Fort Worth, TX - Office Market Overview
The Fort Worth real estate market includes the Bonnie Brae, Garden of Eden, and Upper West Side commercial real estate submarkets. While the City of Fort Worth itself has a population of over 850,000 residents, it is also the second-largest city in the Dallas - Fort Worth - Arlington metropolitan area, which harbors a population of over 7 million people. Energy, transportation, and the aerospace industries are some of the principal drivers of the real estate market in Fort Worth, Texas.
As of mid-2017, the Fort Worth office market encompasses nearly 24.6 million square feet of existing office space in properties larger than 50,000 square feet. Due in part to the city’s metroplex location, there is consistently robust demand for commercial real estate in Fort Worth TX.
Fort Worth, TX - Office Inventory Description
Fort Worth contributes to its share of the Metroplex's $504 billion in gross annual metropolitan product, and also sees strong demand for white-collar office space within its borders. Nearly 38% of the office inventory in Fort Worth is Class A or A+, while Class B office space amount to nearly 58% of the office market inventory.
The Downtown Fort Worth office market is home to some of the most prestigious Class A office buildings in the region. Located west of the I-35W freeway and north and south of the I-30 freeway, office buildings such as 777 Main, the Oil & Gas/Star Telegram office building, and the D.R. Horton Tower at 301 Commerce Street continue to see strong demand from tenants and interest from national and global commercial real estate investors.
Fort Worth, TX Commercial Inventory Breakdown
Total: 29,326,611 SF
By square footage range:
- 50k to 100k SF: 4,646,267 SF / 15.84% of total office
- 100k to 500k SF: 13,467,230 SF / 45.92% of total office
- 500k to 1M SF: 5,821,615 SF / 19.85% of total office
- > 1M SF: 5,391,499 SF / 18.38% of total office
- Class A: 13,190,330 SF / 44.98% of total office
- Class B: 13,593,983 SF / 46.35% of total office
- Class C: 942,298 SF / 3.21% of total office
Fort Worth, TX - Green Office Space
An excellent example of green office space in Fort Worth is the LEED certified Wilcox Plaza at Green Oaks. This 187,500-square-foot office building is located in the Ridgmar commercial real estate submarket of Fort Worth and proudly holds a LEED Gold certification for energy efficiency.
The demand for green office space continues to grow, as tenants seek more cost-effective, energy-efficient Class A office space in Fort Worth. The 2017 report by the National Green Building Adoption Index surveyed the top 30 major office markets in the U.S. The Dallas - Fort Worth metro area ranks 17th for LEED-certified, EPA Energy Star-rated, and green office building construction. In fact, a recent report from the North Texas U.S. Green Building Council Chapter discovered that energy-efficient office building construction is a major economic driver both in the Metroplex and in the State of Texas overall.
Fort Worth, TX's Top Office-Using Sectors
Some of the top office-using sectors in the Fort Worth TX commercial real estate and office market include the energy, transportation & aerospace, and healthcare industries, along with large corporate office headquarters.
- Energy – Pioneer Natural Resources, XTO Energy, and Encana Oil & Gas are some of the largest producers of oil in the Dallas - Fort Worth Metroplex region and help drive the demand for Class A office space in the area.
- Transportation & Aerospace – Companies such as Bell Helicopter, Lockheed Martin, American Airlines, and BNSF Railway are major users of office space in Fort Worth.
- Healthcare – Global medical company Alcon, JPS Health Network, Harris Methodist Hospital, and Cook Children's Health Care System help create demand in the Fort Worth commercial real estate market.
- Corporate Office Headquarters – Pier 1 Imports, Radio Shack, and D.R. Horton all create white-collar office employment in Fort Worth.
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
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