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Fort Worth, TX

Apartment
Apartment development continued to lag behind new supply in 2016 in the 168,616-unit Fort Worth apartment market, and rent increases were far higher than income gains. The vacancy rate, which had been 11.8% at year-end 2009, fell 90 basis points in 2016 to just 3.8%. Vacancy was mostly flat during the fourth quarter and in January 2017. Rent gains have exceeded income gains in each of the past two years and three of the past four. In 2016, the average asking rent increased 4.7% to $889 per month while the average effective rent rose 5.1% to $848 per month. The fourth quarter increase was 0.9% by both measures. Overall rents increased by 0.2% by both measures in January 2017. VIEW APARTMENT LISTINGS >
Industrial
The 139-million-square-foot Fort Worth warehouse/distribution market had a weak year in 2016, as 1.3 million square feet of new supply was met with net absorption at about zero. The vacancy rate increased 90 basis points over the year to 11.4%, before slipping to 11.3% in January 2017. The rate was essentially unchanged in the fourth quarter. The average asking rent increased 2.0% in 2016 to $4.12 psf, with the average effective rent up 1.9% to $3.67 psf. The fourth quarter gain was 0.5% by both measures. In January 2017, the average asking rent increased 0.2%, and the average effective rent rose 0.3%. Fort Worth’s small 10.7-million-square-foot Flex/R&D market is surging, but much of the expansion is outside competitive space. Even so, the market recorded 166,000 square feet of net absorption in 2016, as the vacancy rate fell 150 basis points to 10.3%. The rate was down 60 basis points in the fourth quarter. The average asking rent increased 1.6% over the year to $7.05 psf, with the average effective rent up 1.8% to $6.13 psf, with fourth quarter gains at 0.4% and 0.5%. In January 2017, the vacancy rate increased 20 basis points to 10.5% as the average asking rent and average effective rate increased 0.1% and 0.2%, respectively. VIEW INDUSTRIAL LISTINGS >
Office
The 26-million-square-foot Fort Worth general purpose, multi-tenant office market improved in 2016; but vacancy remained high, and rent gains were very modest. The year saw just 12,000 square feet of new space added and 228,000 square feet of net absorption, and the vacancy rate fell 90 basis points. The rate decreased 30 basis points in the fourth quarter to 15.0%. A bigger improvement, observed with the January 2017 data, was a result of reduced supply, not increased demand. Thus, the January vacancy rate was 13.3%. In 2016, both the average asking rent and the average effective rent increased 0.8% to $20.48 psf and $16.79 psf. The fourth quarter gains were 0.4% asking and 0.5% effective. Overall rents edged up 0.1% by both measures in January 2017. VIEW OFFICE LISTINGS >
Retail
The 29.1-million-square-foot Fort Worth community-neighborhood shopping center market tightened in 2016; but vacancy stayed in the double digits, and rent gains remained limited. A sum of 52,000 square feet completed construction in December; but net absorption totaled 69,000 square feet in the fourth quarter, and the vacancy rate fell 10 basis points to 10.8%. That was the only new supply of 2016, and with 263,000 square feet of net absorption, the vacancy rate fell 70 basis points over the year. The average asking rent increased 1.6% during 2016 to $15.42 psf, with the average effective rent up 1.8% to $13.61 psf, despite virtually no gain in the fourth quarter. The vacancy rate was 10.6% in January 2017, with rents edging up slightly. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

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