State of Downtown 2013 by Downtown Fort Worth, Inc.

Stat e o f Downtow n

2013

Foreword Welcome to our ninth edition of the State of Downtown report. This publication is produced by Downtown Fort Worth, Inc. (DFWI) and Fort Worth Improvement District #1 (PID) to help communicate the underlying economic trends shaping our center city. Downtown Fort Worth continued its outstanding momentum in 2013. Office rental rates bested national averages and hospitality measures did the same. Retail remained strong and residential sales and leasing activity saw dramatic acceleration. 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 DFWIâ&#x20AC;&#x2122;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

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

Johnny Campbell Chairman of the Board Downtown Fort Worth, Inc.

Jack Clark Chairman Fort Worth Improvement District #1 (PID)

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

Quality of Life...................................................52

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

Education..........................................................56

Population and Housing....................................20

Transportation..................................................58

Hospitality.........................................................38

PID Advisory Board...........................................64

Retail.................................................................44

Downtown Fort Worth, Inc. In the early 1980s, Fort Worth began the urban revitalization of its Downtown central business district. The goal for Downtown was to be a center city bustling with activity morning, noon and night, both during the workweek and on weekends. To provide a private-sector voice for this revitalization effort, Downtown Fort Worth, Inc. (DFWI) was established by a handful of concerned property owners in December 1981. Since its inception, DFWI has evolved into a significant advocate for progress and excellence. This membership-based organization has contributed to Downtown Fort Worth’s vitality by serving as a liaison, ombudsman and information source for property owners, developers and prospective businesses. Every 10 years, DFWI partners with the City of Fort Worth and the Fort Worth Transportation Authority (The T) to update the Downtown Strategic Action Plan. This plan is incorporated into the City’s comprehensive plan and implemented through a series of committees and public/private partnerships. The City of Fort Worth approved Plan 2023 in December 2013. DFWI expanded its management role in 1986 by establishing Fort Worth Improvement District #1 (PID) to provide enhanced services to 335 blocks within Downtown Fort Worth. Due to the PID’s ongoing success, in 2009 PID #1 was re-established for a 20-year period and PID #14 was created. In 1988, Downtown Fort Worth, Inc. formed Downtown Fort Worth Initiatives, Inc. (DFWII). This 501(c)(3) nonprofit organization provides a pathway for foundation grants, philanthropic donations and other contributions to help fund charitable, educational and public-purpose Downtown projects. In 1995, DFWI championed the creation of the Downtown Tax Increment Financing (TIF) District. The TIF is managed by DFWI through a contract with the TIF Board of Directors. The TIF Board approved an increase in the lifetime cap to $100 million, which the City Council approved in September 2013. The TIF has leveraged and obligated $69 million in public commitments into $433 million in private-sector investment and generated more than a half-billion dollars in tax increment. Through the programs of DFWI, members take an active role in the management of, and advocacy for, the center city. Several standing committees and special task forces work to fulfill the organization’s mission of creating a vibrant, healthy and attractive center in which to work, live and play.

state of downtown fort worth 2013

Year in Review

DOWNTOWN BY THE NUMBERS 1,206 acres 1.8 square miles 1,468 Downtown businesses 5,709 Downtown residents 3,172 residential units 2,642 hotel rooms 35,907 private employees 44,755 Downtown employees (all jobs) $74,906 average private payroll per employee At $2,689,653, Downtown generates a larger payroll (8.9%) than any other employment center in the county, contributing 18.5 times its geographic weight in private payroll 10 MILLION square feet of office space

$2.9 BILLION in gross sales from all Downtown industries in 2012 $77,799,863 property taxes paid in 2013 $22,792,952 property taxes paid to the City of Fort Worth in 2013 $7,037,824 property taxes paid to Tarrant County in 2013 $14,561,600 hotel taxes paid in 2013 $88,936,032 sales taxes paid in 2012 12.3% of the city’s taxable sales are transacted in Downtown

Downtown contributes 10.0 times its geographic weight in sales tax. $181,411,730 Downtown property, hotel and sales taxes paid in 2012 $1,511,054,399 total taxes paid Downtown 1992-2012 Sources: City of Fort Worth, Tarrant County, U.S. Census Bureau, State of Texas

Downtown Fort Worth is a 1.875-square-mile highperforming submarket, in the fastest growing metropolitan area in the state. With more than 44,000 employees, Downtown Fort Worth is the largest employment center in Tarrant County. Private payroll generated in Downtown exceeds $2.6 billion per year, the highest among employment centers in the county. The labor force in Fort Worth grew by 16.5% from December 2007 (pre-recession) to December 2013. This is 23.6 times faster than the national labor force, which grew at 0.7%. Downtown Fort Worth grew 1.4 times faster than Texas at 11.7%. Over this same period, Fort Worth added 46,188 jobs, increasing its work force by 15.3%. During the same period, Texas increased its work force by 10.0%, while the national employment force has decreased by 1.2%.

state of downtown fort worth 2013

Change in Unemployment U.S. Unemployment

December rate

6.7%

Dec. 2012 – Dec. 2013 change

-1.2

Texas Unemployment

December rate

6.0%

Dec. 2012 – Dec. 2013 change

-0.2

Fort Worth Unemployment

December rate

5.4%

Dec. 2012 – Dec. 2013 change

-0.4

2012, 33.9% of regional population growth (for cities with more than 100,000) occurred in Fort Worth. Dallas contributed 3%.

Source: U.S. Census Bureau

ve Ri ity

Contribution of Fort Worth to Regional Growth Richardson 1.3%

Arlington 5.5% Carrollton 1.8% Dallas 3.0% Denton 5.6%

Plano 6.7% Mesquite 2.4% McKinney 12.6%

h3 3.9 %

Population: From 2000 to

Tr in

In addition to a healthy labor market, Downtown Fort Worth’s economy performed exceptionally well in 2013, outperforming the local and national economy in many segments of the office, residential, hospitality and retail markets. The Dallas-Fort Worth-Arlington metropolitan area’s population grew from 5,161,544 in 2000 to 6,647,496 in 2012. 16.6% of this regional growth is attributed to Fort Worth.

The Fort Worth area’s annual employment growth rate from 2012 to 2013 was 2.0% compared to 1.0% for the nation. The unemployment rate for the City of Fort Worth was 5.4% in December 2013, significantly lower than the national rate of 6.7%.

Irving 4.1% Grand Prairie 7.6%

Garland 1.9%

o W t r Fo

Frisco 13.5%

Employment: Employment in Fort Worth grew by 16.3% from pre-recession December 2007 to December 2013. In Dallas it grew by 1%.

Source: Texas Workforce Commission

Fort Worth

Job Growth from December 2007 to December 2013 60,000

51,521

40,000 20,000 0

6,113 Dallas

Fort Worth

state of downtown fort worth 2013

Year in Review

Office: The office and retail space markets in Downtown Fort Worth absorbed nearly 500,000 square feet of office space in 2013 while occupancy remained on par with the national average. Occupancy for class A office space in Downtown Fort Worth in 2013 was 82.9%, compared to a national average occupancy of 87.2%. In 2013,

Leasing Activities, Share of Market Space (SF)

2012

2013

<4,000

71%

74%

4,001 – 10,000

21%

17%

>10,001

Source: CoStar

84.7% of all Downtown Fort Worth office space was occupied. A positive net absorption of 132,200 square

feet was reported in 2013, compared to 2,600 square feet of office space in 2012 and a negative absorption of 7,400 square feet in 2011. A large percentage of the space in the multi-tenant office market is occupied by tenants of less than 4,000 square feet. This has a stabilizing influence on the market. In 2012 and 2013, more than 70% of the leasing activity occurred with firms of that size. All Office Space Occupancy 4Q 2013 100%

Class A Office Space Occupancy 4Q 2013

Retail Space Occupancy 4Q 2013

93.7%

93.4% 88.5%

90%

87.2%

86.5%

84.3%

80%

70%

Source: CoStar

60%

50%

USA

Fort Worth

USA

Fort Worth

Unemployment Rate in 2013 9.0%

Fort Worth

8.5% 8.5%

8.1% 7.8%

8.0%

7.2%

7.1%

6.9%

6.5%

6.9%

6.3%

6.7%

6.6%

6.5%

6.3%

6.4%

6.1%

5.5%

6.1%

5.9% 5.6%

v13 No

3 t-1 Oc

3 p1 Se

3 g1 Au

13 Ju l-

13 Ju n-

3 ay -1 M

3 r-1 Ap

3 -1 ar M

b13 Fe

3 -1 Ja n

state of downtown fort worth 2013

c13

5.4%

5.0%

6.5%

5.9% 6.2%

6.0%

7.0% 6.6%

6.5%

6.9%

6.7%

6.0%

7.0%

6.9%

6.7%

Source: Texas Workforce Commission

7.3%

7.0% 6.5%

7.7%

7.6%

7.5%

USA

Dallas

Employment Growth December 2013 Over December 2012

Source: Texas Workforce Commission

3.0% 2.4%

2.5%

2.0%

2.0% 1.5%

1.0%

1.0% 0.5% 0.0% Dallas

USA

Fort Worth

Unemployment Rate Among 20 Largest U.S. Cities November 2013

20.0% 18.0% 16.0%

15.1%

12.0%

10.4% 10.5%

9.6%

10.0%

6.0%

6.3% 6.1%

6.1%

5.6% 5.7%

4.4%

9.5% 7.5%

7.4%

8.0%

6.1%

6.2%

6.9%

6.8% 5.6%

5.2%

4.0%

sti

t s e ton rlott cago bu allas etroi ih m D a D C Colu Ch

s Bo

tW or

0.0%

2.0%

Fo r

Source: U.S. Bureau of Labor Statistics

14.0%

y e s s co s a o se o x ton poli nvill gele phi Cit lphi eni toni ieg ncis n Jo k o a D e m o n r a n Sa Ph n A an Fr H dian cks s A Me w Yo hilad S an a In Ja S Lo P e S N s ou

state of downtown fort worth 2013

Year in Review

Residential: Development remained strong in Downtown, with an additional 280 rental units nearing completion. Lincoln Property Company has 256 units under construction at the north end of Downtown. The Knights of Pythias redevelopment will bring 18 rental units to the Hillside neighborhood, with a mix of market-rate and affordable units at 80% of the area median income. Six penthouse apartments are currently under construction in the Cassidy building in Sundance Square at 407 Throckmorton. The addition of 280 rental units will bring the total inventory to 2,526 apartments. The multifamily average rent in Downtown Fort Worth increased 1.5% in 2013 to $1,662 and apartment occupancy averaged 95.3% in 2013.

The average days on market for condominiums and townhomes in Downtown Fort Worth decreased to 99 days. Through the fourth quarter of 2013, the median price for a Downtown residential

unit sold through the MLS system was $190,000, which is down slightly compared to the 2012 median price of $212,000.

