%

96.4% 96.4%

95.0%

Source: Downtown Fort Worth, Inc.

98.0%

95.6%

95.1%

94.0% 93.0% 92.0% 91.0% 90.0%

1Q

2Q 3Q 2015

4Q

1Q

4Q

2Q 3Q 2016

1Q

4Q

2Q 3Q 2017

1Q

2Q 3Q 2018

4Q

Average Apartment Rent Per Square Foot Downtown Fort Worth $2.00

$1.65 $1.54

$1.58 $1.56

$1.85

$1.76

$1.73

$1.70

$1.83

$1.81

$1.81 $1.81

$1.77 Source: Downtown Fort Worth, Inc.

$1.80

$1.60

$1.90

$1.87

$1.90

$1.61 $1.62

$1.50 $1.40 $1.30

1Q

2Q 3Q 2015

4Q

1Q

2Q 3Q 2016

4Q

1Q

2Q 3Q 2017

4Q

1Q

2Q 3Q 2018

4Q

Average Apartment Rent Downtown Fort Worth $2,000 $1,886

$1,861

$1,803

$1,800 $1,727

$1,700 $1,600

$1,812

$1,789

$1,774

$1,739

$1,657 $1,605 $1,606

$1,817 $1,847

$1,599

$1,565

$1,607

$1,500 $1,400

1Q

2Q 3Q 2015

4Q

1Q

2Q 3Q 2016

4Q

1Q

2Q 3Q 2017

4Q

1Q

2Q 3Q 2018

Source: Downtown Fort Worth, Inc.

$1,900

4Q

STATE OF DOWNTOWN FORT WORTH 2018

31

Population and Housing

2,018 units currently planned or under construction.

Burnett Lofts

Residential Units Planned, Announced and/or Under Construction Downtown Fort Worth PROJECT

311 Nichols

UNITS

YEAR

55

2019

143

2020

Kent Lofts

201

Burnett Lofts

330

Hilton Annex

The Hampton

350

The Worth

138

901 Commerce

217

Rocklyn

274

1000 Weatherford

310

Total

2020 2020 2020 2020 2020 2020 2020

2,018

Source: Downtown Fort Worth, Inc.

The Worth

Downtown Fort Worth

Source: Downtown Fort Worth, Inc.

$1,850

32

$1,804

$1,800

$1,813

$2.00 $1.58

$1.69

2015

2016

$1.83

$1.81

2017

2018

$1,682

$1,700 $1,600

Downtown Fort Worth

$1.50

$1,750 $1,650

Average Monthly Apartment Rent Per Square Foot

$1.00

$1,608

$1,550

$0.50

$1,500 $1,450

2015

2016

2017

STATE OF DOWNTOWN FORT WORTH 2018

2018

$0.00

Source: Downtown Fort Worth, Inc.

Average Monthly Apartment Rent

Housing Construction in Downtown Fort Worth Owner-Occupied Condominiums and Townhomes 1,000 13

2016-2018

939 units as of 2018

800 Source: Downtown Fort Worth, Inc.

700 600

3,984 units as of 2018

4,000 3,500 1,458

2006-2010

542

Increase of 145% since 2005

500

3,000 2,500

2016-2018 2011-2015

400

2,000

300 200

Renter-Occupied Units

2000-2005

347

1,500

280

2006-2010

583

2000-2005

209

Pre-1999

1,454

Increase of 174% since 2000

100 0

Pre-1999

37

1,000 500

Source: Downtown Fort Worth, Inc.

900

Housing Construction in Downtown Fort Worth

0

901 Commerce Street

Rate of Growth Condominiums and Townhomes PERIOD

2006 – 2010 2000 – 2005

Rate of Growth of Renter-Occupied Units PERIOD

FORT WORTH

DOWNTOWN

14%

141%

17%

937%

Sources: Downtown Fort Worth, Inc., and the City of Fort Worth

FORT WORTH

DOWNTOWN

2016-2018

14.9%

57.7%

2006 – 2010

17.7%

35%

2011 – 2014

2000 – 2005

5.4%

5.9%

12.4%

14.3%

Sources: Downtown Fort Worth, Inc., and the City of Fort Worth

From 2005 to 2018 only 13 for-sale units have been delivered. This reflects a significant market gap that can be quickly filled by developers.

STATE OF DOWNTOWN FORT WORTH 2018

33

Hospitality

BUSINESS AND LEISURE TRAVELERS AGREE, DOWNTOWN IS THE PLACE TO STAY. Downtown Fort Worth hoteliers roll out the welcome mat and more hotels are on the way. As the hub of Fort Worth’s visitor attractions, Downtown is home to 3,051 hotel rooms, 20.9% of the city’s inventory. Since 2017, 539 new rooms were added to the market and construction started on two more properties that will add an additional 410 rooms. Plans are being drawn for an additional three hotels totaling 539 rooms. The addition of the recently completed planned and under construction rooms will increase the Downtown inventory by 59%.

With 780,000+

room nights sold in 2018, the average hotel occupancy was 73.8% with

$121.81 revenue per available room (RevPAR).

