Fort Worth, TX Economic Overview
Read about: Fort Worth, TX Commercial Real Estate Market | Fort Worth, TX Commercial Inventory Breakdown | Employment in Fort Worth, TX | Education in Fort Worth, TX | Commuting Time in Fort Worth, TX
Fort Worth is located in north central Texas. With a population of over 830,000 people, it is the 16th-largest city in the country. Fort Worth is the second-largest city in the Dallas-Fort Worth-Arlington metropolitan area, also known as the DFW Metroplex. The energy industry is a main economic driver with over 1,000 natural gas wells within the city limits and 15 trillion cubic feet of natural gas located in the 25-county Barnett Shale zone. Other industries that drive the Fort Worth commercial real estate market include aviation, distribution and health care.
Fort Worth ranked 15th on Forbes’ list of Best Places for Business and Careers. The city receives over 8.8 million business and tourist visitors annually, which generates $2.3 billion in direct spending and create over 22,500 jobs. One of the major economic drivers to date has been AllianceTexas, a 17,000-acre master planned, mixed-use community in Far North Fort Worth. AllianceTexas has been recognized as one of the fastest growing areas of the U.S. Direct investment in the project tops $60 billion, with more than 4,000 new jobs created and 425 companies employing over 44,000 people along the Alliance corridor.
Fort Worth, TX Commercial Real Estate Market
They say that 'business is booming' in Fort Worth, and 'they' are certainly correct. While many analysts combine the Dallas-Fort Worth-Arlington Metroplex into one giant, economic statistical bundle, there are certain unique commercial real estate projects in Fort Worth that make Fort Worth stand apart from its two neighboring cities.
A Courtyard by Marriott is currently under construction to support the demand for business travel being created by the AllianceTexas project.
Development in Fort Worth continues to hit new highs while striving to meet the demand fueled by the energy, high-tech, data, distribution, research, development and education sectors. Here are a few examples on the office, distribution and data side, as of mid-2017:
- Facebook is tripling the size of its data center to nearly 2.5 million square feet;
- Amazon opened a 1 million-square-foot fulfillment center and is employing over 1,000 additional people, making this the 4th fulfillment center in the Dallas-Fort Worth Metroplex;
- Walmart is opening a second distribution center of 1 million square feet in Fort Worth, to support its e-commerce business, and will employ an additional 400 people;
- Novartis recently opened a $53 million, 37,000-square-foot data center in south Fort Worth, to support its activities in North and South America. Over the past five years, the company has created more than 1,000 jobs in Fort Worth;
- Swiss dermatology company Galderma is expanding its North American headquarters in Fort Worth to support research, development and training, with the investment of $22 million into a 100,000-square-foot facility and the creation of over 340 new jobs.
The Fort Worth retail market is vibrant and primed for growth, as these high-profile projects show:
- Tanger Outlet Centers will open in 2017 in North Fort Worth and is expected to be 100% leased before it opens to the public;
- Waterside is a 63-acre mixed-use development along the Trinity River. The project will include 200,000 square feet of retail and restaurant space, 800 multifamily residential units, hotels, office buildings, and room for additional high-density single-family housing;
- Westbend will add another 3.5 acres to its existing 279,000-square-foot mixed-use River Plaza development at 1701 River Run. The expansion will provide additional space for much-needed ground floor retail with multi-family apartments or condominiums above.
Fort Worth, TX Office Sales Volume
Data provided by Yardi Matrix, for properties larger than 50K SF, which sold at over $5M.
Fort Worth, TX Office Transactions
Data provided by Yardi Matrix, for properties larger than 50K SF, which sold at over $5M.
Fort Worth, TX Commercial Inventory Breakdown
Total: 30,508,371 SF
By square footage range:
- 50k to 100k SF: 4,646,267 SF / 15.23% of total office
- 100k to 500k SF: 14,648,990 SF / 48.02% of total office
- 500k to 1M SF: 5,821,615 SF / 19.08% of total office
- > 1M SF: 5,391,499 SF / 17.67% of total office
- Class A: 13,190,330 SF / 43.24% of total office
- Class B: 13,593,983 SF / 44.56% of total office
- Class C: 942,298 SF / 3.09% of total office
Total: 79,187,253 SF
By square footage range:
- 50k to 100k SF: 1,887,852 SF / 2.38% of total industrial
- 100k to 500k SF: 47,635,007 SF / 60.15% of total industrial
- 500k to 1M SF: 19,729,481 SF / 24.91% of total industrial
- > 1M SF: 9,934,913 SF / 12.55% of total industrial
- Class A: 40,030,415 SF / 50.55% of total industrial
- Class B: 26,283,014 SF / 33.19% of total industrial
- Class C: 6,108,643 SF / 7.71% of total industrial
Employment in Fort Worth, TX
Over 80% of the residents of Fort Worth have a high school diploma or higher, making it one of the better educated large cities in the U.S. Major employers in Fort Worth include American Airlines, D.R. Horton, the John Peter Smith Hospital, Pier 1 Imports and BNSF Railway.