Average Days on Market for Condominiums and Townhomes Fort Worth

230

USA

200

220

166 142

150

120 103

126

100 86

2007

2008

103

101 70

0 2009

2010

2011

2012

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

250

2013

Average Apartment Rental Rates and Average Occupancy Rates Average Occupancy

98.0%

Average Rental Rates

$1,662 $1,650

$1,637

95.4%

95.5%

93.6% $1,550

$1,557

96.0% 95.3%

94.8%

$1,600

95.0% 94.0%

94.5% $1,573

$1,561

97.0%

93.0%

$1,531

92.0%

$1,500

91.0% 90.0%

$1,450 2008

2009

state of downtown fort worth 2013

2010

2011

2012

2013

Source: Downtown Fort Worth

$1,700

Hospitality: The Downtown hotel market, which

virtually doubled in rooms in late 2008, continued to perform well above national market and other large markets in the Dallas-Fort Worth metropolitan area. The occupancy rate in 2013 was 67.3%, higher than the national average of 62.3%. Revenue per available room (RevPAR) was $104.05, significantly above the national average at $68.69.

Hotels in Downtown Fort Worth generate 40% of all annual hotel occupancy taxes in the city.

Downtown hotel revenue grew moderately during the national recession and showed accelerated growth with the addition of the Omni Hotel in 4Q 2008.

Hotel occupancy taxes paid in Downtown set an all-time record of $3,756,943 in 1Q 2013.

Downtown’s share of the city’s hotel occupancy taxes grew from 25.7% at the beginning of the recession to 37% at the end, a 44% increase in six quarters.

While 20% of all hotel rooms are Downtown, more than 40% of all hotel occupancy taxes were paid in Downtown.

Hotel Occupancy Taxes Paid Downtown Fort Worth

Source: Texas Comptroller of Public Accounts

Thousands $4,000

$3,674

$3,500

$3,581 $3,259 $3,272

$3,000

$2,809 $2,832 $2,841 $2,801

$2,793 $2,494 $2,523

$2,500

$3,391

$3,757

$3,574

$3,659

$3,540

$3,330

$2,803

$2,473

$2,076 $2,000 $1,500 $1,000 $500 $0 4Q 08

1Q 09

2Q 09

3Q 09

4Q 09

1Q 10

2Q 10

3Q 10

4Q 10

1Q 11

2Q 11

3Q 11

4Q 11

1Q 12

2Q 12

3Q 12

4Q 12

1Q 13

2Q 13

3Q 13

Hotel Occupancy Taxes Paid Downtown’s Share as Percentage of City’s Hotel Occupancy Revenue Source: Texas Comptroller of Public Accounts

50.0% 44.8%

45.0%

40.3%

40.0%

37.6%

39.3%

43.7%

38.8%

41.1%

40.8% 37.6%

42.3%

41.3%

39.0%

38.4%

37.3%

35.0% 30.0%

40.9%

39.8%

40.8%

39.2% 39.2%

31.7%

25.0% 20.0% 15.0% 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 3Q 10 4Q 10 1Q 11 2Q 11 3Q 11 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13 2Q 13 3Q 13

state of downtown fort worth 2013

Year in Review

Retail: The Downtown retail market continues to perform well. The first two quarters of 2013 have maintained the peak levels obtained in 2012 with some of the strongest sectors being Accommodation and Food Services, Clothing Stores, Limited-Service Eating Places and Food and Beverage Stores. Retail occupancies maintained a robust rate of 93% in existing space. The average

4.9%

rent for retail space in Downtown was $22.69 per square foot. In addition, Downtown added 50,000 square feet of retail space in the new Commerce and Westbrook buildings in Sundance Square and at the newly renovated One City Place.

20.0%

4.8%

4.8% 4.8%

10.0% 4.7%

4.7% 4.7%

15.6%

15.0%

USA

Downtown Fort Worth

5.0% 0.0%

Downtown Fort Worth

Change in Gross Sales 2Q 2013 over 2012

4.9%

4.8%

4.7%

4.7% 4.7%

4.9% 4.8%

Downtown Fort Worth

4.8%

20.0%

4.8%

14.0% 15.0% 12.0% 4.7% 10.0% 10.0% 8.0% 5.0% 6.0% USA 4.0% 0.0% 2.0% Downtown 0.0% Fort Worth Downtown Fort Worth

4.7%

4.7% Downtown Fort Worth USA

Downtown Fort Worth USA

15.6% 12.3%

14.0% 15.0% 12.0% 10.0% 10.0% 8.0% 5.0% 6.0% 4.0% 0.0% 2.0% 0.0%

12.3%

8.0%

200.0% 6.0%

14.0% 200.0% 8.0% 12.3% 15.6% 12.0% 200.0% 181.6% 150.0% 6.0% 12.3% 10.0% 8.0% 150.0% 100.0% 4.0% 6.0% 4.0% 3.9% 100.0% 50.0% 2.0% 0.7% 1.5% 2.0% 50.0% 0.0% 0.7% 0.0% 0.0% Downtown USA Downtown USA Downtown Fort Worth Fort Worth Fort Worth 0.0% Downtown USA Downtown Fort Worth Fort Worth

150.0% 4.0% 3.9%

-8.8%

-15.0% -20.0% -25.0%

100.0% 2.0%

1.5%

4.0% 3.9%

100.0% 2.0%

1.5%

2.0% 0.7% 1.5% 50.0% 0.0% USA Downtown 0.0% 0.0% Fort Worth Downtown USA USA Downtown Fort Worth Fort Worth

0.0% 0.0%

-5.0%

-10.0%

0.0% 0.0%

-5.0%

-10.0%

-8.8% -15.0%

-8.8%

-20.0% -15.0% 0.9% -25.0% Downtown Downtown -20.0% USA USA 0.9% -22.4% Fort Worth Fort Worth -25.0% Downtown USA USA Fort Worth

state of downtown fort worth 2013

0.9%

150.0% 4.0%

Non-Residential Construction

7.5% 181.6%

-5.0%

6.0%

-22.4%

-22.4% USA

0.U

-8.8%

-8.8% -15.0% -10.0% 100.0% 3.9% 50.0% 2.0% 0.7% 1.5% 0.0% -20.0% Downtown USA Downtown -15.0% 0.9% USA Fort Worth 0.0% Fort Worth 50.0% -25.0% 0.0% 0.7% -20.0% Downtown Downtown USA Downtown USA USA Downtown USA 0.9% -22.4% Fort Worth Fort Worth Fort Worth -25.0% 0.0% Fort Worth USA Downtown USA Downtown USA Fort Worth Fort Worth

0.0% -10.0%

200.0% 181.6% 6.0% 7.5%

Manufacturing 7.5%

181.6% 150.0% 4.0%

8.0%

200.0% 181.6% 6.0% 7.5%

8.0%

Limited-Service Eating Places

181.6%

15.6%

Clothing20.0% Stores 15.6%

4.8%

4.7%

Downtown Fort Worth

4.7%

Drinking 15.6% Places

14.0% 15.0% 12.3% 12.0% 15.0% 10.0% 8.0% 4.7% 10.0% 5.0% 6.0% 4.0% 3.9% 5.0% 0.0% 2.0% Downtown USA 0.0% 0.0% Fort Worth Downtown USA Downtown Fort Worth Fort Worth 20.0%

4.8%

20.0%

4.8%

Sources: U.S. Census Bureau and Texas Comptroller of Public Accounts

4.9% Retail Trade

-22 U

Cumulative Value of Building Permits Downtown Fort Worth, 2003 – 2013 Millions

$1,600 $1,374

$1,400 $1,171

$1,200

$1,446

$1,223

$1,064 $956

$1,000 $752

$800 $613 Source: City of Fort Worth

$600 $400

$482 $394 $270

$200 $0 2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

state of downtown fort worth 2013

Office and Employment

Weâ&#x20AC;&#x2122;ve got what youâ&#x20AC;&#x2122;re looking for! Downtown Fort Worth has over 10 MILLION square feet of multitenant office space, with 50 square feet of retail space for every 1,000 square feet of office space. Downtown has maintained an average office occupancy of 92.1% since 2006 while increasing our inventory by 6.1%.

Office Space Added

to the Market Class A:425,908 SF/ 8.5% of inventory Class A multitenant office rental rate increased by 8.7% since 2011

44,755 jobs in Downtown

1,468 businesses $2.7 BILLION in private payroll

state of downtown fort worth 2013

New Class A Office Buildings Downtown Fort Worth Project

Square Feet

One City Place/ 300 Throckmorton

328,125

Westbrook/425 Houston

80,607

Commerce/420 Commerce

66,000

Office Inventory and Occupancy Rate Downtown Fort Worth Million square feet

Inventory

Occupancy 100%

10.0 96.2%

9.5

95%

94.9%

93.2%

92.9%

92.5%

90.9%

9.0

92.0%

90.9%

90%

89.5%

89.0%

88.1%

Source: CoStar

8.5

85% 82.4%

8.0

7.5

80%

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

75%

There are 14 Class A office buildings totaling 5,459,085 square feet, with an average rental rate of $29.23 per square foot. In addition, there are 43 class B office buildings with a total rentable building area of 3,729,050 square feet and a rental rate of $20.58 per square foot. Eighteen Fortune 500 companies are headquartered in the Dallas-Fort Worth metropolitan area with total revenue exceeding $794 Billion.

Class A Office Buildings Burnett Plaza

1,024,600

777 Main

954,895

D.R. Horton Tower

820,509

Wells Fargo

716,533

Chesapeake Plaza

460,000

Two City Place

312,525

One City Place

306,470

Carnegie

280,000

Chase Bank

201,901

Cash America

135,293

Cantey Hanger

84,113

The Westbrook

70,478

Commerce Building

61,770

The Tower

30,000

Source: CoStar

state of downtown fort worth 2013

Class A Office Occupancy Rates

Fourth Quarter 2013

Downtown Fort Worth 100%

84.7%

95%

73.3%

74.5%

89.5% 87.7%

92.0% 88.1%

97.9%

73.7%

73.6%

94.2% 92.2%

92.3%

425,908 sq ft of Class A multitenant office space added in 2013.