Downtown paid 32.9% of Fort Worth’s hotel

occupancy taxes in 2018

$129+ MILLION

in Downtown hotel revenue in 2018 Hotels Planned (P) or Under Construction (UC) HOTEL

Marriott Autograph (UC)

164

AC Hotel (UC)

246

Avid Hotel (P)

107

Kimpton Hotel (P)

232

Waggoner Building (P)

200

Total

949

Source: Downtown Fort Worth, Inc.

34

STATE OF DOWNTOWN FORT WORTH 2018

ROOMS

Source: Texas Comptroller of Public Accounts

Plano 7.0% Dallas 42.5%

Richardson 3.1% Arlington 8.2%

Area Hotel Room Supply Irving 16.8%

Grapevine 6.4%

Downtown Fort Worth

Fort Worth without Downtown 12.9%

3.2%

Hampton Inn & Suites

Plano 6.3% Richardson 2.6%

Arlington

$21,287

Dallas

$28,612

Downtown Fort Worth

$42,630

Fort Worth without Downtown

$19,962

Grapevine

$52,458

Irving

$25,182

Plano

$25,390

Richardson

$23,017

Dallas 43.6%

Arlington 6.3%

Irving 15.2%

Area Hotel Revenue Share

Grapevine 12.0%

Downtown Fort Worth

Source: Texas Comptroller of Public Accounts

Fort Worth without Downtown 9.2%

Source: Texas Comptroller of Public Accounts

Average 2018 Revenue Per Available Room

4.9%

Hotel Occupancy 2018

66.2%

Source: Smith Travel Research

USA

73.8%

Downtown Fort Worth Downtown 64.1% Dallas 60 %

65 %

70 %

75%

80%

Aloft

STATE OF DOWNTOWN FORT WORTH 2018

35

Hotel Revenue Per Available Room $130.00

$120.00

$115.49

Fort Worth CBD

USA

$123.24

$114.23 $111.69

$109.18 $110.00

$121.81

$106.28 $101.74

$100.00

$90.00

$80.00

$85.96

$83.57

$81.19 $78.67

$70.00

$60.00

Source: Smith Travel Research

Hospitality

Dallas CBD

$50.00

$40.00 2015

36

STATE OF DOWNTOWN FORT WORTH 2018

2016

2017

2018

Fort Worth Water Gardens

Current Hotel Room Inventory LS

RD ING

IC SN HO

RD

LS

HA

2. Worthington Renaissance Hotel

504

3. Sheraton Fort Worth Hotel

430

4. Hilton Fort Worth Hotel

294

5. Hampton Inn & Suites

245

6. Downtown Fort Worth LUELLA Courtyard-Blackstone Hotel

203

WB

3

H 5T

IH

30

1

3 IH

5W

S

IH

3

35

W

S

8. Embassy Suites Fort Worth Hotel Downtown

156

30

EB

IH 9. Marriott TownePlace Suites B E 0 FortH 3Worth Downtown

140

I

10. Holiday Inn Express Hotel & Suites Downtown Fort Worth

132

11. Fairfield Inn and Suites

114

12. The Ashton

39

Total

3,051

IH 3 5W

IH

180

NB

10

7. Aloft Fort Worth Downtown

NB

H

T 14

B EL PASO PRESIDIO

614

IH 3 5W

1

B

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LANCASTER

H

T 15

H 3T

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1

13TH

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30

LAMAR

MONROE

LAMAR

CHERRY

MACON MACON

13TH

1. Omni Fort Worth Hotel

LUELLA

H

H 2T

1

TER TER EN NC N TIO N TO EN STO US NV HOU HO

1

LANCASTER

H

T 13

EN

CHERRY

ELM

11

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ELM

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5

NC

COLLIER

PECA

4

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5

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11

NV

SUMMIT

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11

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80

SP

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ELMT

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0

28

UR

SP

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KM

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D

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N

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9

HOTEL

NIC

9

RIO GRANDE EL PASO RIO GRANDE

Seasonal Hotel Occupancy Rates 100.0%

Downtown Fort Worth

USA

90.0% 80.2% 80.0%

77.5%

81.1%

79.2%

77.1% 73.6%

73.0%

73.5% 74.5%

70.0% 61.8%

68.5%

67.9%

Source: Smith Travel Research

71.4%

68.2%

75.8%

68.0%

74.2%

69.9%

57.7%

63.3%

60.0%

50.0%

73.8%

61.7%

54.5%

54.1%

40.0%

30.0% Jan-18

Feb-18

Mar-18

Apr-18

May-18

Jun-18

Jul-18

Aug-18

Sep-18

Oct-18

Nov-18

Dec-18

STATE OF DOWNTOWN FORT WORTH 2018

37

Hospitality

949 rooms

planned or under construction.

