Fort Worth, located in North Central Texas, is the fifth-largest city in Texas and the 16th largest city in the country. It is known as “where the west begins.” The city’s architecture bursts with western heritage, and the city is known for its world-class museums. In 2017, Forbes magazine ranked Fort Worth among the country’s best cities for young professionals. The city is home to several multinational corporations, such as Lockheed Martin, American Airlines, Pier 1 Imports, and Radio Shack.
Office Space | Fort Worth Lease Data & Trends
Based on publicly available commercial real estate leasing data, Fort Worth office space is very affordable, renting at an average of $27 per square foot. Class A office space for rent typically leases for closer to $31 per square foot, while office leases in Class B space are closer to $23 per square foot.
|Office Space for Rent||Class A||Class B||Inventory||Vacancy|
|Fort Worth CBD||$31/sf||$23/sf||9 msf||14%|
|Arlington, TX||$22/sf||$18/sf||8 msf||11%|
|Fort Worth Total||$28/sf||$22/sf||28 msf||17%|
According to a recent analysis by Jones Lang LaSalle, the best years of years of Dallas – Fort-Worth’s favorable commercial real estate cycle are likely behind us. When examining key trends among the tenant base, it is clear that leasing activity is changing— slowing in some cases—in a way that will stabilize slow-to-emerge submarkets. Some of those trends include relocating nearby new labor pools and using coworking space for temporary overflow.
In 2017, developers added 600,000 more square feet of commercial real estate inventory to the area. In 2018, we can expect to see 300,000 more square feet in South Fort Worth and 3.6 million more in North Fort Worth. Office space vacancy rates are around 15 percent, much more competitive than Downtown Dallas‘ 26 percent vacancy rate.
Dallas-Forth Worth Economic Overview
The Dallas-Fort Worth economy continues to grow an overall healthy pace, and over the first half of 2018 once again outperformed the national averages. DFW’s large labor pool has continued to attract companies of all sizes looking to expand is cities with large consumer audiences and affordable office space for rent. Over a 12-month period ending in Q2 2018, Dallas-Fort Worth added 122,000 jobs, a growth rate of 334 jobs per day. The industries that recorded the largest gains were professional and business services, leisure and hospitality, and mining, logging and construction. Despite the expected downturn in the market, the favorable labor market should encourage leasing activity and keep Dallas-Forth Worth’s commercial real estate industry vibrant and active.
Get to Know Fort Worth, TX
Fort Worth covers more than 350 square miles—292.5 square miles of land and 6.3 square miles of water—spanning areas of Tarrant, Parker, and Wise counties. It is considered part of the Cross Timbers region. Like most US cities, it’s further divided into various neighborhoods. Some of these include the Cultural District, Stockyards, Near Southside, West 7th, Clearfork, and Downtown Fort Worth.
The city’s central business district lies in Downtown Fort Worth, which is also home to most of the tallest buildings in the city, including four office towers more than 450 feet high. Radio Shack, Pier 1 Imports, XTO Energy, and TPG Capital all have their headquarters in this area. Downtown houses the massive, 55,000 square foot Sundance Square Plaza complete with fountains, a rentable pavilion, restaurants, museums, and theaters. Visitors can enjoy live music, free parking, and shopping.
Fort Worth is sometimes called the “City of Cowboys and Culture” and does indeed have a rich history. The area transformed from a cattle town into a corporate center, but its old western culture certainly still shines through. It is known for its extensive art museums and many universities. For example, the Kimbell Art Museum is both a great work of architecture and home to what is widely considered Texas’s best art collection. Texas A&M University School of Law, University of North Texas Health Science Center, and Texas Wesleyan are all located conveniently nearby, making the process of finding interns or recent grads for hire that much easier.
Transportation to, From, and Around Fort Worth, TX
A 2015 survey indicated that more than 90 percent of commuters in Fort Worth get to work via automobile, while only 1.8 percent walk, .3 percent bike, and .8 take public transportation. The city has four interstates (30, 20, 35W, and 820) and three U.S. highways (Texas State Highways 114, 183, and 121).
When it comes to public transportation, The Fort Worth Transportation Authority, nicknamed “The T,” provides numerous bus choices throughout the city. Another option is the Trinity Railway Express, which helps people travel to downtown Dallas, among other destinations. Those planning to travel farther can use any of Fort Worth’s four airports: Fort Worth Alliance Airport, Fort Worth Meacham International Airport, Fort Worth Spinks Airport, and Naval Air Station Joint Reserve Base Fort Worth.
The Fort Worth Bike Sharing organization provides 45 stations around the city and 350 bikes people can rent 24 hours per day, 365 days per year. Bikes are available Downtown, the Cultural District, the Trinity Trails, the Stockyards, and Near Southside.