Source: CoStar

80%

20%

2008

2009

2010

2011

2012

75%

70%

2013

94.8%

87.3%

85%

40%

93.2% 93.7%

93.0%

92.7%

90%

60%

97.4%

82.9% Source: CoStar

80%

92.5% 88.6%

100%

Fort Worth CBD

90.9% 86.9%

92.9% 88.2%

Dallas CBD

75.4%

Office and Employment

Office Occupancy Rate

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Net Absorption of Office Space 132.2 170.7

2013 2012 2011

-291.0

168.4

-887.6

2009

-223.5

-614.7

2008

165.1 114.7 153.0

2006 2005

301.5

-90.2

2007

-1,200

Downtown Fort Worth Downtown Dallas

-7.4

-800

state of downtown fort worth 2013

-600

-400

241.3 375.7

-337.3 -1,000

Source: CoStar

2010

2.6

-139.6

-200 0 Thousand Square Feet

200

400

600

800

Metro Area Office Vacancy Rates Downtown Dallas

Downtown Fort Worth

Dallas Central Expressway

Dallas Stemmons Freeway

50% 40%

15.3%

20%

26.1%

23.8%

22.9% 25.5%

2010

2011

2012

2013

2009

Dallas LBJ Expressway

2010

2011

2012

2013

14.1%

13.5%

2009

2010

Irving/Las Colinas

2011

18.5%

16.8% 23.3%

2012

2013

2009

Richardson/Plano

19.4%

19.6%

15.2%

12.9%

10.5%

9.1% 2009

Source: CoStar – Fourth quarter 2013

8.0%

7.5%

10% 0%

26.7%

26.2%

30%

2010

2011

2012

2013

Dallas Uptown

50% 40% 30% 20% 10%

24.9%

22.6% 21.5%

18.8%

25.7%

23.2%

20.0%

17.7%

18.8%

14.9% 20.0%

17.8%

10.9% 9.9%

17.8%

0% 2009

2010

2011

2012

2013

2009

2010

2011

2012

2013

2009

2010

19.3%

17.7%

2011

12.0%

15.9%

2013

2009

2012

15.1% 2010

2011

2012

2013

Metro Area Class A Office Vacancy Rates Downtown Dallas

Downtown Fort Worth

Dallas Central Expressway

Dallas Stemmons Freeway

50% 40% 30% 20% 10%

6.8%

5.2%

2010

6.3% 2011 2012

12.7%

0% 2009 Source: CoStar – Fourth quarter 2013

24.7%

23.1% 17.1%

23.9%

22.5%

2013

2009

Dallas LBJ Expressway

25.3%

2010

2011 2012

2013

2009

Irving/Las Colinas

18.7%

2010

2011 2012

2013

2009

Richardson/Plano

24.0% 25.1%

21.1%

20.3%

17.3%

24.7%

23.3%

19.5%

2010

23.2%

2011 2012

2013

Dallas Uptown

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

24.0%

23.3% 24.4%

22.4%

2009

19.2% 23.9%

2011

2012

2013

2009

22.6%

20.1% 22.3%

19.6%

17.9%

16.4% 2010

20.7%

15.8%

10.1%

11.4%

18.3%

16.8%

13.3% 2010

2011 2012

2013

2009

2010

2011 2012

2013

2009

2010

2011 2012

8.6% 2013

state of downtown fort worth 2013

Downtown Dallas

Downtown Fort Worth

Dallas Central Expressway

Dallas Stemmons Freeway

$35

$25

$28.44

$27.42

$30 $27.98

$29.23

$26.90

$20

$20.54

$15

$22.19

$20.94

$20.41

$22.81

$20.45

$22.92

$21.91

$19.73

$18.50

$23.14

$22.01

$18.31

$17.51

$17.32

$10 2009

2010

2011

2012

2009

2013

2010

Dallas LBJ Expressway

2011 2012

2013

2009

2010

Irving/Las Colinas

2013

2011 2012

2009

2010

Richardson/Plano

2011 2012

Dallas Uptown

$35

$15 $19.60 2009

$21.81

$19.20 2010

2011

$21.83

$21.20

$20.04

$19.09

$20

$10

$30.55

$29.53

$30 $25

$21.32

$18.90 2012

2013

2009

2010

2011 2012

$21.60 $22.78

$21.37

2013

2009

$30.26

$21.49

$31.39

$29.80

$22.29

$20.79

2010

2013

2011 2012

2009

2010

2011 2012

Source: CoStar – Fourth quarter 2013

Office and Employment

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

2013

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

Downtown Fort Worth

Dallas Central Expressway

Dallas Stemmons Freeway

$30 $25

$15 $18.79

$17.02

$20.58

$19.18

$14.41 $16.17

$16.11

$18.12

$17.94 $17.97

$18.85

2013

2009

2010

2011

2012

2013

2009

Dallas LBJ Expressway

2010

2011

$16.22

$14.21 $13.77

$14.23

$10 2009

$13.63

$18.37

$18.15

2012

Irving/Las Colinas

2010

2011

2012

2013

2009

Richardson/Plano

2010

2011

2012

2013

Dallas Uptown

$30 $24.09

$25 $18.59

$20 $15.65 $15

$15.97

$15.34

$19.39

$15.72

$18.31

$17.77

$17.45 $19.17

$18.31

$15.98

$25.45

$21.34 $18.46

$22.96

$22.82 $18.28

$16.97

$10 2009

2010

2011

2012

2013

2009

state of downtown fort worth 2013

2010

2011

2012

2013

2009

2010

2011

2012

2013

2009

2010

2011

2012

2013

Source: CoStar – Fourth quarter 2013

$19.38

$19.04

$20

Average Office Rental Rates Downtown Fort Worth $35

Class A

$29.20

$30

$29.03

Class B

$30.20 $27.98

$28.44

$27.42

$26.90

$19.04

$19.15

$26.08

$29.23

$25 $21.12

Source: CoStar

$21.12 $20 $16.08 $15

2004

$17.02

2005

$18.79

$18.13

$18.37

2006

2007

$19.38 $20.58

2008

2009

2010

2011

2012

2013

Energy Efficient Office Space Downtown Fort Worth Million square feet 6 5,319,302 5 4

Source: CoStar

2,796,495

2,499,927

2 1 0

22,880 Total Energy Efficient Space

Energy Star Certified

LEED Certified (Gold)

LEED Certified (Silver)

state of downtown fort worth 2013

Class A

Class B $17.97

Downtown Dallas

$22.81

$18.37

Dallas Central Expressway $15.98

Dallas LBJ

$23.14

$18.90 $23.72

Dallas Preston Center $13.77

Dallas Stemmons Freeway

$32.52

$18.31 $25.45

Dallas Uptown $19.47

Dallas Far North

$26.65

$20.58

Downtown Fort Worth $17.19

Fort Worth Northeast

$29.23

$22.41 $19.17

Irving/Las Colinas

$22.78

$18.84

Mid-Cities

$18.28

Richardson/Plano $0

$10

$15

$31.39

Source: CoStar

Office and Employment

Average Class A and B Office Rent, 4Q 2013 Dallas – Fort Worth MSA ($/SF)

$24.06 $22.29

$20

$25

$30

$35

Unemployment Rates in 2013 10%

USA

Dallas

Fort Worth

9% 8.5% 8.1% 7.8% 7.6% 7.3%

7.3% 7.1%

6.9%

6.7%

6.9%

6.5%

6.3%

7.3%

7.2%

7.0%

6.9% 6.5%

6.9%

6.7% 6%

7.7%

6.7%

6.6%

6.5% 6.3%

6.2%

6.0%

6.1%

7.0% 6.4%

6.6% 6.1%

6.5% 5.9%

5.9% 5.6%

5.4% Jan-13

Feb-13

Mar-13

state of downtown fort worth 2013

Apr-13

May-13

Jun-13

Jul-13

Aug-13

Sep-13

Oct-13

Nov-13

Dec-13

Source: Texas Workforce Commission

National Office Statistics 4Q 2013 Average Asking rent

Major Private Employers Downtown Fort Worth

Overall Vacancy Rate

Atlanta

$18.85

15.0%

Austin

$27.94

9.3%

Boston

$21.11

9.6%

Chicago

$23.45

14.2%

Dallas/Fort Worth

$20.55

14.8%

Denver

$22.03

11.4%

Houston

$25.43

11.4%

Los Angeles

$29.19

12.3%

New York

$52.35

8.3%

Philadelphia

$21.10

11.2%

Phoenix

$20.30

18.3%

Seattle

$26.80

10.2%

Washington, DC

$34.21

14.1%

Employer

Number of employees

XTO Energy

1,753

RadioShack

900

Pier One Imports

750

AT&T

622

Cash America

577

Oncor Electric

350

Jacobs

337

General Motors Financial Company

315

Fort Worth Star-Telegram

261

Quicksilver Resources

252

Source: Downtown Fort Worth, Inc. survey

Source: CoStar

Business Profile Number of Businesses per Category Downtown Fort Worth Accommodation and Food Services

Administrative and Support

Total private employees: 35,907

Arts, Entertaiment, and Recreation

Total number of businesses: 1,468

Construction 7

Education Services

241

Finance and Insurance 1

Forestry, Fishing

Health Care 40

Information

Management of Companies 32

Manufacturing

Mining Source: U.S. Census Bureau 2011

Annual payroll: $2,689,653,000

104

Other Services

376

Professional, Scientific, and Technical Services 84

Real Estate 44

Retail Trade 25

Transportation 4

Utilities

Wholesale Trade 0

100

150

200

250

300

350

400

state of downtown fort worth 2013

Inflow of Employees to Downtown Area: 55,847

Outflow of Downtown Area Residents to Work: 3,112

Downtown Residents Who Work Downtown: 497

Source: U.S. Census Bureau 2010

Office and Employment

Daily Inflow and Outflow of Employees Downtown Fort Worth Area

Source: U.S. Census Bureau 2010

Current Residence of Downtown Employees

state of downtown fort worth 2013

Current Residence of Downtown Fort Worth Employees Cities with greater than 700 employees

Fort Worth

19,055

Arlington

4,924

Dallas

1,818

North Richland Hills

1,224

Mansfield

886

Benbrook

842

Haltom City

821

Grand Prairie

807

Burleson

805

Bedford

794

Keller

720

Source: U.S. Census Bureau 2010

Number of Downtown Fort Worth employees who live in:

Count by City

5,001 – 20,000

2,001 – 5,000

700 – 2,000

Downtown, the Southside and the Westside combined generate $5,017,735,000 in annual payroll. Downtown Fort Worth has the highest number of employees and generates the largest payroll among all of the employment centers in the county.

Average Payroll Per Employee in Private Sector

Source: U.S. Census Bureau 2011

Zip code (Submarket)

Private Sector Employees

Payroll

Payroll per employee

76102 (Downtown)

35,907

$2,689,653,000

$74,906

76104 (Medical District)

26,847

$1,495,190,000

$55,693

76107 (Cultural District)

22,424

$832,892,000

$37,143

$80,000

$74,906

$60,000

$55,693

$37,143

$40,000

$20,000

Downtown

Medical District

Cultural District

state of downtown fort worth 2013

Population and Housing

Living the Downtown lifestyle! Downtown Fort Worth is currently experiencing a residential renaissance as individuals and families embrace an urban lifestyle. Ranked by the U.S. Census Bureau as America’s 16th-largest city, Fort Worth’s population has grown 46% since 2000 to the current population of 758,738 (U.S. Census Bureau). The city added 24,285 residents from 2011 to 2012, a 3.2% growth in one year. Much of Fort Worth’s population increase is attributed to the region’s diversified economy, strong regional business clusters, relatively low land cost, land availability, a revitalized and growing Downtown and rejuvenated central-city neighborhoods.

Employment, lifestyle and central location 8.9%

Other 4.6% Employment 12.7%

Lifestyle and central location 11.1%

state of downtown fort worth 2013

Central location 15.2%

.5 %

Employment and lifestyle 4.9%

L if e s t y l e

Lifestyle was selected as the primary reason for living Downtown by 54.4% of condo/ townhome owners and 36.7% of apartment renters.