According to the city's most recent Comprehensive Annual Financial Report the top 5 employers in Fort Worth are:
- Lockheed Martin Aeronautics with 13,500 employees;
- Naval Air Station Joint Reserve with 11,400 workers;
- Fort Worth Independent School District with 10,100 employees;
- American Airlines with 6,500 people;
- The City of Fort Worth with 6,100 workers.
Demand for office, retail, distribution and mixed-use development in Fort Worth is widespread throughout the area.
Education in Fort Worth, TX
Fort Worth is home to numerous colleges and universities, including Texas Christian University, Texas Wesleyan University, University of Texas at Arlington, Texas A&M and Brite Divinity School. The Fort Worth Independent School District serves most of Fort Worth and is the fifth-largest school district in Texas. There are also many private, religious and non-religious K-12 schools in Fort Worth, including Bethesda Christian School, Covenant Classical School, Trinity Valley School and Hill School of Fort Worth. In addition, the Roman Catholic Diocese of Fort Worth oversees several Catholic primary and middle schools.
Commuting Time in Fort Worth, TX
Everything is bigger in Texas, even when it comes to the workplace commute. A study by the Texas A&M Transportation Institute found that drivers spend up to 36% more time commuting, than the national average. The good news is that Fort Worth is investing significant amounts of money into its transportation infrastructure and has recently approved construction of a commuter light rail project.
- Scheduled to open for service in late 2018 TEXRail is a $1.5 billion, 27-mile commuter rail project that will extend from downtown Fort Worth, through the northern and northwestern parts of the city to reach Dallas/Fort Worth International Airport;
- Fort Worth is served by three U.S. highways and four interstate highways: the I-30, I-20, I-35W and I-820, all of which pass through the city itself;
- Dallas/Fort Worth International Airport is situated between Dallas and Fort Worth and is the third-busiest airport in the U.S. for operations. Four feeder or cargo airports surround the Fort Worth-area: Fort Worth Alliance Airport, Fort Worth Meacham International Airport, Fort Worth Spinks Airport and the Naval Air Station Joint Reserve Base.
Fort Worth Demographics
- Total Population835,129
- Male Population(49.0 %) 408,803
- Female Population(51.0 %) 426,326
- Median Age32.20
- Average Household Income$76,309
- Median Household Income$57,309
- Median Income Under 25$31,229
- Median Income 25-44$61,550
- Median Income 45-64$64,969
- Median Income Over 65$40,766
- Alcon Demographics
- Benbrook Demographics
- Blue Mound Industrial Park Demographics
- Brookwood Park Demographics
- Carter Industrial Park Demographics
- Centreport Demographics
- Chamberlin Arlington Heights Demographics
- Craine Industrial Park Demographics
- Downtown Fort Worth Demographics
- Edwards Ranch Clearfork Demographics
- Factory Place Demographics
- Five-Five O Beach Industrial Park Demographics
- Fort Worth Stockyards Demographics
- Fossil Creek Demographics
- Gramercy Place Demographics
- Lacy Acres Demographics
- Mercantile Center Demographics
- Monticello Demographics
- Newell & Newell Industrial Park Demographics
- Northen Crossing West Demographics
- Northport Demographics
- Oak Grove Park Demographics
- Overton West Demographics
- Railhead Demographics
- Riverbend West Business Park Demographics
- Santa Fe Industrial Demographics
- The Parks of Deer Creek Demographics
- Vorelco Industrial Park Demographics
Residential Rents in Fort Worth, TX
When choosing the best place for a business, location research is very important – not only for the office, but also for the employees’ convenience.
Fort Worth has grown more than any other city in north Texas and is quickly heading toward the 1 million population mark. As a result, developers are planning and delivering numerous housing projects in Fort Worth across all price-points. Three recent examples are: Columbia at Renaissance Square is a mixed-income housing project of 260 units; The River District is a 276-acre mixed-use project that will contain high-end apartment and luxury homes, and; South 400 is a mixed-use development that will offer 209 apartment units and 4 live-work studio lofts.
Average residential rents in Fort Worth have been consistently ticking upward, with one-bedroom units going for over $1,000 per month and two-bedroom units renting for over $1,100 per month.
Fort Worth, TX Average Rental Price, July 2019
- $ 1,030/mo
- Studio: $ 844
- 1 Bedroom: $ 914
- 2 Bedrooms: $ 1,125
Fort Worth, TX Rent Trends
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