Sheraton Fort Worth Hotel

Omni Fort Worth Hotel

Seasonal Revenue Per Available Room $160

Downtown Fort Worth

$142.29

USA $141.76

$139.50

$140

$131.74 $125.82

$120

$129.01

$123.92

$118.23

$112.27

$124.20 $98.32

$100 $99.16 $90.32

$80

$88.60

$95.11

$88.69

$93.45

$89.15

$76.69

$78.13

$67.20

$67.20

Source: Smith Travel Research

$60

$80.75

$93.57

$40

$20

$0

38

Jan-18

Feb-18

Mar-18

STATE OF DOWNTOWN FORT WORTH 2018

Apr-18

May-18

Jun-18

Jul-18

Aug-18

Sep-18

Oct-18

Nov-18

Dec-18

Average Daily Hotel Room Rate (RevPAR) $190 Downtown Fort Worth $170

$161.76

$164.92

USA $165.62

$162.19

$164.60

$154.68 $150 $146.82 $130

$110

$115.14

$106.02

$120.30

$123.97

$126.72

$129.83

Source: Smith Travel Research

$109.98 $90

$70

$50

2012

2013

2014

2015

2016

2017

Fort Worth Convention Center Facts

Largest Conventions 2018 by Hotel Rooms Reserved Downtown Fort Worth

Total arena

NAME

70,960 SF

Permanent seats in the arena

10,418

Temporary seats in the arena

3,266

Total exhibit hall

182,266 SF

Total exhibit space

253,226 SF

Ballroom space

28,160 SF

Number of meeting rooms Hotel rooms within a 15-minute walk Source: Visit Fort Worth

RevPAR in Downtown Fort Worth was 40.6% higher than the national average.

41 2,410

2018

ROOMS RESERVED

SHOW ATTENDESS

2018 Texas FFA Association Annual Convention and Trade Show

8,741

10,000

2018 Kenneth Copeland Ministries Southwest Believersâ&#x20AC;&#x2122; Convention

8,291

8,000

2018 Premier Designs Annual Rally

6,975

8,500

2018 A-Kon

6,608

32,000

2018 Texas Municipal League Annual Convention

6,290

4,500

2018 Rapid Exposition and Conference

4,483

6,000

2018 National Rural Water Association Annual WaterPro Conference

4,446

1,500

2018 Texas Association of School Business Officials Annual State Convention

4,423

4,567

2018 Texas Emergency Medical Services Annual Conference

4,275

2,500

2018 Conference for the Advancement of Science Teaching

4,158

7,000

Source: Visit Fort Worth

STATE OF DOWNTOWN FORT WORTH 2018

39

Retail

DOWNTOWN HAS IT ALL – DINING, DRINKS, DANCING, SHOPPING, THEATRE AND MORE.

Bass Hall

Downtown Fort Worth is a premier dining and entertainment destination. More than 70 restaurants can be found in the center city while live theatre, shopping, movies and comedy add to the mix. These diverse offerings and the vibrant street life they foster make Downtown more attractive to office users, Fort Worth locals, regional day-trippers, out-of-town visitors and Downtown residents.

Downtown has a

96.8% retail occupancy rate and soft goods retail is making strong gains.

Several new retailers and restaurants have opened in Downtown, including 203 Café, Ashim’s Hibachi Grill, Cowtown Brewery, CVS Pharmacy, Earthbound Trading Company, FunkyTown Donuts and Drafts, Good Karma Cigar Lounge, Local Barber of Fort Worth, Novak Hair Studios, Sons of Liberty Coffee, Verizon, Vigor Active Fitness and Willow House.

Spending by Downtown residents in Downtown $58 MILLION+

annual spending by residents in Downtown

40

STATE OF DOWNTOWN FORT WORTH 2018

4.2+ monthly visits to Downtown

retailers and convenience stores

$109 average spent per retail visit 11.4 average monthly visits to Downtown restaurants and bars

$101 average spending per restaurant visit

State Exports As the 10th-largest economy in the world, with a GDP of $1.6 trillion, the Texas economy continues to fare better than those of many other states. For the 14th straight year, Texas is ranked the top exporting state, according to the U.S. Department of Commerce. The value of state exports in 2017 totaled more than $264 billion.

Texasâ&#x20AC;&#x2122; top exporting industries in 2017 were petroleum and coal products, chemicals, computer and electronic products, non-electrical machinery and transportation equipment.