Source: Downtown Fort Worth, Inc. survey December 2011

Reason for Living Downtown

Maintained 94.8% average

City of Fort Worth density of

apartment occupancy since 2006, while increasing inventory by 57%.

2,221 residents per square mile (882 housing units/sq mile)

Density of 3,578 residents per square mile in Downtown (1,442 housing units/sq mile)

$100,000 median Downtown

household income

$190,000 Median sale price of Downtown condos/townhomes purchased in 2013

11.5% increase in

average apartment rent since 2006 – $1,467/2006 to $1,635/today

$4 MILLION: top Downtown condo sale

21% of condo sales in Fort Worth were located in Downtown $125,000 median household

income of a Downtown condo owner

double the national median household income 16.2% of Downtown residents have a doctoral degree 1,258 Residential rental units planned or under construction

Average days on market

for Downtown condos

and townhomes

decreased

71.3% from 4Q 2012 to 4Q 2013

Neighborhood Safety Downtown Fort Worth

Source: Downtown Fort Worth, Inc. survey December 2011

Unsafe 2.9%

Very unsafe 0.3%

Very Safe

Safe

Residents perceive Downtown as safe. • 96.8% of residents rated their neighborhood as safe or very safe. • 100% of residents feel safe or very safe walking in Downtown during the day. • 87.1% of residents feel safe or very safe walking Downtown after sunset.

state of downtown fort worth 2013

Currently, there are 926 owner-occupied units in Downtown, up 887 units, since 2003. The median sale price of a home in Downtown Fort Worth is $190,000 (4Q 2013). The days on market for condos has dropped 55% to 99 days from 2012 to 2013. The rental market remained at historically high occupancy. Currently, there are 2,246 units in Downtown with monthly rents ranging from $710 to $5,320 (4Q 2013). The occupancy rate of rental units in Downtown has stayed above 90% since 2006. Although 369 units became available in 1Q 2010, occupancy remained above 93% since 2010 and averaged 95.3% in 2013. During the national recession that lasted from December 2007 through June 2009, apartment occupancy in Downtown never declined below 92% in any quarter.

Top Ten State Population Gain July 1, 2012 through July 1, 2013

Texas

The DallasFort Worth Metropolitan area population grew by 540,238 from 2007 – 2012.

387,397 332,643

California Florida

232,111

North Carolina Colorado

99,696 78,909 76,521

Georgia Washington Arizona

Source: U.S. Census Bureau

Population and Housing

Housing affordability has been one of Fort Worth’s competitive advantages. In December 2012, the median price of a home in Fort Worth was $135,100, compared to $227,200 in Austin and $197,800 in Dallas. The median home price in the U.S. was $198,000.

76,088 75,475

New York

75,002 73,777

Virginia 0

100,000

200,000

300,000

400,000

Fastest-Growing Metropolitan Areas Population Added 2011–2012 New York-Northern New Jersey-Long Island, NY-NJ-PA

127,326

Houston-Sugar Land-Baytown, TX

125,602 120,184

Dallas-Fort Worth-Arlington, TX 99,895

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

84,169

Los Angeles-Long Beach-Santa Ana, CA

72,208

Miami-Fort Lauderdale-Pompano Beach, FL

60,110

Phoenix-Mesa-Glendale, AZ San Francisco-Oakland-Fremont, CA

55,916

Riverside-San Bernardino-Ontario, CA

55,715 0

state of downtown fort worth 2013

20,000 40,000 60,000 80,000 100,000 120,000 140,000

Source: U.S. Census Bureau

77,847

Atlanta-Sandy Springs-Marietta, GA

500,000

Regional City Population Change 2000 – 2012 2000

2012

% Change

Austin, TX

656,562

842,595

28.3%

Baton Rouge, LA

227,818

230,040

1.0%

Dallas, TX

1,188,580

1,241,108

4.4%

El Paso, TX

563,662

672,534

19.3%

Fort Worth, TX

534,694

782,027

46.3%

Houston, TX

1,953,631

2,161,686

10.6%

Little Rock, AR

183,133

196,530

7.3%

Oklahoma City, OK

506,132

599,309

18.4%

San Antonio, TX

1,144,646

1,383,194

20.8%

Shreveport, LA

200,145

201,878

0.9%

Tulsa, OK

393,049

394,098

0.3%

Source: U.S. Census Bureau

Regional City Change in Median Family Income 2000 – 2012 City

2012

2000

% Change

Austin, TX

$63,023

$54,091

25.8%

Baton Rouge, LA

$49,378

$40,266

22.6%

Dallas, TX

$43,804

$40,921

7.0%

El Paso, TX

$46,770

$35,432

32.0%

Fort Worth, TX

$60,489

$42,939

40.9%

Houston, TX

$48,122

$40,443

19.0%

Little Rock, AR

$58,873

$47,446

24.1%

Oklahoma City, OK

$55,846

$42,689

30.8%

San Antonio, TX

$51,698

$41,331

25.1%

Shreveport, LA

$46,236

$37,126

24.5%

Tulsa, OK

$50,460

$44,518

13.3%

USA

$62,527

$50,046

24.9%

Source: U.S. Census Bureau

state of downtown fort worth 2013

Population and Housing

2014 National Cost of Living Equivalent Cities with population greater than 500,000 Austin

$53,702

Baltimore

$66,023

Boston

$81,130

Charlotte

$54,982

Chicago

$67,048

Columbus

$50,562

Dallas

$55,295

Denver

$60,155

Detroit

$55,451

El Paso

$53,221

Fort Worth

$55,000

Houston

$56,401

Jacksonville

$55,028

Las Vegas

$57,618

Los Angeles

$75,256

Memphis

$49,334

Milwaukee

$58,718

New York

$128,808

Oklahoma City

$52,063

Philadelphia

$70,112

Phoenix

$55,318

Portland

$68,033

San Antonio

$50,887

San Diego

$75,488

San Francisco

$94,134

San Jose

$87,397

Seattle

$68,137

Tucson

$54,704

Washington, DC

$82,612

Income required to enjoy the same standard of living as a family in Fort Worth earning $55,000 per year.

Source: CNN-Money

Home Price Stability Among Top 10 Most Populous Metropolitan Areas 3Q 2013 Value of a $200,000 Home Purchased in 1Q 2007 $300,000

$200,000

$231,872 $182,539

$221,608

$196,099 $160,025

$154,610

$150,000

$193,510

$189,699

Philadelphia

Washington, DC

$172,029 $129,724

$100,000 $50,000 $0

Atlanta

Boston

Chicago

state of downtown fort worth 2013

Dallas

Fort Worth

Houston

Los Angeles

Miami

New York

Source: Federal Housing Finance Agency

$255,456

$250,000

Home Affordability in Selected Comparable Cities Ratio of Median Home Price to Median Family Income Austin Less affordable

Baltimore

Boston

How to read this chart: Housing cost = 3.5 x income

12.0 10.0

8.2

8.0 6.0 4.0

More affordable

3.0

3.1

3.3

3.4

3.5

3.4

3.3

2.9

3.5

3.6

3.3

5.8

6.1

6.5

6.2

3.2

2006 2007 2008 2009 2010 2011 2012

Fort Worth

2006 2007 2008 2009 2010 2011 2012

Jacksonville

San Francisco

12.0

10.2

10.0

9.0

8.7

8.3

8.6

8.4

8.0 6.0

More affordable

4.0

2.2

2.1

2.2

2.0 0.0

2.2

3.0

3.1

3.0

1.9

2006 2007 2008 2009 2010 2011 2012

2.9

2.5

2.4

2006 2007 2008 2009 2010 2011 2012

Median Home Price

Median Family Income

December 2013

2012

$250,000

$80,000

$227,200

$68,023 $187,600 $171,100

$146,100

$150,000

$198,000

$135,100

$100,000

$50,000

Austin

Dallas

El Paso Fort Worth Houston San Antonio

USA

$62,527

$60,489

$60,000

$43,804

$46,770

$48,122

$51,698 Source: U.S. Census Bureau

$197,800

$200,000

Sources: Texas A&M Real Estate Center and National Association of Realtors

Source: U.S. Census Bureau

6.6

2.0 0.0

Less affordable

7.6

$40,000

$20,000

$0 Austin

Dallas

El Paso Fort Worth Houston

San Antonio

USA

Fort Worth has the lowest median home price among Texas cities with population greater than 500,000.

state of downtown fort worth 2013

Population and Housing

Demographics of Downtown Fort Worth Residential Population: The Downtown Fort Worth residential population is becoming younger, wealthier and better educated and has grown at an annual rate of 7.2% since 2007. Currently, 5,709 people live in the central core and 6,440 in the greater Downtown area. DFWI has conducted three surveys of residents since 2007 to monitor trends in the changing demographics of the Downtown population. Our latest survey was conducted in September 2011. A one-sheet survey instrument was delivered to 2,064 households in Downtown using first-class postage. The response rate was 23.4% providing a margin of error of ±4% at a 95% confidence level. A summary of the survey and trends are presented here. The full report can be downloaded from DFWI’s website at www.dfwi.org or contact Arrie Mitchell at arrie@dfwi.org to receive a copy.

51.9% of Downtown residents are under 45 years old Downtown has more residents under 35 years old than over 65:42.7% and 9.5%,respectively 57.7% of apartment renters are under 35 years old 27.4% of condominiums and townhomes residents are under 35 68% of apartment renters and 52.6% of condominium and townhome owners are unmarried

Downtown residents are highly educated 2.6% of residents have a 4 bachelor’s degree 17.3% a master’s degree 6.2% a doctoral degree 1 (including JDs)

Median Annual Household Income

Downtown resident’s previous place of residence

42.8% of Downtown households have income exceeding $100,000 per year

36.9% cities in the Metroplex other than Fort Worth

$125,000 condominium and townhome owners $83,000 apartment residents $44,500 single-family residents

92.6% of households have no children living in the household

state of downtown fort worth 2013

35% Fort Worth 7.7% Texas outside of the Metroplex 13% other states

A higher percentage of residents with doctoral degrees live in condominiums and townhomes than in apartments: 22.9% and 12.5%, respectively Lifestyle was cited as the primary reason for living Downtown by 54.4% of condominium/townhome owners and 36.7% of apartment renters Employment 15.6% Healthcare 9.1% Education 8.8% Science & Engineering 7.2% Law 67.2% of Downtown residents work in Fort Worth 17.8% of Downtown residents work in Downtown

Downtown Population Map

Greater Downtown Fort Worth

Central Core

state of downtown fort worth 2013

Population and Housing Downtown Fort Worth Residents 50%

2007

15.0%

10.9% 40%

2011 13.1% 9.5%

10.0% 6.7%

31.8% 5.0%

30%

0.0% 20%

17.8% 11.7%

10.9% 8.5%

10%

Under 25

65 and over

9.8% 6.6% 2.4%

<25

25-34

35-44

45-54

state of downtown fort worth 2013

55-59

60-64

65-74

75-84

0.5% >85

More apartment units than condominiums were added to Downtown inventory since 2007 (785 and 316, respectively). Downtown apartments typically attract younger residents, explaining the relative increase in population of residents under the age of 25.

