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Regional Summaries

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Fort Worth, TX

Apartment
The year 2015 was a typically good one for the 167,200-unit Fort Worth apartment market. The more than 2,100 units that completed construction was below the 1996 to 2014 average of nearly 2,500 in this fast-growing market, but demand was sufficient to drive the vacancy rate down 20 basis points to a low 4.3%. The rate increased 20 basis points in the fourth quarter but fell back to 4.1% in January. Rent gains were strong in 2015. The average asking rent was up 3.7% over the year to $844 per month, with the average effective rent up 3.9% to $801 per month. The fourth quarter increase was 1.3% by both measures and was followed by an increase of 0.4% by both measures in January. VIEW APARTMENT LISTINGS >
Industrial
The 137.5-million-square-foot Fort Worth warehouse/distribution market had over 1 million square feet of net absorption in 2015, with all of it coming in the fourth quarter. But 683,000 square feet of new space had been added earlier, and though the vacancy rate was down 70 basis points for the quarter, it was only down 30 over the year to 10.5%. The average asking rent increased 1.5% in 2015 to $4.04 psf, and the average effective rent was up 2.0% to $3.60 psf. The fourth quarter gains were 0.7% asking and 0.8% effective. Fort Worth’s small 10.7-million-square-foot Flex/R&D market had a vacancy rate of 11.2%, an average asking rent of $6.94 psf, and an average effective rent of $6.02 psf in 2015. The vacancy rate was up 210 basis points over the year on 195,000 square feet of negative net absorption and was up 20 in the fourth quarter. The average asking rent was up 1.9% over the year and 0.9% for the quarter, with the average effective rent up 2.0% and 0.7%, respectively. There was little change in January. VIEW INDUSTRIAL LISTINGS >
Office
The 26.1-million-square-foot Fort Worth general purpose, multi-tenant office market vacancy rate was down 90 basis points over the year but up 20 during the fourth quarter to 15.3%. The rate was 15.4% in January. Rent gains were limited in 2015 despite improving occupancy. Both the average asking rent and the average effective rent increased 1.6% over the year and 0.6% in the fourth quarter to $20.34 psf and $16.66 psf. Overall rents decreased 0.1% by both measures in January. VIEW OFFICE LISTINGS >
Retail
The 29.1-million-square-foot Fort Worth community-neighborhood shopping center market was active in 2015. The vacancy rate was 11.5% in the fourth quarter, unchanged for the period and down 50 basis points over the year. Rents increased 2.0% by both measures in 2015. In the fourth quarter, the average asking rent was up 0.1% to $15.18 psf, and the average effective rent was unchanged at $13.37 psf. The latter added 0.1% in January 2016, with the vacancy rate falling 10 basis points. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

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