Texas Exports to Our Top Partners Top Import Partners for Texas Goods

Source: U.S. Census Bureau 2017

$90

$97.5 billion

China

$16.3 billion

Canada

Billions

$100

Mexico

$22.2 billion

Brazil

$89.8

$9.9 billion

$80

South Korea

$70

Source: U.S. Census Bureau 2017

$9.8 billion

$60 $50

$42.7

$40

Downtown Fort Worth Private-Sector Employees, Businesses and Payroll

$30 $18.3

$20

$9.1

$10 $0

Mexico

China

Canada

South Korea

Total Downtown private-sector employees

$7.3

Annual payroll

Saudi Arabia

Average payroll per employee

36,397 $3,007,652,000 $82,635

Number of business establishments

1,570

Source: U.S. Census Bureau 2016

Downtown Retail Occupancy Rate Downtown Fort Worth

100%

95%

95.3% 93.3%

93.9%

USA 96.9%

96.4%

95.5%

DFW

94.1%

94.3%

95.2%

95.1%

96.8% 95.3%

95.5%

95.7%

95.7%

Source: CoStar

90%

85%

80%

4Q 2014

4Q 2015

4Q 2016

4Q 2017

4Q 2018

STATE OF DOWNTOWN FORT WORTH 2018

41

Fourth Quarter 2018 Addison

92.9%

Addison Dallas CBD

92.9% 97.7%

Dallas CBD Downtown Fort Worth

97.7% 96.8%

Downtown Fort Worth East Dallas

96.8% 97.2% 97.2% 95.7%

East Dallas East Fort Worth East Fort Worth Far North Dallas

95.7% 94.2%

Far North Dallas Las Colinas

94.2% 95.7%

Las Colinas North Arlington

95.7% 95.3%

North Arlington Northwest Dallas

95.3% 95.7%

Northwest Dallas Northwest Fort Worth

95.7% 98.0%

Northwest Fort Worth Park Cities

98.0% 97.1%

Park Cities Richardson

97.1% 94.1%

Richardson Southlake

94.1% 94.5%

Southlake Southwest Fort Worth

94.5% 95.7% 95.7% 96.2%

Southwest Fort Worth Uptown Dallas Uptown Dallas West Frisco

92.3%96.2%

West Frisco West Plano

92.3% 96.7%

0%West Plano10%

20%

30%

40%

50%

60%

70%

80%

90%

96.7% 100%

0%

20%

30%

40%

50%

60%

70%

80%

90%

100%

10%

Source: CoStar

Retail

Retail Occupancy Rates for Submarkets in the Dallas-Fort Worth Metropolitan Area

Retail Rental Rates ($/SF) for Submarkets in the Dallas-Fort Worth Metropolitan Area Fourth Quarter 2018 Addison

$17.60

Addison Dallas CBD

$17.60

$28.00

Dallas CBDFort Worth Downtown

$22.68

Downtown Fort Worth East Dallas

$22.68 $22.74 $22.74

East Fort Dallas East Worth $8.91 East Fort Worth $8.91 Far North Dallas

$22.33 $22.33

Far North Dallas Las Colinas

$13.70

North Arlington Northwest Dallas

$13.70 $14.84 $14.84

$24.80

$19.42 $19.42

Northwest Fort Worth Park Cities

42

$24.80

Park Cities Richardson

$15.36

Richardson Southlake

$15.36

Southlake Southwest Fort Worth

$14.22

Southwest Fort Worth Uptown Dallas

$14.22

$31.53 $31.53

$21.63 $21.63 $38.31

Uptown Dallas West Frisco

$20.87

West Frisco West Plano

$20.87

$38.31 $23.16

$5 West Plano

$10

$15

$20

$23.16 $25

$30

$35

$40

$45

$5

$10

$15

$20

$25

$30

$35

$40

$45

STATE OF DOWNTOWN FORT WORTH 2018

Source: CoStar

Las Colinas North Arlington

Northwest Dallas Northwest Fort Worth

$28.00

Retail Occupancy Rates for Submarkets in the Dallas-Fort Worth Metropolitan Area

Source: Texas Comptroller of Public Accounts

Fourth Quarter 2012

Downtown Adult Beverage Sales Millions

$65 $60 $55 $50

$48.3

$46.9

$52.4

$53.2

$54.1

2014

2015

2016

$59.2

$59.8

2017

2018

$48.6

$45 $40 $35 $30 $25

2011

2012

2013

Sources: CoStar and Downtown Fort Worth, Inc.

STATE OF DOWNTOWN FORT WORTH 2018

43

Retail

Household Income Downtown Fort Worth Trade Areas 10 MINUTES DRIVE TIME HOUSEHOLD BY INCOME

20 MINUTES DRIVE TIME

NUMBER OF HOUSEHOLDS

PERCENTAGE OF HOUSEHOLDS

NUMBER OF HOUSEHOLDS

PERCENTAGE OF HOUSEHOLDS

<$15,000

7,814

19.98%

44,425

12.86%

$15,000 – $24,999

5,897

15.08%

39,961

11.57%

$25,000 – $34,999

5,197

13.29%

40,632

11.76%

$35,000 – $49,999

5,688

14.54%

50,604

14.65%

$50,000 – $74,999

6,128

15.67%

64,675

18.72%

$75,000 – $99,999

3,278

8.38%

41,508

12.02%

$100,000 – $149,999

2,767

7.07%

38,521

11.15%

$150,000 – $199,999

1,064

2.72%

12,801

3.71%

$200,000+

1,284

3.28%

12,336

3.57%

Source: ESRI

Average Consumer Spending Downtown Fort Worth Trade Areas CATEGORIES

10 MINUTES DRIVE TIME

20 MINUTES DRIVE TIME

AVERAGE/HHS

TOTAL SPENT

AVERAGE/HHS

TOTAL SPENT

Annual Budget Expenditures

$49,071

$1,919,496,186

$58,121

$20,078,776,463

Retail Goods

$15,580

$609,439,439

$18,468

$6,379,874,096

Food at Home

$3,851

$150,626,245

$4,470

$1,544,101,004

$725

$28,344,079

$880

$304,075,969

Apparel and Services

Entertainment and Recreation

$1,540 $2,112

Food Away From Home

$2,375

Vehicle Purchases

Medical Services Travel

Owner Dwelling Mortgage Payments Renter Dwelling Rent

$60,237,590

$82,633,618

$1,799

$621,600,532

$2,526

$872,521,784

$92,912,788

$2,782

$2,659

$104,030,795

$2,926

$1,010,700,419

$12,051

$222,993,834

$13,217.71

$2,448,764,986

$1,256 $8,341

$49,136,421

$171,914,809

$961,174,401

$18,468

$6,379,874,096

$9,920.66

$1,589,299,546

Consumer spending is the amount spent on a variety of goods and services by households that reside in the market area. HHS: Households Source: ESRI