Source: Downtown Fort Worth, Inc. survey December 2011

Age Distribution and Trends

Downtown Fort Worth

100.0%

2011

2007

80.0%

92.6%

Source: Downtown Fort Worth, Inc. survey December 2011

Marital Status

Downtown Fort Worth

2011

2007

87.5% 65.4%

80.0%

61.6%

60.0%

60.0% 40.0%

40.0%

34.6%

38.4%

20.0%

12.5% 7.4%

0.0%

With children

0.0%

Without children

Highest Degree Completed

Married

Not married

Highest Degree Completed 80.0%

Source: Downtown Fort Worth, Inc. survey December 2011

Sources: U.S. Census Bureau 2010 and Downtown Fort Worth, Inc. survey December 2011

60%

Fort Worth

Downtown

2011

2007

USA

Source: Downtown Fort Worth, Inc. survey December 2011

Downtown Fort Worth

60.0%

42.6% 40% 33.5%

42.6% 40.0% 32.4%

18.5%

20%

30.4%

33.5%

17.70%

20.0%

10.40% 7.5%

Bachelor's

0.0%

Graduate/Professional

Bachelorâ&#x20AC;&#x2122;s

Graduate

Household Income Trends

Median Household Income

Downtown Fort Worth

50% 45%

2007

60.0% 40.0%

40%

20.0%

35%

0.0%

51.7% 39.6%

39.0%

34.9%

$125,000 $125,000

25.5%

36.3%

9.3%

$50,000 and below

30%

$150,000

2011

25%

$51,000 $100,000

$100,000

$100,000 and above

$83,000 $75,000

21.8%

20%

17.2%

15.4%

15% 10% 5% 0%

4.5%

4.8%

Less than $35,000

$35,000$49,999

USA: $50,046

$50,000

$25,000

$50,000$74,999

$75,000$99,999

$100,000$199,999

$200,000 or more

Apartment Renters

Source: Downtown Fort Worth, Inc. survey December 2011

Children in the Household

Condo/Townhome Owners

state of downtown fort worth 2013

88.8% go to Downtown restaurants, 71% to bars, 59.6% to movies, 51.3% to convenience/drug stores, 49.9% to live entertainment, and 39.8% to retail stores. 92.1% of condominium and townhome owners eat at Downtown restaurants an average of 7.3 times per month and spend $69.20 per visit. 89.5% of apartment renters eat at Downtown restaurants an average of 7.3 times per month and spend an average of $59.70 per visit.

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

3.2

Single-Family Residents

$44.30

Single-Family Residents

3.2

Single-Family Residents

$44.30

Condo/Townhome Owners Condo/Townhome Owners Apartment Renters Apartment Renters

7.3 7.3 7.3 0

7.3 8

Condo/Townhome Owners Condo/Townhome Owners Apartment Renters Apartment Renters

$69.20 $69.20 $59.70 $0

$20

$40

$60

$59.70 $80

$20

$40

$60

$80

Source: Downtown Fort Worth, Inc. survey December 2011

Population and Housing

Downtown residents patronize Downtown businesses!

Single-Family Residents

2.5

Single-Family Residents

$34.30

Single-Family Residents

2.5

Single-Family Residents

$34.30

Condo/Townhome Owners Condo/Townhome Owners Apartment Renters Apartment Renters

Condo/Townhome Owners Condo/Townhome Owners Apartment Renters

4.4 4.4 5.2 0

5.2

Apartment Renters

$41.60 $41.60 $42.40 $0

$20

$40

$20

$40

$42.40

$60 $60

Source: Downtown Fort Worth, Inc. survey December 2011

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

Condo/Townhome Owners

Apartment Renters

Condo/Townhome Owners

3.8

state of downtown fort worth 2013

$36.40

$31.60

Apartment Renters

4.7 0

$33.70

Single-Family Residents

2.5

Single-Family Residents

Source: Downtown Fort Worth, Inc. survey December 2011

Average Monthly Visits to Downtown Convenience/Drug Stores by Downtown Residents and Spending Per Visit

$20

$40

$60

Neighborhood Safety, 2007 vs. 2011 Downtown Fort Worth 100.0%

92.5%

96.8%

60.0%

2007

40.0%

20.0% 7.5%

3.2%

0.0% Safe or very safe

Source: Downtown Fort Worth, Inc. survey December 2011

2011

Unsafe or very unsafe

Street and Sidewalk Cleanliness

Street and Sidewalk Cleanliness, 2007 vs. 2011

Downtown Fort Worth

Very unclean 0.8%

Unclean 5.4%

100%

91.9%

93.7%

80% 2007

Very Clean

Clean

2011

60%

40%

20% 8.1% 0%

Clean or very clean

6.3%

Source: Downtown Fort Worth, Inc. survey December 2011

80.0%

Unclean or very unclean

Residents perceive Downtown as clean. 93.7% of residents rated the streets and sidewalks in their neighborhood as clean or very clean.

state of downtown fort worth 2013

8,000

Single-Family Residences

Condos/Townhomes

383

2,329

1,777

216 11,344

4,000 6,623

Dallas

7,255

6,999

Fort Worth

Dallas

2011

2012

Sales Ratio of Condos and Townhomes to Single-Family Residences Year

Dallas

Fort Worth

2008

20.5%

3.4%

2009

20.8%

3.6%

2010

25.9%

3.3%

2011

21.1%

2.9%

2012

20.6%

3.5%

2013

33.3%

3.4%

Source: North Texas Real Estate Information Systems, Inc.

state of downtown fort worth 2013

Fort Worth

Source: North Texas Real Estate Information Systems, Inc.

Population and Housing Number of Residential Units Sold 12,000

Condominiums and Townhomes Built and Sold Downtown Fort Worth 450

Built

Sold

400

Source: North Texas Real Estate Information Systems, Inc.

350 298 300 250 200 150 95

100

80 58

50 8 0

114

103

2002

72 43

294

226

394

112

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

state of downtown fort worth 2013

Median Residential Sales Price Per Square Foot

Condominiums and Townhomes 2013

$250,000

$250

$231,500

$225,000 $190,000

$200,000 $175,000

$200

$181

Downtown Dallas

Downtown Fort Worth

$162,250

$150,000

$150

$125,000

$109

$100,000

$100

$75,000 $50,000

$50

$25,000 $0

North Texas

Downtown Dallas

Downtown Fort Worth

North Texas

Median Days on Market Condominiums and Townhomes 2013 70

Median days on market for Downtown condos and townhomes decreased 54.8% between 2012 â&#x20AC;&#x201C; 2013.

60 50 40

41 36

30 20 10 0

North Texas

Downtown Dallas

Downtown Fort Worth

Downtown Condominium and Townhome Sales As Percentage of City

21.2% of all condominiums and townhomes sold in Fort Worth in 2013 were in Downtown.

Year

Fort Worth

Downtown

2005

276

14.5%

2006

395

24.1%

2007

367

103

28.1%

2008

275

29.1%

2009

286

114

39.9%

2010

242

24.0%

2011

216

19.9%

2012

315

19.7%

2013

302

21.2

Source: North Texas Real Estate Information Systems, Inc.

state of downtown fort worth 2013

Source: North Texas Real Estate Information Systems, Inc.

Source: North Texas Real Estate Information Systems, Inc. Source: North Texas Real Estate Information Systems, Inc.

Population and Housing

Median Sales Price

Median Residential Sales Price Source: North Texas Real Estate Information Systems, Inc.

Downtown Fort Worth $300,000

$250,000

$281,000 $255,692

$250,000 $233,500 $214,900

$225,450

$219,900

$212,000 $190,000

$196,000

$200,000

$150,000

$100,000

$50,000

$0 2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

Median Residential Sales Price Per Square Foot Downtown Fort Worth

Source: North Texas Real Estate Information Systems, Inc.

$300

$250

$234

$230

$238

$241

$234

$232 $193

$192

$200

$181 $167

$150

$100

$50

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

state of downtown fort worth 2013

Average Apartment Occupancy Rate 100% 90%

94.6%

92.1%

96.6%

96.2%

93.6%

94.1%

95.6% 95.6% 95.0%

93.6%

95.5%

93.5% 95.3%

94.4%

96.6%

93.8%

95.0% 95.2%

94.4%

93.2%

80% 70% 60% 50%

3Q 2009

3Q 2010

2011

3Q 2012

3Q 2013

Average Apartment Rent Downtown Fort Worth $1,800 $1,679

$1,700 $1,550

$1,550

$1,536

$1,654

$1,500

$1,494

$1,530

$1,680

$1,664

$1,635 Source: Downtown Fort Worth, Inc.

$1,607

$1,652

$1,625

$1,605

$1,604

$1,600

$1,544

$1,400 $1,300 $1,200 $1,100

3Q 2010

2011

Residential Rental Units Planned and Under Construction Downtown Fort Worth Project

The Cassidy

Units

Year

2014

256

2014

Carleton Trinity Bluff

238

2015

Trinity Terrace

123

2015

Trinity District Knights of Pythias

Hunter Plaza

164

TBA

Lancaster Place

130

TBA

T&P Warehouse

343

TBA

Source: Downtown Fort Worth, Inc.

Population and Housing

Downtown Fort Worth

state of downtown fort worth 2013

3Q 2012

3Q 2013

Average Monthly Apartment Rent

Source: Downtown Fort Worth, Inc.

Downtown Fort Worth $1,700

$1,662 $1,637

$1,650 $1,600 $1,557

$1,561

2008

2009

$1,573 $1,531

$1,550 $1,500 $1,450

2010

2011

2012

2013

Average Monthly Apartment Rent Per Square Foot $1.56 $1.54 $1.52 $1.50 $1.48 $1.46 $1.44 $1.42 $1.40 $1.38 $1.36

$1.54

2012

2013

$1.48 $1.45

$1.45 $1.43

2008

2009

2010

2011

Housing Construction in Downtown Fort Worth

Owner-Occupied Condominiums and Townhomes

Renter-Occupied Units 2,500

1,000 926 units as of 2010

900

2,000

800 Source: Downtown Fort Worth, Inc.

700 600

2006-2010

542

14% since 2005

1,500

2,246 units as of 2013 2006-2010

583

2000-2005

209

54.9% since 2000

500 1,000

400 300 200

Pre-1999

2000-2005

347

500

Pre-1999

1,454

100 0

Rate of Growth of Owner-Occupied Condominiums and Townhomes

Rate of Growth of Renter-Occupied Units

Period

Fort Worth

Downtown

2006 – 2010

14%

141%

2000 – 2005

17%

937%

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

Fort Worth

Downtown

2006 – 2010

17.7%

35%

2000 – 2005

5.9%

14.3%

Source: Downtown Fort Worth, Inc.

Downtown Fort Worth

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

state of downtown fort worth 2013

Hospitality

Business and leisure travelers agree, Downtown is the place to stay. As the hub of a vibrant tourism and business travel destination, Downtown Fort Worth boasts 2,642 hotel rooms. With 640,000+ room nights sold in 2013, the average hotel occupancy was 67.3% with $104.05 revenue per available room (RevPAR).

