Fort Worth offers a diverse economy, a central location, a business-friendly environment, and a growing population and workforce, all of which make it a major center for industry, technology, distribution, and transportation.
Fort Worth covers 300 square miles in Tarrant, Denton, and Wise Counties and has a population of 777,992 (16th in the U.S.) that is projected to reach 1.19 million by 2040. Total population for the Dallas-Fort Worth-Arlington MSA was 6,954,330 at year end 2014, according to the U.S. Census Bureau, making it the fourth largest MSA in the U.S.
Fort Worth is rated as one of America’s “Most Livable Communities” by Partners for Livable Communities. The cost of living is 14% below the national average. The median single-family home price was $196,000 at mid-year 2015 for the MSA. Median household earnings for the MSA rose 1.9% during the year ended March, 2015 (Source: Berkadia). The unemployment rate for the Dallas-Fort Worth-Arlington MSA was 3.7% as of April, 2015, versus 4.0% for the State of Texas and over 6.2% for the U.S. (Source: Bureau of Labor Statustics). The Texas workforce is expected to grow 1.1% annually from 2011 to 2040, according to the Texas State Date Center.
Fort Worth is well positioned to act as a regional and national logistics and distribution hub. Its central location provides businesses a logistical advantage because of its accessibility to other markets by rail, truck, and air.
Four major interstate highways intersect Fort Worth (I-20, I-45, I-35, I-30), linking North Texas to Mexico and Canada and points throughout the U.S.
Fort Worth is served by four airports:
Three railroad systems operate in Fort Worth:
Tower 55 is one of the nation’s busiest rail hubs and is located just south of downtown Fort Worth. It is vital nationally and internationally, providing passenger and freight travel among the West Coast, Southeast, Midwest, Gulf Coast, Canada and Mexico. More than 100 trains pass daily through Tower 55 (Source: Union Pacific).
"Demand for industrial space in DFW continues to outpace other intermodal hubs in the U.S. Asking [rental] rates are expected to hold steady in the short term, tapering upward as new projects under construction begin to taper off. Overall market fundamentals are strong in North Texas and the area remains one of the top industrial markets in the nation,” according to Cushman and Wakefield's Marketbeat for 1Q2015. The first quarter of 2015 marked the 18th consecutive quarter of positive net absorption for the DFW industrial market.
As of March, 2015, Fort Worth had 107,347,777 square feet of existing industrial space and of that, 28,067,841 square feet were in the North Fort Worth cluster, which does not include Alliance. The citywide industrial vacancy rate stood at 7.5% while the North Fort Worth vacancy rate was 6.7%. Average asking rental rates were $3.46 PSF for manufacturing space and $4.11 PSF for warehouse/distribution space in the North Fort Worth cluster (Source: Cushman & Wakefield).
Dallas/Fort Worth industrial cap rates were higher in 2014, averaging 7.59% compared to the 6.62% average for 2013 (Source: Costar).Meacham/Fossil Creek Submarket compared to DFW Industrial Market Source: Costar Source: Costar