Retail Sales Downtown Fort Worth Trade Areas INDUSTRY GROUP

NAICS

10 MINUTES DRIVE TIME

20 MINUTES DRIVE TIME

Food and Beverage Stores

445

$462,080,000

$3,212,541,000

General Merchandise Stores

452

$276,892,000

$2,823,470,000

722

$475,134,000

$2,066,703,000

71

$168,221,000

$561,540,000

Clothing and Clothing Accessories Stores Non-Store Retailers

Food Services and Drinking Places Accommodation Sales

Arts/Entertainment Recreation Sales Real Estate/Rent/Leasing Sales

448 454 721 53

$195,252,000 $82,951,000

$173,849,000

$845,286,000

$952,950,000 $407,783,000 $432,912,000

$3,016,898,000

NAICS: The North American Industry Classification System (NAICS) is the standard used by federal statistical agencies in classifying business establishments for the purpose of collecting, analyzing and publishing statistical data related to the U.S. business economy.

Source: ESRI

44

STATE OF DOWNTOWN FORT WORTH 2018

Drive Time Downtown Fort Worth

10

MINUTES drive time

20 MINUTES

drive time

Drive Time 2016 – 2021 Downtown Fort Worth 10 MINUTES DRIVE TIME

Population

Households

Average household size

Owner-occupied housing units

Renter-occupied housing units Median age

Caption

2016

2021

109,527

126,395

39,117 2.80

44,821 2.82

35,596

38,568

32.3

33.1

32,269

33,269

Source: ESRI

STATE OF DOWNTOWN FORT WORTH 2018

45

Quality of Life

DOWNTOWN FORT WORTH IS KNOWN FOR ITS OUTSTANDING QUALITY OF LIFE. Loop in Burnett Park

Downtown is known as a safe, clean and exciting place to live, work, shop and play. By providing a wide range of amenities, services and activities, our city center offers something for everyone. From cosmopolitan cultural experiences, relaxing parks and special events to fun entertainment options and action-packed outdoor opportunities, Downtown presents an excellent environment for urban livability.

46

STATE OF DOWNTOWN FORT WORTH 2018

Sundance Square Plaza

Entertainment

Home to the MAIN ST. Fort Worth Arts Festival and GM Financial Parade of Lights

290,000+ arts venue attendance Parks/Recreation

385 acres

of park land servicing Downtown

Access to 40 miles of riverfront trails for running, walking, cycling and horseback riding Downtownâ&#x20AC;&#x2122;s Trinity Waterfront offers seasonal canoeing, kayaking, paddle boarding and fishing

3,311 free night and weekend parking spaces

412,000+

items in circulation at the Central Library

6 childcare centers

AMC Palace 9

Source: Downtown Fort Worth, Inc., Survey

MAIN ST. Fort Worth Arts Festival

STATE OF DOWNTOWN FORT WORTH 2018

47

SAMUEL AVENUE

Created in 1986, Downtown Fort Worth Improvement District (PID) #1, administered by DFWI, offers a comprehensive program of services including research, marketing, Downtown planning assistance, sidewalk cleaning, street sweeping, security enhancement, litter removal and bird abatement.

BEL

KN

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Ambassadors are trained to connect those in need with proper social services while providing support to Downtown safety providers (both public and private). From 1986 to 2009, the PID services were renewed by petition every five years by an overwhelming majority of property owners. Because of the PIDâ&#x20AC;&#x2122;s ongoing success, it was reestablished in 2009 for a 20-year period by the Fort Worth City Council, following the submission of petitions from property owners representing 83% of the property value and 80% of the land area in the District.

FOR

H

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In November 2017, DFWI established a new Ambassador Program that provides hospitality services including directions, safety escorts, motorist assistance and much more.

KN

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PID #1 PID #14

CR

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PID Districts HEN

Quality of Life

PID #1 & #14

SET

RIO GRANDE

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BROAD WAY

14TH

15TH

WENNECA

Downtown Fort Worth Improvement District #14 was established in June 2009. District contractors provide services along Samuels Avenue multiple days a week.

$3,051,950 in services annually 7,488

miles of curb and gutters cleaned annually/144 miles weekly

15,660

linear miles of sidewalks cleaned

1,984

cubic yards (53,568 cubic feet) of dirt/debris removed from streets, curbs and gutters annually

1,249 trees serviced within PIDs 218 Downtown trees lighted

17

full-time Clean Team members

13 Ambassadors 27 dump trucks of recyclable material collected each year

13,500

square feet of planters in bloom seasonally

75,000

plants planted annually 48

STATE OF DOWNTOWN FORT WORTH 2018

30

EB

NIC

TIF: 3 Downtown

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TIF: 4 Southside/Medical District

A significant partnership TIF: 6 Riverfront that adds to the success TIF: 8 Lancaster of Downtown is the TIF: 9 Trinity River Vision Downtown Tax Increment Finance District (TIF) and CH PEA the other DowntownFF BLU oriented TIFs. The Downtown TIF makes PIER 1 strategic investments in parking, infrastructure, historic preservation and residential development.