Downtown paid 39.2% of Fort Worthâ&#x20AC;&#x2122;s hotel occupancy taxes in Q3 2013

$95+ MILLION in Downtown hotel revenue in 2013

state of downtown fort worth 2013

Plano 5.5% Dallas 41.9%

Source: Texas Comptroller of Public Accounts

Richardson 3.2% Arlington 9.1%

Area Hotel Room Supply Irving 15.2% Fort Worth without Downtown 14.1%

Grapevine 7.2%

Downtown Fort Worth

3.7%

Plano 5.3% Richardson 3.0% Arlington 6.4%

Irving 15.3%

Area Hotel Revenue Share

Fort Worth without Downtown 9.9%

Grapevine 12.9%

Source: Texas Comptroller of Public Accounts

Dallas 41.4%

Downtown Fort Worth

5.9%

Hotel Occupancy 2013

62.3%

Source: Smith Travel Research

USA

Downtown Fort Worth

Downtown Dallas 50 %

55 %

67.3%

58.8 % 60 %

65 %

70 %

state of downtown fort worth 2013

Hospitality

Hotel Revenue Per Available Room Dallas CBD

$110.00

Fort Worth CBD

USA $104.05 $99.52

$99.63

$100.00 $90.47

$90.00

$88.38

$78.28

$80.00 $74.93 $70.00

$68.69

$68.70

Source: Smith Travel Research

$65.15 $61.08 $60.00 $55.49 $50.00

$40.00 2010

2011

2012

2013

Hotel Occupancy Taxes Paid Downtowns Share as Percentage of City 50.0% 44.8%

43.7%

45.0%

39.3% 37.6%

31.7%

25.0%

20.0%

15.0%

39.0% 38.4%

37.3%

35.0%

30.0%

40.9%

38.8%

41.1%

40.8%

39.8%

40.8%

39.2% 39.2%

37.6%

Hotels in Downtown Fort Worth generate 39.2% of all annual hotel occupancy taxes in the city.

4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 3Q 10 4Q 10 1Q 11 2Q 11 3Q 11 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13 2Q 13 3Q 13

state of downtown fort worth 2013

Source: Texas Comptroller of Public Accounts

40.3% 40.0%

42.3% 41.3%

Current Hotel Room Inventory NIC

RD ING S CR UM

TER RY

LHO UN

ERC

2 2ND

R 11 3

THR OC

OR TO

ELM

H 10 6T

LOR

T 1S

CE AN ZA ND LA SU RE P UA SQ

PECA

TAY

F LUF

H 8T

5TH

7TH

T 14

T 15

LAKE

LANCASTER

504

3. Sheraton Fort Worth Hotel and Spa

430

4. Hilton Fort Worth

294

5. Downtown Fort Worth Courtyard-Blackstone Hotel

203

6. Embassy Suites Fort Worth Hotel Downtown

156

7. Marriott TownePlace Suites Fort Worth Downtown

140

EB 8. Holiday Inn Express Hotel 132 30 IH & Suites Downtown Fort Worth IH 3 5W

3 IH

PRESIDIO

2. Worthington Renaissance Hotel

MONROE

LAMAR

TER

MACON

CHERRY

13TH

614

TIO

COLLIER

BALLINGER

H 3T

SUMMIT

PENN

T 12

TEXAS

1. Omni Fort Worth Hotel

LUELLA

10TH

Rooms

ELM

PEC JON

ERF

MIL

ATH

DER

HEN

PEA

BEL

Hotel

EL PASO

9. Park Central Hotel

120

10. The Ashton

11. Etta’s Place

RIO GRANDE

Hotel Occupancy Rate 100.0%

Downtown Fort Worth

USA

90.0%

79.3%

80.0%

75.9%

73.6% 70.0% 70.0%

66.5% 63.6%

69.2% 58.5%

Source: Smith Travel Research

60.0%

62.6%

63.8%

69.9%

69.2%

69.8% 65.8%

65.0%

71.0%

64.0%

63.3%

64.7%

52.6%

58.9% 57.4%

50.0% 50.9%

50.2%

40.0%

30.0% Jan-13

Feb-13

Mar-13

Apr-13

May-13

Jun-13

Jul-13

Aug-13

Sep-13

Oct-13

Nov-13

Dec-13

state of downtown fort worth 2013

$140

$130.54 Downtown Fort Worth

$120

$118.74

$127.31

USA

$110.20 $103.94

$102.74 $100 $100.51

$99.78

$96.90

$100.87 $85.62

$80 $77.73 $70.41

$60

$70.25

$79.74

$70.35

$77.62

$70.39

$74.38

$73.48

$63.02

$61.80 $54.65

$53.98 $40

$20

Jan-13

Feb-13

Mar-13

Apr-13

May-13

Forth Worth Convention Center Facts Total arena

70,960 SF

Total exhibit hall

182,266 SF

Total exhibit space

253,226 SF

Ballroom space

28,160 SF

Permanent seats in the arena

10,418

Temporary seats in the arena

3,266

Number of meeting rooms Hotel rooms within a 15-minute walk Source: Fort Worth Convention & Visitors Bureau

41 2,370

Jun-13

Jul-13

Aug-13

Sep-13

Oct-13

state of downtown fort worth 2013

Dec-13

Largest Conventions 2013 by Hotel Rooms Reserved Downtown Fort Worth Name

Rooms Reserved

Texas High School Coaches Association

2,236

Premier Designs, Inc

2,134

National Association of Counties

1,925

AdvoCare

1,848

Army Aviation Association of America

1,846

Texas Library Association

1,687

National Art Education Association

1,238

Texas Emergency Medical Services

1,150

Texas Association of School Boards

1,103

RadioShack Corporation

1,100

Source: Fort Worth Convention & Visitors Bureau

Nov-13

Source: Smith Travel Research

Hospitality

Revenue Per Available Room (RevPar)

Average Daily Hotel Room Rate (RevPar) $190 Downtown Fort Worth $164.29

$170

USA $164.83 $158.25

$152.62 $150

$155.44 $145.52

$145.62

$130

Source: Smith Travel Research

$110

$105.10

$102.00 $106.41

$90

$97.34

$103.17

$106.90 $98.16

$70

$50

2007

2008

2009

2010

2011

2012

2013

state of downtown fort worth 2013

Retail

Downtown has it all! Dinner, drinks, dancing, shopping, theater and more! Downtown Fort Worth is well known for its dining and entertainment experience. More than 60 restaurants can be found in the center city while live theatre, shopping, movies and comedy round out the urban mix. These diverse offerings and the vibrant street life they foster make Downtown more attractive to locals, visitors and residents. With a 95.9% average retail occupancy since 2006, soft goods retail is now taking hold. Downtown has experienced a 28.2% growth in clothing store sales since 2006. Several new retail stores and restaurants have opened in Downtown, including Del Frisco’s Grille, Jamba Juice, Jimmy John’s Gourmet Sandwiches, Little Red Wasp, RadioShack, Silver Leaf Cigar Bar, Taco Diner, The Bird Café and The Brass Tap. New retail opportunities are forthcoming at the recently completed Sundance Square Plaza project and One City Place remodel, which together added more than 50,000 square feet of retail space in 2013.

$95 MILLION

annual sales for fullservice Downtown restaurants

$49 MILLION in mixed beverage sales for 2013

state of downtown fort worth 2013

Spending by Downtown Residents in Downtown $19+ MILLION annual spending by residents on retail and restaurants in Downtown

3.2+ monthly visits to Downtown retailers $70 average spent per retail visit 7.2 average monthly visits to Downtown restaurants $63 average spending per restaurant visit

As the 12th-largest economy in the world, the Texas economy continues to fare better than those of many other states. For the 12th straight year, Texas has been ranked the top exporting state, according to data released by the U.S. Department of Commerce. The value of state exports in 2012 (YTD-Sept) totaled more than $279.7 billion, an increase of 5.4% over 2012 and well ahead of overall U.S. exports in 2012, which grew 2.1 percent.

Downtown Fort Worth Private-Sector Employees, Businesses and Payroll Total Downtown private-sector employees Annual payroll

35,907 $2,689,635,000

Average payroll per employee

$74,906

Number of business establishments

1,468

Source: U.S. Census Bureau 2011 Texasâ&#x20AC;&#x2122; top exporting industries in 2012 were petroleum and coal products, chemicals, computer and electronic products, non-electrical machinery and transportation equipment. Mexico, Canada, Brazil, China, Netherlands and South Korea imported $101 billion, $25.9 billion, $10.8 billion, $10.7 billion, $9.6 billion and $7.9 billion in Texas goods, respectively.

Retail Occupancy Rate 100%

95%

Downtown Fort Worth

98.0%

97.4%

DFW

USA

95.0%

94.3% 92.8%

93.2%

93.1%

92.7%

91.2%

4Q 2010

4Q 2011

92.0%

92.6%

92.7%

93.3%

90%

Source: CoStar

88.1%

85%

80%

4Q 2009

4Q 2012

4Q 2013

state of downtown fort worth 2013

Fourth Quarter 2013 Addison Addison Dallas CBD Dallas CBD East Dallas East Dallas East Fort Worth East Fort Worth Far North Dallas Far North Dallas Fort Worth CBD Fort Worth CBD Las Colinas Las Colinas North Arlington North Arlington Northwest Dallas Northwest Dallas Northwest Fort Worth Northwest Fort Worth Park Cities Park Cities Richardson Richardson Southlake Southlake Southwest Fort Worth Southwest Fort Worth Uptown Dallas Uptown Dallas West Frisco West Frisco West Plano West Plano 0% 10% 0% 10%

84.6% 84.6%

86.3% 86.3%

20% 20%

30% 30%

40% 40%

50% 50%

60% 60%

70% 70%

93.8% 93.8% 94.9% 94.9% 93.7% 93.7%

92.6% 92.6% 95.0% 95.0% 91.8% 91.8% 94.4% 94.4% 94.6% 94.6% 95.3% 95.3% 88.5% 88.5% 93.7% 93.7% 92.3% 92.3% 97.0% 97.0% 91.2% 91.2% 95.6% 95.6% 90% 100% 90% 100%

80% 80%

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 2013

$14.32 $14.32 $15.22 $15.22 $13.45 $13.45

$7.98 $7.98

$16.83 $16.83

$10.98 $10.98

$22.69 $22.69

$14.89 $14.89 $15.71 $15.71 $17.22 $17.22

$23.94 $23.94

$14.30 $14.30

$26.97 $26.97

$9.91 $9.91

$30.30 $30.30

$17.73 $17.73 $10 $10

state of downtown fort worth 2013

$15 $15

$19.90 $19.90 $20 $20

$25 $25

$30 $30

$35 $35

Source: CoStar

Addison Addison Dallas CBD Dallas CBD East Dallas East Dallas East Fort Worth East Fort Worth Far North Dallas Far North Dallas Fort Worth CBD Fort Worth CBD Las Colinas Las Colinas North Arlington North Arlington Northwest Dallas Northwest Dallas Northwest Fort Worth Northwest Fort Worth Park Cities Park Cities Richardson Richardson Southlake Southlake Southwest Fort Worth Southwest Fort Worth Uptown Dallas Uptown Dallas West Frisco West Frisco West Plano West Plano $0 $5 $0 $5

