Regional Summaries

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Fort Worth, TX

The 169,993-unit Fort Worth apartment market remained tight in early 2017, but a supply wave is expected to crest over the next 24 months. The first four months of the year saw 932 units complete construction and net absorption total 1,048, as the vacancy rate fell 10 basis points to just 3.5% in April. Rent gains remain strong. In the first quarter, the average asking rent increased 0.7% to $898 per month while the average effective rent rose 0.8% to $858 per month, for large year-over-year gains of 4.4% and 4.6%, respectively. Overall rents increased by 0.4% asking and 0.6% effective in April 2017. VIEW APARTMENT LISTINGS >
The 139-million-square-foot Fort Worth warehouse/distribution market had a strong start to 2017 after stalling in 2016. This year has already seen 762,000 square feet of net absorption through April, while the 2016 total was close to zero. The April vacancy rate was 11.0%, down 40 basis points year-to-date. Both the average asking rent and the average effective rent increased 0.5% in the first quarter to $4.14 psf and $3.69 psf. The April gains were 0.2% asking and 0.3% effective. Fort Worth’s small 10.7-million-square-foot Flex/R&D market, on the other hand, was strong in 2016 but weak thus far in 2017. The April vacancy rate was 10.5%, up 20 basis points year-to-date on 29,000 square feet of negative net absorption. Rents increased 0.3% by both measures during the first quarter to $7.07 psf asking and $6.15 psf effective. There was no further change in April. VIEW INDUSTRIAL LISTINGS >
The 25.4-million-square-foot Fort Worth general purpose, multi-tenant office market took a turn for the worse in early 2017, according to Reis data. Net absorption totaled minus 200,000 square feet through April, and the vacancy rate increased 80 basis points to 13.9% that month. Rent gains, below 1.0% in 2016, have virtually halted in early 2017. In the first quarter, the average asking rent edged up 0.1% to $20.55 psf while the average effective rent was unchanged at $16.83 psf. There was no change in April. VIEW OFFICE LISTINGS >
The 29.1-million-square-foot Fort Worth community-neighborhood shopping center market got some rare new supply in May 2017, when the 149,000-square-foot Bailey Boswell Marketplace and the 48,700-square-foot Kennedale Town Center expansion completed construction. No additional space of this type is being built, however. The April vacancy rate was 10.6%, down 20 basis points year-to-date. Community-neighborhood center rent gains picked up in early 2017, but they are expected to slow down again. In the first quarter, the average asking rent increased 0.7% to $15.53 psf, and the average effective rent rose 0.8% to $13.72 psf. A gain of 0.2% by both measures followed in April. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

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