The TIF is a collaboration of the City of Fort Worth, PRESIDIO Tarrant County, Tarrant EL PASO County Hospital District, RIO GRANDE Tarrant County College District and Tarrant Regional Water District.

DAGGETT

NB

Tax Increment Financing District #3

VICKERY

SUN

SET

JARVIS

BROAD WAY

HEMPHILL

COLLEGE

ADAMS

8TH

ALABAMA

14TH

15TH

LIPSCOMB

To date, the TIF has obligated roughly $59 million, leveraging $836 MILLION in private development WENNECA and facilitating $52.25 million in public investment. In Tax Year 2017 the TIF generated $12.3 million of tax increment to the taxing district partners. The TIF revenue is capped at $5 million per year; the remainder of the tax increment, $7.3 million, was returned to the taxing jurisdictions in 2018.

DFWI manages the Downtown TIF through a contract with the TIF Board of Directors.

Downtown TIF Costs, Investments and Tax Increment Millions $1,400

City’s TIF Contribution

TIF Cost

Investments

Taxable Value $1,206.83

$1,200

Taxable Value of TIF Millions $1,400

$1,100

$1,207

$1,200 $1,000

$1,000

$800

Frost Tower

Source: Downtown Fort Worth, Inc. and Tarrant County Appraisal District

$600

$900

$400

$322

$836.25

$200 $0

$800

Before Current TIF Value TIF Value

$700 Marriott Towne Oliver’s Place

$600

$500

Trinity Bluff

Carnegie Building

Westbrook, Commerce City Place Buildings Garage/ Retail

$400

$300

$200

$100

Crescent Garage/ Bass Hall

Ashton Hotel

Chase Building

Family Law Center

The Tower

Pecan Place

UTA

Hunter Plaza Cassidy Building

Two City Place

$59.59

$28.46

$0 1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

STATE OF DOWNTOWN FORT WORTH 2018

49

Education

EDUCATION IS KEY TO DOWNTOWN’S SUCCESS. Tarrant County College – Trinity River Campus East

UTA, Texas A&M and TCC have a growing presence in Downtown and create workforce development opportunities. Our elementary and high school offerings are top performers and the Fort Worth ISD’s new flagship Science Technology Engineering and Math (STEM) and Visual Performing Arts (VPA) programs opened their downtown campus in 2018.

8,588 higher

Downtown higher education

enrollment has

education

grown by 1,136% in 15 years

Downtown in 2018

2003

students • Potential customers • Future workforce

695

2017

8,588

• Potential residents

1,114 K-12 students 50

STATE OF DOWNTOWN FORT WORTH 2018

Downtown in 2018

Higher Education Fall Semester Enrollment Downtown Fort Worth Tarrant County College

UTA Fort Worth

1,800

10,000 9,000

8,774 7,800

8,000

7,952

1,600 7,704

7,338

7,000

1,400

6,000

1,000

5,000

918

848

800

4,000

838

772

600

3,000 2,000

400

1,000

200

0

1,242

1,200

2014

2016

2015

2017

0

2018

Source: Tarrant County College

2014

2015

2016

2017

2018

Source: University of Texas at Arlington

Texas A&M School of Law Number of Students Enrolled in Higher Education Campuses in Downtown

1,000 900 800 700

702

600

12,000

10,394 9,229

10,000

581

500

439

400

412

412

9,163

9,358

8,588

8,000 6,000

300

4,000

200

2,000

100 0

10,757

10,712

2014

2015

2016

2017

2018

Source: Texas A&M School of Law

0

2012

2013

2014

2015

2016

2017

2018

Source: Downtown Fort Worth, Inc., Survey of Downtown Education Institutions

Young Women's Leadership Academy

Educational Institutions Downtown Fort Worth FALL 2018 ENROLLMENT

Montessori at Sundance Square

110

St. Paul Lutheran School

213

I.M. Terrell Academy for STEM and Visual Performing Arts

154

Young Women’s Leadership Academy

412

Nash Elementary School

255

UTA Fort Worth

838

Texas A&M School of Law Tarrant County College, Trinity River Campus

412

Texas A&M School of Law ranked in Top 100 U.S. News & World's Report list of the nation’s top law schools

7,338

Source: Downtown Fort Worth, Inc., Survey of Downtown Education Institutions STATE OF DOWNTOWN FORT WORTH 2018

51

Transportation

DOWNTOWN IS FORT WORTHâ&#x20AC;&#x2122;S TRANSIT HUB.

Downtown Fort Worth offers excellent access to various transportation options throughout the community and the Dallas-Fort Worth area.

Fort Worth Central Station is the gathering point for Trinity Metro, Trinity Railway Express (TRE), TEXRail, Amtrak, Greyhound Bus Line, taxis and the Molly the Trolley shuttle service. Currently, 28 bus routes connect all parts of Fort Worth to Downtown. The TRE offers eight-stop service between Downtown Fort Worth and Dallas. TexRail offers seven-stop service to DFW International Airport. Both lines represent excellent commute options for Downtown employees.

Downtown is also home to 19 Bike Share stations. In 2018, there were over 43,000 trips on the Bike Share system.

Downtown visitors enjoy 3,311 free parking spaces available after 6 p.m. on weekdays and all day on weekends, courtesy of the Downtown Tax Increment Finance District. There are more than 41,000 Downtown parking spaces.