Accommodation and Food Services Gross Sales Millions

January-June

$90 $80

Source: Texas Comptroller of Public Accounts

$79.2

$69.9

$67.1

$68.9

$71.4

$61.6

$58.0

$82.7

$80.5

Retail Occupancy Rates for Submarkets in the Dallas-Fort Worth Metropolitan Area $76.6

$70 $60

July-December

$70.2

$68.2

$78.8

$76.5

$70.3

Fourth Quarter 2012

$50 $40 $30 $20 $10 $0

NA 2006

2007

2008

2009

2010

2011

2012

2013

Full-Service Restaurants Gross Sales Millions

January-June

$50 $45

$42.5

$40 $35.5

$37.5

July-December

$44.2 $44.6 $41.9

$39.2

$49.1 $46.6

$39.8

$41.3

$45.2

$46.6

$46.3

$40.0

Source: Texas Comptroller of Public Accounts

$35 $30 $25 $20 $15 $10 $5 $0

NA 2006

2007

2008

2009

2010

2011

2012

2013

Sources: CoStar and Downtown Fort Worth, Inc.

state of downtown fort worth 2013

Retail

Household Income 2012 Downtown Fort Worth Trade Areas 10 Minutes Drive Time Household by Income

20 Minutes Drive Time

Number of households

Percent of households

Number of households

Percent of households

<$15,000

15,354

22.60%

55,115

13.20%

$15,000 – $24,999

11,251

16.60%

48,358

11.60%

$25,000 – $34,999

9,338

13.80%

47,613

11.40%

$35,000 – $49,999

10,582

15.60%

66,464

15.70%

$50,000 – $74,999

19,677

14.30%

82,128

19.70%

$75,000 – $99,999

4,034

5.90%

45,888

11.00%

$100,000 – $149,999

4,048

6.00%

45,661

10.90%

$150,000 – $199,999

1,491

2.20%

14,284

3.40%

$200,000+

2,089

3.10%

11,504

2.80%

Source: ESRI

Average Consumer Spending 2012 Downtown Fort Worth Trade Areas Categories

10 Minutes Drive Time

20 Minutes Drive Time

Average/HHS

Total Spent

Average/HHS

Total Spent

$1,226

$92,442,563

$1,612

$696,284,563

$157

$11,853,949

$212

$91,707,396

Entertainment and Recreation

$2,237

$168,641,472

$3,041

$1,312,864,004

Food at Home

$3,373

$254,262,431

$4,274

$1,845,387,944

Food Away from Home

$2,376

$179,095,673

$3,117

$1,345,568,626

Health Insurance

$1,340

$101,005,147

$1,751

$756,272,493

$957

$72,137,182

$1,400

$604,530,391

$10,979

$568,421,938

$15,077

$6,508,908,019

$879

$66,285,553

$1,178

$508,769,345

Apparel and Services Computer and Accessories

Investment Home Household Furnishings and Equipment Travel Vehicle Purchases

$864

$65,144,993

$1,241

$535,784,345

$3,262

$245,893,761

$4,250

$1,835,086,986

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 2012 Downtown Fort Worth Trade Areas Industry Group

NAICS

10 Minutes Drive Time

20 Minutes Drive Time

Food and Beverage Stores

445

$594,060,316

$2,147,856,318

Clothing and Clothing Accessories Stores

448

$156,637,726

$622,410,557

General Merchandise Stores

452

$218,807,113

$1,722,199,970

Non-Store Retailers

454

$71,172,713

$178,671,783

Food Services and Drinking Places

722

$528,624,977

$2,068,727,072

Full-Service Restaurants

7221

$266,108,753

$801,345,825

Limited Service Eating Places

7222

$182,611,726

$1,087,124,293

Special Food Services

7223

$48,093,082

$87,868,420

Drinking Places-Alcoholic Beverages

7224

$31,811,416

$92,388,535

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

state of downtown fort worth 2013

Drive Time Demographics Downtown Fort Worth

10 MINUTES

drive time

20 MINUTES

drive time

Drive Time Demographics 2012 – 2017 Downtown Fort Worth 10 minutes Drive Time

2012

2017

Population

193,979

206,134

Households

67,865

71,837

2.79

2.80

Owner-occupied housing units

35,596

38,568

Renter-occupied housing units

32,269

33,269

31.8

32.4

Average household size

Median age Source: ESRI

state of downtown fort worth 2013

Retail Mixed-Beverage Gross Sales Downtown Fort Worth Millions $50

$48,206,547

$48,126,636

$43,994,761

$43,497,449

$45

$48,872,124

Source: Texas Comptroller of Public Accounts

$40,831,349 $42,760,505

$40

$35 $35,241,538 $30

$25 2006

2007

2008

2009

2010

2011

January-June

July-December

2012

2013

Clothing Stores Gross Sales Downtown Fort Worth Millions $3

$2.8 $2.4

$2.4

$2.3 $2.1

$2.2

$2.4

$2.3

NA 2007

2008

state of downtown fort worth 2013

2009

2010

2011

2012

2013

Source: Texas Comptroller of Public Accounts

$2.4

$2.8

$2.6

Gross Sales All Industries Dollars Per Square Mile Market

2011

2012

76102 Downtown Fort Worth

$760,064,974

$670,514,791

76104 Near Southside

$178,836,645

$181,160,710

76107 Cultural District

$197,370,947

$209,629,178

Fort Worth

$106,745,059

$112,067,584

Source: Texas Comptroller of Public Accounts

state of downtown fort worth 2013

Quality of Life

Livability.com ranks Downtown Fort Worth as the #1 Downtown in the U.S.! Fort Worth has also been recognized for its outstanding quality of life and is currently ranked as one of the nationâ&#x20AC;&#x2122;s top 10 most livable cities by Partners for Livable Communities. Nowhere is our excellent quality of life more apparent than in our center city, where education, entertainment and other amenities are abundant.

state of downtown fort worth 2013

Entertainment

296,000+ arts venue attendance Parks/Recreation 385 acres of park land servicing Downtown Access to 40 miles of trails

3,290 free night and weekend parking spaces 412,000+ items in circulation at the Central Library

6 Childcare Centers Entertainment Venues Downtown Fort Worth Venue

Available seats

Fort Worth Convention Center (Arena Seating)

10,418

Bass Performance Hall

2,056

AMC Sundance 11

1,850

Four Day Weekend

212

Jubilee Theatre

147

Circle Theatre

125

Source: Downtown Fort Worth, Inc. survey

state of downtown fort worth 2013

SAMUEL AVENUE

Created in 1986, Downtown Fort Worth Improvement District (PID) #1, administered by DFWI, offers a comprehensive program of services, including research, marketing, planning PID Districts assistance, sidewalk cleaning, PID #1 street sweeping, security PID #14 enhancement, and litter removal. From 1986 to 2009, 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 property value and 80% of land area in the District. BEL

NIC

ING

BLU

ELM

PECA

ELM

TO OR

5TH

CHESAPEAKE ENERGY

TER

CE AN ZA ND LA SU RE P UA SQ

THR

LOR

ERC

RFO

E ATH

LHO

TAY

BLU

MIL

DER

PEA

PEC

JON

BEL

HEN

Quality of Life

PID #1 & #14

H 7T

7TH

MONROE

H 3T

T 15

13TH

T 14

LANCASTER

LAMAR

MACON

LAKE

COLLIER

SUMMIT

BALLINGER

FOURNIER

PENN

PAR K

CHERRY

EST

T 12

TEXAS

FOR

LUELLA

10TH

11 T

EL PASO

SUN

DAGGETT

SET

RIO GRANDE

BROAD WAY

WENNECA

14TH

15TH

Downtown Fort Worth Improvement District #14 was established in June 2009. Since then, District staff members have provided sidewalk maintenance along Samuels Avenue on Sundays, as well as weekly supplemental trash collection.

$12,266,366 budgeted revenue/expenses of PID #1 since its re-establishment in 2009.

$37,741,102 budgeted revenue/expenses for the life of PID #1 since its creation in 1987 $1,165,330 in maintenance services annually 546,000 pounds of dirt/debris removed from streets, curbs and gutters annually

2,912 miles of curb and gutter cleaning annually/ 51 miles weekly 15,660 linear miles of sidewalks cleaned annually

616 cubic yards of trash removed annually

146 Downtown trees lighted and maintained

190 trash cans serviced

17 full-time clean-team members 11,000 square feet of planters in seasonal bloom

x10 54

state of downtown fort worth 2013

IH 3 5W

PRESIDIO

Tax Increment Finance District #3

NIC

TIF: 3 Downtown

TIF: 4 Southside/Medical District

ING

A significant publicTIF: 6 Riverfront TIF: 8 Lancaster private partnership that TIF: 9 Trinity River Vision adds to the success of AP KN D 0 OR BEL 28 ERF UR Downtown is the ATH 1 E SP W 2 Downtown Tax CH 3 PEA F F 9 4 Increment Finance BLU 2 District (TIF) and the 1 6 3 other DowntownPIER 1 8 5 oriented TIFs. The 9 7 12 Downtown TIF makes 10 13 strategic investments in 14 TEXAS 15 parking, infrastructure, 13 13 historic preservation, LANCASTER S and residential W 35 PRESIDIO IH development. The TIF is EL PASO a collaboration of the RIO GRANDE VICKERY City of Fort Worth, Fort JARVIS DAGGETT Worth Independent School District, Tarrant County, Tarrant County Hospital District, Tarrant County BROAD WAY College District, and Tarrant Regional Water District. ELM

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To date, the TIF has obligated $69 million, leveraging $483 million in private development and facilitating $41 million in public investment. The updated TIF Project and Financing Plan, adopted in 2013, is projected to return between $4.4 million and $4.9 million of tax increment to the taxing district partners each year from 2014 to 2017. This amount is in excess of the annual revenues to the TIF, which are projected at $4.3 million to $4.8 million. DFWI manages the Downtown TIF through a contract with the TIF Board of Directors.

Downtown TIF Costs, Investments and Tax Increment $800 City's TIF Contribution

TIF Costs

Investments

Tax Increment

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

$700 $593.63

$600

$500 Trinity Bluff

$400

$300

$200

$100

Crescent Garage/ Bass Hall

Ashton Hotel

Chase Building

Family Law Center

The Tower

Pecan Place

UTA

$524.25

Carnegie Building Marriott Towne Place

Oliver’s

City Place Westbrook, Garage/ Commerce Buildings Retail

Two City Place

$44.75 $19.19

$0 1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

state of downtown fort worth 2013

Education

From Pre-K to MBA, Downtown is the place to learn!

