Downtown Fort Worth Has Healthiest Office Market In Texas
Data From The Latest State Of Downtown Report Shows Downtown Fort Worth Has Remained Consistently Stable Since 2006
FORT WORTH, Texas, July 1, 2013 /PRNewswire-USNewswire/ -- According to the recently released State of Downtown 2012 report, Downtown Fort Worth ranks as the area with the healthiest office market among Texas's five major cities. In the fourth quarter of 2012, Downtown Fort Worth's occupancy was 92% compared to 88% for Austin, 73.3% for Dallas, 87.1% for Houston and 82% for San Antonio. More impressively, the Downtown Fort Worth office market has maintained an average occupancy rate of 92.8% since 2006, while increasing inventory by 4.2%. Directly correlating with numbers of employment, the high office occupancy level generates a private payroll of more than $2.8 billion per year.
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"Office market stability and high occupancy are key indicators of a central business districts' ability to attract growth. Fort Worth's central business district has enjoyed incredible, consistent growth and absorption as a result of the diversity of its users, growth in all sectors and a work environment, second to none. With the significance of these factors, downtown Fort Worth will continue to be poised as a top real estate investment market," said Johnny Campbell, President and CEO at Sundance Square.
According to the State of Downtown 2012, Downtown Fort Worth is also the largest employment center in Tarrant County. It generates the largest payroll among all of the employment centers in the county. In addition, the residential population of Downtown Fort Worth has grown much faster than the city's. The city's population increased by 42% from 2000 to 2011 (one of the fastest rates in the nation) and Downtown's population grew by 160%.
The State of Downtown is a yearly publication that offers in-depth analysis of downtown performance in economic, social and education segments. It is produced by Downtown Fort Worth, Inc. (DFWI) and Fort Worth Public Improvement District #1 (PID) to help communicate the underlying economic trends shaping our center city. The data is compiled throughout the year by Dr. Nasser Haghighat, DFWI's Director of Research.
To download the latest data from the 2012 State of Downtown report, please visit www.dfwi.org.
CONTACT:
Ani Jarrett
(817) 870-1692
Email: [email protected]
SOURCE Downtown Fort Worth, Inc.
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