To inform the public about the many parking options Downtown, Fortworthparking.com allows users to quickly find the parking options nearest to their destination.

52

STATE OF DOWNTOWN FORT WORTH 2018

49.1% increase in bus ridership since 2009 (10 years)

384,363

563,000+ Average daily traffic count on Downtown highways

Downtown riders on

Trinity Railway Express (2018)

four hours

938,776 Molly the Trolley riders since inception (May 2009)

Dallas-Fort Worth International Airport

45 Bike Share stations 19 in Downtown

Highways serving Downtown:

• I-35 • I-30 • Hwy 121 • Hwy 287 • Chisholm Trail Parkway

• 17 miles from Downtown • 69+ MILLION passengers in 2018 • 249 destinations • 23 carriers

Every major city in the continental United States can be accessed within four hours Meacham International Airport, Texas' premier general aviation facility, is located just 5 miles from Downtown

STATE OF DOWNTOWN FORT WORTH 2018

53

Transportation

OPENED JAN

2019

TexRail Commuter Rail System

Trinity Railway Express Ridership Calendar Years 2009 – 2018 Millions 3.0 2.65 2.5

2.5

2.4

2.3

2.29 2.16

2.14 2.0

2.05

2.07

2016

2017

2.04

1.5

Source: Trinity Metro

1.0

0.5

0.0

2009

2010

2011

2012

2013

2014

2015

2018

The Trinity Railway Express links Downtown Fort Worth’s T&P and ITC Stations to CenterPort/DFW Airport Station and Downtown Dallas Union Station, Monday through Saturday. The airport’s free Remote South shuttle bus service provides continuous connections between the station and airline terminals.

54

STATE OF DOWNTOWN FORT WORTH 2018

Annual Ridership for Bus Routes Serving Downtown Fort Worth 2009 – 2018 Millions 5.50 5.05

4.81

5.00 4.68

4.58

4.57

4.49

4.50

4.50

4.00 3.49

Source: Trinity Metro

3.50 3.09

3.02

3.00 2.50 2.00

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Annual Ridership for Molly the Trolley Serving Downtown Fort Worth 2011 – 2018 140,000 124,848

120,000

80,000

88,958

91,157

2014

2015

72,600

Source: Trinity Metro

60,000 40,000 20,000 0

2011

2012

2013

2016

104,905

Fare Changed

84,833

92,746

Fare Changed

105,470

100,000

2017

2018

Mid-year2018, Molly the Trolley was returned to a free service.

Average Daily Traffic Count on Selected State and National Highways Serving Downtown Fort Worth Thousands 600

596

586

571

550

563 531

532

537

Source: Texas Department of Transportation

515

500

498

450

400

350

300

2009

2010

2011

SH 287

2012

2013

SH 121 65,000

2017

I-35W

2014

2015

2016

2017

I-30 118,000

STATE OF DOWNTOWN FORT WORTH 2018

197,000

55

92.9%

100.0% 80.0% 100.0% 80.0% 60.0% 80.0% 60.0% 40.0% 60.0% 40.0% 40.0%

78.6%

92.9%

78.6%

92.9%

73.8% 62.6% 62.6%

73.8% 78.6% 73.8%

62.6% Downtown Austin*

Downtown Dallas**

Downtown Fort Worth

Fort Worth

Downtown Austin*

Downtown Dallas**

Downtown Fort Worth

Fort Worth

Downtown Austin*

Downtown Dallas**

Downtown Fort Worth

Fort Worth

6.0% Means of Transportation to Work: Public Transportation 6.0% 4.2% 4.0% 6.0%

3.3%

4.2%

4.0% 2.0% 4.0% 2.0% 0.0% 2.0% 0.0% 0.0%

2.1%

3.3%

2.1%

3.3%

4.2% 0.9%

2.1% Downtown Austin*

Downtown Dallas**

Downtown Fort Worth

Downtown Austin*

Downtown Dallas**

Downtown Fort Worth

Downtown Austin*

Downtown Dallas**

Downtown Fort Worth

0.9% Fort Worth 0.9% Fort Worth

*ZIP code 78701 is used for downtown Austin.

Source: U.S. Census Bureau 2016. **ZIP codes 75201 and 75202 are used for downtown Dallas.

100.0%

*ZIP code 78701 is used for downtown Austin.

Source: U.S. Census Bureau 2016. **ZIP codes 75201 and 75202 are used for downtown Dallas.

Transportation

Means of Transportation to Work: Car, Truck or Van

Fort Worth

25.0%

of Transportation to Work: Walk or Bike 17.7%

25.0% 20.0% 15.0%

17.7%

20.0% 15.0% 10.0%

17.7%

15.0% 10.0% 5.0% 10.0% 5.0% 0.0% 5.0% 0.0% 0.0%

12.6% 12.6% 12.6%

11.2% 11.2% 11.2%

1.5%

Downtown Austin*

Downtown Dallas**

Downtown Fort Worth

Fort1.5% Worth

Downtown Austin*

Downtown Dallas**

Downtown Fort Worth

Fort1.5% Worth

Downtown Austin*

Downtown Dallas**

Downtown Fort Worth

Fort Worth

Additional categories of Means of Transportation are tracked by the U.S. Census Bureau but are not graphed in this publication.

