Summary: Quick on the heels of several "top" growth statistics, Fort Worth is now primed for a commercial real estate boom. And what happens in Fort Worth - just twenty (20) miles east of Willow Park -- does not stay in Fort Worth. “We’re in the early stages of what’s happened in Austin.” Get ready to grow or go.
Latest Update: Friday, 04 August, 2023
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Fort Worth is primed for a real estate boom - and it's coming this way.
Quick on the heels of several "top" growth statistics, Fort Worth is now primed for a real estate boom. And what happens in Fort Worth - just twenty (20) miles east of Willow Park -- does not stay in Forth Worth. “We’re in the early stages of what’s happened in Austin.” Get ready to grow or go.
• Local City Primed for Real Estate Boom, The Dallas Express, 01 July 2023, Excerpts.
As America’s fastest-growing major city, Fort Worth is positioning itself as the dominant real estate market in North Texas.
Fort Worth has quickly become the go-to for building in the region, with more than $2 billion worth of commercial and multifamily developments currently under construction or in the project pipeline, reported The Wall Street Journal.
• Fort Worth’s Commercial Real Estate Market Is Suddenly Booming, Wall Street Journal, 27 June 2023
“We’re in the early stages of what’s happened in Austin,” Burnette [Todd Burnette, managing director in charge of real estate company JLL’s Fort Worth office,] told WSJ.
As previously reported by The Dallas Express, most of North Texas has been seeing impressive economic growth for years now — with the notable exception of Dallas, where a cumbersome permitting process, underperforming schools, and high crime have hindered the city from getting its share of the broader population boom and businesses looking to relocate to the metroplex.
Still, Fort Worth stands out. Of the country’s top 30 most populated cities, Fort Worth has seen the fastest growth rate. The city has had a 4.1% growth rate since 2020 and a numeric population gain in 2022 of about 19,170, with approximately 53 people moving there daily, according to the U. S. Census Bureau. In contrast, Dallas has had a growth rate of -3.36% since 2020 and a numeric population decline of 14,444 in 2022, with about 40 people leaving every day.
In terms of office vacancies, Dallas’ downtown area has a vacancy rate of roughly 30% compared to Fort Worth’s 13%, according to JLL, per WSJ.
Fort Worth’s development pipeline includes a wide array of commercial, multifamily, and mixed-use projects.
Texas developer John Goff is set to open Crescent Fort Worth, a $275 million mixed-use development featuring 168,000 square feet of office space, 175 upscale rental apartments, and a 200-room luxury hotel.
Some other developments include Texas A&M’s planned Fort Worth campus, a second office for videogame company ProbablyMonsters, and a mixed-use development slated for construction on the site of the now-shuttered Fort Worth Central Library, among others.
• Real estate expert says Texas city has become a 'major player', Fort Worth is not 'the cliche' oil and gas city it used to be, Fox Business, 03 July 2023, Excerpt. "He noted that where Dallas expands north and eastward, they can only expand so far, whereas Fort Worth can expand westward "really for miles and miles away from downtown," giving companies opportunities to bring headquarters west."
• Best large US cities to start a business in 2023, Fox Business, 01 May 2023, Excerpt. Two Texas cities rounded out the top 10, with Forth Worth scoring an even 58, and Austin notching 56.86 thanks to their friendly business environments.
• Real estate booming in Fort Worth, The Real Deal, Jul 2023, Excerpts. Roughly $2.3 billion worth of developments are under construction or in the pipeline in Fort Worth, comprising a wide range of projects, the Wall Street Journal reported, citing comments from JLL’s Todd Burnette.
• Five predictions about the future of Fort Worth’s real estate markets in 2023, [.in pdf] Fort Worth Star-Telegram, 20 January 2023, 02 July 2023
The housing market could face challenges in early 2023. / The office market continues to see trends in flight-to-quality. / We will see more apartments in Dallas - Fort Worth / Will an anchor tenant leave downtown fort worth? / Break the mold with investment decisions
• Texas cities again lead population growth, and Austin is now country’s 10th largest, The Texas Tribune, 18 May 2023, Excerpts. Texas is now home to four of the nation’s largest cities, with Austin finally joining Houston, San Antonio and Dallas on the list of top 10 most populous cities. / Fort Worth gained the highest sheer number of new residents of any city in the country in 2022, with an increase of 19,170. Its total population hit 956,709 last year.
• Texas again smashes three jobs records in April, The Center Square, 19 May 2023
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