10,757 higher

Downtown higher education

enrollment

education grew by 1,447% in 11 years

students Downtown in 2013

= potential customers = future workforce = potential residents

state of downtown fort worth 2013

2003 2013

695 10,757

Higher Education Fall Semester Enrollment Downtown Fort Worth Tarrant County College

University of Texas at Arlington Fort Worth Center

1,800

10,000 9,000

8,410

8,000

1,200

6,000

5,459 4,797

1,209

1,138

400

1,000

200 2009

2010

2011

2012

Texas A&M School of Law 1,000 900 780

768

730

738

2013

770

2010

2011

2012

2013

Number of students enrolled in higher education campuses in Downtown increased by 58.5% since 2009.

700

12,000

600

11,000

500

10,000

400

2009

10,712

10,757

9,557

9,000

300

7,808

8,000

200

7,000

100 2009

2010

2011

2012

2013

6,000

6,786

2009

2010

2011

2012

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

600

2,000

1,564

800

3,000

800

1,590

1,000

4,000

1,581

1,600 1,400

7,237

7,000

5,000

8,849

2013

Educational Institutions Downtown Fort Worth 2013 – 2014 Enrollment

Bright Horizons Montessori at Sundance Square

St. Paul Lutheran School

225

Young Women's Leadership Academy

270

Nash Elementary School

272

Texas A&M School of Law

770

University of Texas at Arlington, Fort Worth Center

1,138

Tarrant County College, Trinity River Campus

8,849

11,599

students in 2013.

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

state of downtown fort worth 2013

Transportation

Downtown Fort Worth, a local transit hub, offers excellent access to various transportation options throughout the community and the Dallas-Fort Worth area. The Intermodal Transportation Center, which opened in 2002, is the central gathering point for the Greyhound Bus Line, The Fort Worth Transportation Authority (The T), Trinity Railway Express, Amtrak, taxis and the Molly the Trolley shuttle service. Currently, 39 bus routes serve Downtown. The T also operates a â&#x20AC;&#x153;Free Zoneâ&#x20AC;? that offers rides at no cost to anyone traveling within the central business district. Downtown is also fortunate to have 3,290 free parking spaces available after 6 p.m. on weekdays and all day on weekends, courtesy of the Downtown Tax Increment Finance District. In addition, The Tower garage offers first-hour-free parking during daytime hours, as does the City Place garage for validated guests. There are more than 42,000 Downtown parking spaces. To inform the public about the many parking options Downtown, a Fort Worth parking website was created through a partnership among the City of Fort Worth, Downtown Fort Worth, Inc., Fort Worth Convention & Visitors Bureau and the Historic Stockyards. Fortworthparking.com allows users to quickly find the closest parking options to their destinations.

state of downtown fort worth 2013

31% increase in bus ridership since 2004

404,403 Downtown riders for the Trinity Railway Express (2013)

3,122,760 Calories Burned on 19,791 trips taken using Fort Worth’s Bike Share bicycles in the first 9 months of the program

404,648

596,000+

14 Bike Share stations

Meacham International Airport,

Molly the Trolley ridership since inception (May 2009)

added to Downtown in 2013

Average daily traffic count on Downtown highways

North Texas’s premier general aviation facility, is just 5 miles from Downtown

Dallas-Fort Worth International Airport

•1 7 miles from Downtown •6 0+ MILLION passengers in 2013 •A pproximately 158,000+ passengers daily •1 48 domestic nonstop destinations •5 6 international destinations •2 3 carriers • Every major city in the continental United States can be accessed within four hours

four hours

state of downtown fort worth 2013

Transportation

COMING

2017 TexRail Commuter Rail System

Trinity Railway Express Ridership Fiscal Years 2002 – 2013 Millions 3.0 2.7 2.5

2.4

2.29 2.13

2.16

2.15

2004

2005

2.65

2.5

2.4

2.3

2.14

Source: Fort Worth Transportation Authority

2.0

1.5

1.0

0.5

0.0

2002

2003

2006

2007

2008

2009

2010

2011

2012

2013

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.

state of downtown fort worth 2013

Annual Ridership for Bus Routes Serving Downtown Fort Worth 2004 – 2013 Millions 6.00

5.46

5.50

5.21

5.19 4.84

4.78 4.50

4.00

Source: Fort Worth Transportation Authority

5.00

4.98

4.83

4.39 3.99

3.50

3.00 2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

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

571

596

532

500

376

381

2001

2002

481

460

454

2005

2006

498

2008

2009

Source: Texas Department of Transportation

422

400

438

491

300

200

100

2003

SH 287

2004

SH 121

I-35W

2007

2010

2011

2012

I-30

67,000 2012

107,000 174,000 147,000

state of downtown fort worth 2013

Means of Transportation to Work: Car, Truck or Van 92.7% 100.0%

100.0%

60.0%

72.3%

80.0%

60.1%

72.3%

60.1%

60.0% 60.0%

72.3%

79.1%

60.1%

40.0% 40.0%

Downtown Austin*

Downtown Dallas*

Downtown Austin*

Downtown Dallas*

40.0%Downtown Fort Worth Downtown Austin* Downtown Fort Worth

Fort Worth Downtown Dallas* Fort Worth

92.7% 79.1%

Downtown Fort Worth

Fort Worth

Means of Transportation to Work: Public Transportation

6.0%

5.5%

6.0% 4.2%

6.0%

5.5%

5.5% 4.0%

4.0%

4.2%

4.0%

4.2%

4.0%

4.0% 2.0% 2.0%

1.2%

2.0%

1.2%

0.0% 0.0%

Downtown Austin*

Downtown Dallas*

Downtown Austin*

Downtown Dallas*

0.0%Downtown Fort Worth Downtown Austin* Downtown Fort Worth

1.2% Fort Worth Downtown Dallas* Fort Worth

Downtown Fort Worth

Fort Worth

25.0% 25.0% 20.0%

23.4%

25.0%

23.4%

23.4% 20.0%

20.0% 15.0%

13.6%

15.0% 10.0%

15.0%

13.6% 8.9%

13.6% 10.0%

8.9%

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

Downtown Austin*

Downtown Dallas*

Downtown Austin*

Downtown Dallas*

state of downtown fort worth 2013

0.0%Downtown Fort Worth Downtown Austin* Downtown Fort Worth

1.3% Fort1.3% Worth Downtown Dallas* Fort Worth

*Zip code 78701 is used for downtown Austin, 75201 & 75202 are used for Dallas. Source: US Census Bureau

Means of Transportation to Work: Walk or Bike

8.9%

1.3% Downtown Fort Worth

Fort Worth

*Zip code 78701 is used for downtown Austin, 75201 & 75202 are used for Dallas. Source: US Census Bureau

80.0%

92.7%

79.1%

80.0%

*Zip code 78701 is used for downtown Austin, 75201 & 75202 are used for Dallas. Source: US Census Bureau

Transportation

100.0%

300

200

100

Average Daily Traffic Count 2001Selected 2002 State2003 and

2004 Highways 2005 2006 2007 2008 2009 Federal Serving Downtown Fort Worth

SH 121

SH 287

2010

2011

2012

I-30

I-35W

67,000 107,000

2012

174,000 147,000 67,000 106,000

2011

177,000 141,000 59,000 112,000

2010

163,000 143,000 61,000 106,000

2009

168,000 137,000 58,000 102,000

2008

175,000

144,000

All counts were taken within a radius of 2 miles

63,000 Source: Texas Department of Transportation

from the intersection of

106,000

2007

155,000 147,000

I-30 and I-35W, SH 121 and SH 287 in Downtown Fort Worth.

67,000 101,000

2006

151,000 143,000 52,000 102,000

2005

164,000 147,000 0

50,000

100,000

150,000

200,000

Downtown Parking Availability Parking spaces

41,911

Parking meters

2,400

Free evening and weekend parking spaces

2,826

Free daytime 1-hour parking spaces

300

Free daytime 2Â˝-hour spaces with validation

164

Source: Downtown Fort Worth, Inc.

state of downtown fort worth 2013

PID Advisory Board

Jack Clark Chair Red Oak Realty Hank Akin Klabzuba Realty Rita Aves Oil & Gas Building Johnny Campbell Sundance Square Rick Cantalini Tower Condo Association I Richard Casarez ONCOR Electric Delivery Andrew Casperson Omni Fort Worth Hotel Gary W. Cumbie The Cumbie Consultancy Jim Finley Finley Resources Inc. Dave Fulton Hilton Fort Worth

Delores Knight Mallick Tower Walter Littlejohn The Fort Worth Club Michelle Lynn Building Owners & Managers Association Allison Millington Behringer Harvard David D. Parker AT&T Sabrina Carter Starpoint Commercial Properties, LLC T. Pollard Rogers Cantey & Hanger, L.L.P. Heather Scoggins Chesapeake Energy Corporation Tom L. Struhs Struhs Construction

Taylor Gandy Ron Investments, Ltd

Jed Wagenknecht Downtown Fort Worth Blackstone Courtyard Marriott

Melissa Graham Cousins Properties

Joy Webster MorningStar Capital

Ossana Hermosillo City of Fort Worth Marie Holliday Flowers to Go in Sundance Square

John Klukan The Worthington Renaissance Fort Worth Hotel

state of downtown fort worth 2013

Credits Downtown Fort Worth, Inc. is especially grateful to the following organizations and individuals for their assistance in producing the State of Downtown publication: Carmen Escalante Research Specialist Texas Comptroller of Public Accounts Phil Dupler Service Planner Fort Worth Transportation Authority “The T”

Downtown Fort Worth, Inc. Publications Annual Report Commercial Market Report Downtown Dashboard Downtown Retail Profile In View Residential Focus State of Downtown

Information Sources City of Fort Worth CNN-Money CoStar Downtown Fort Worth, Inc. ESRI Federal Housing Finance Agency Fort Worth Convention and Visitors Bureau Fort Worth Transportation Authority "The T" 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

Lori Poe Research Consultant Convention and Visitors Bureau

Susan White City of Fort Worth Planning and Development Department

Special thanks to Blackstone Courtyard Downtown Fort Worth, Brian Hutson, Brian Luenser, Bright Horizons Montessori at Sundance Square, Denise Cook, Fort Worth Central Library, Geno Loro, Jeffrey Stvan, Lincoln Property Company, RadioShack, Sundance Square, Tarrant County College, Texas A&M University School of Law, UNT Health Science Center (UNTHSC) and UTA Fort Worth Center for their photography. Cover: Geno Loro. Back cover: Brian Luenser. 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 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 Young Women’s Leadership Academy

Downtown Fort Worth, Inc. Staff Andrew Taft President Todd Holzaepfel, Ph.D. Vice President/PID Manager Cleshia Butler Administrative Assistant Jay Downie Event Producer Becky Fetty Director of Membership and Marketing

Brandi Huckabee Program and Production Manager Accounting Assistant Ani Jarrett Marketing and Project Manager Jim Johnson, Ph.D. Director of Downtown Development/TIF District Melissa Konur Director of Planning Melanie Lara Controller Arrie Mitchell Director of Research Carole Robinson Executive Assistant/Office Manager

PMS 286

777 Taylor Street, Suite 100 Fort Worth, Texas 76102 817.870.1692 | www.dfwi.org