56

STATE OF DOWNTOWN FORT WORTH 2018

*ZIP code 78701 is used for downtown Austin.

Source: U.S. Census Bureau 2016. **ZIP codes 75201 and 75202 are used for downtown Dallas.

Means 25.0% 20.0%

500

450

498

Average Daily Traffic Count

Selected State and Federal Highways Serving Downtown Fort Worth 400

All counts were taken within a radius of 2 miles from the intersection of I-30 and I-35W, SH 121 and SH 287 in Downtown Fort Worth.

350

300

2009

2010

2011

2012

SH 287

2013

SH 121

2014

2015

2016

2017

I-30

I-35W

65,000

118,000

2017

197,000 157,000

59,000

121,000

2016

197,000 152,000

59,000 76,000

2015

197,000 147,000

106,000

175,000 147,000

65,297

106,000

2013

4.50

175,000 140,000

67,000

In 2018, construction was completed on a $1.6 billion project to rebuild 10 miles of I-35W north of I-30 to North Tarrant Parkway. This increased capacity by adding four toll lanes, auxiliary lanes and additional frontage road segments.

107,000

2012

174,000 147,000

67,000

106,000

2011

177,000

Source: Texas Department of Transportation

59,000 2014

141,000 59,000

112,000

2010

163,000 143,000

2018 0

50,000

100,000

150,000

200,000

Downtown Parking Availability Parking spaces

41,866

Total metered spaces

1,967

Free evening and weekend parking spaces

3,311*

Free daytime 1-hour parking spaces

300

Free daytime 2 1/2-hour spaces with validation

164

*This number reflects the changes made to the free parking program at the end of January 2019.

Source: Downtown Fort Worth, Inc.

STATE OF DOWNTOWN FORT WORTH 2018

57

PID Advisory Board

Larry Auth Chair Omni Fort Worth Hotel Rita Aves Oil & Gas Building Johnny Campbell Sundance Square Gary Cumbie The Cumbie Consultancy Jim Finley Finley Resources Inc. Taylor Gandy Ron Investments, Ltd. Suzan Greene ONCOR Electric Delivery

Michelle Lynn Building Owners & Managers Association Renee Massey Red Oak Realty Robbie Tawill The Worthington Renaissance Fort Worth Hotel Karen Vaughan StarPoint Commercial Properties, LLC Joy Webster MorningStar Capital Jed Wagenknecht Downtown Fort Worth Blackstone Courtyard John Yeung Sheraton Fort Worth Hotel

Marie Holliday, DMD Flowers to Go in Sundance Square Chris Jeans XTO Energy Inc. Walter Littlejohn The Fort Worth Club

58

STATE OF DOWNTOWN FORT WORTH 2018

PID Ambassadors and Clean Team

Downtown Fort Worth, Inc., is grateful to the following organizations and individuals for their assistance in producing the State of Downtown publication: Hannah Behrens Briggs Freeman Sotheby’s International Realty Mary Margaret Davis Real Estate Broker Mary Margaret Davis Real Estate Team

Mary McCoy Administration Tarrant County Appraisal District Natalie Watkins Planning and Development Department City of Fort Worth

Andrea Timbes CRM Analyst Visit Fort Worth

Credits

Credits

Ebonie Wingo Performance and Regulatory Standards Trinity Metro

Special thanks to Rachel Delira, Joseph Haubert, Brian Luenser, Sundance Square, Trinity Metro and Visit Fort Worth for their photography.

Downtown Fort Worth, Inc. Publications • • • •

Annual Report In View Residential Survey Report State of Downtown

Information Sources City of Fort Worth CoStar Downtown Fort Worth, Inc. ESRI Federal Housing Finance Agency I.M. Terrell Academy for STEM and Visual Performing Arts Nash Elementary School National Association of Realtors North Texas Real Estate Information System, Inc. Office of Governor, Economic Development and Tourism Smith Travel Research St. Paul’s Lutheran School Tarrant County Appraisal District Tarrant County Clerk Tarrant County College Texas A&M Real Estate Center Texas A&M School of Law Texas Comptroller of Public Accounts Texas Department of Transportation Texas Workforce Commission

The North Central Texas Council of Governments Trinity Metro U.S. Bureau of Economic Analysis U.S. Bureau of Labor Statistics U.S. Census Bureau U.S. Department of Commerce University of Texas at Arlington Visit Fort Worth Young Women’s Leadership Academy

Downtown Fort Worth, Inc. Staff

Becky Fetty Director of Membership and Marketing Diana Hahn Production Manager Melissa Konur Director of Planning Arrie Mitchell Director of Research Barbara Sprabary Executive Assistant/ Office Manager

Andrew Taft President Matt Beard Director of Public Improvements Nicole Browne Marketing and Special Projects Manager Cleshia Butler Administrative Assistant Jay Downie Event Producer Brandi Ervin Controller

A service of Downtown Fort Worth, Inc.

STATE OF DOWNTOWN FORT WORTH 2018

59

PMS 286

Published in April 2019 Downtown Fort Worth, Inc. 777 Taylor Street, Suite 100 Fort Worth, Texas 76102 817.870.1692 | dfwi.org

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