Fort Worth's Commercial Real Estate Market: A Resilient Powerhouse Flourishing Post-Pandemic

by Bob Francis, Breaking Now News
September 8, 2024

How robust is the Fort Worth commercial real estate market? According to Andy Goldston of Citadel Partners, Fort Worth emerged from the COVID-19 pandemic stronger than any other city in the nation. Goldston, who opened his firm's first office in Fort Worth in 2019, observed a significant shift in what companies seek in office spaces following the pandemic.

“There was a clear demand for Class A office spaces to not only bring back employees but also to attract and retain top talent,” Goldston stated, highlighting the evolving needs of businesses in the post-pandemic landscape.

Expansion and Growth in Fort Worth

Since its establishment, Citadel Partners has expanded its footprint in Fort Worth, having recently moved its inaugural office to the prestigious One City Place and Two City Place, properties owned by Spire Realty Group. The firm is also enhancing its Tarrant County team and has introduced a project leasing service line, hiring real estate veteran Cullen Donohue to bolster its landlord services.

“Downtown Fort Worth continues to be the epicenter of business in the city,” Goldston remarked. “We’re thrilled to be part of this thriving community.”

City Place: A Beacon of Downtown Fort Worth

The City Place towers stand as a testament to downtown Fort Worth’s vitality. These Class A twin towers, located at 300 Throckmorton and 100 Throckmorton, encompass over 531,000 square feet of prime office space. Originally known as the Tandy Center, the buildings have undergone significant transformations since their inception in the mid-1970s.

• City Place is over 90% leased, with major tenants including Range Resources and Texas Capital Bank.
• Goldston noted, “This building offers best-in-class amenities and is centrally located, providing easy access to the city’s finest retail and restaurants.”

With eateries like the newly reopened Wild Salsa on the ground floor, the downtown area is becoming a culinary hotspot, further enhancing its appeal to businesses and employees alike.

Fort Worth: A Business-Friendly Environment

According to Citadel Partners, Fort Worth ranks #7 on WalletHub’s 2024 list of the Best Large Cities to Start a Business in the United States, making it the top city in Texas for new ventures. The ranking considers factors such as office space affordability, labor costs, and five-year business survival rates.

Beyond City Place, Citadel Partners represents The Tower, which recently welcomed the iconic Fort Worth brand Dickies as a new headquarters, and Proof, a historic renovation project that has revitalized the Near Southside.

Recent Developments in the Market

In a record turnaround, Bradford Commercial Real Estate Services fully leased an 18,000-square-foot industrial project in the Great Southwest Industrial District, marking a successful sale to a first-time investor in Texas.

Meanwhile, e-commerce fulfillment platform ShipBob has consolidated operations from Dallas and Grapevine into a new facility in Fort Worth, which will serve as an Innovation Center. This site will enhance its logistics capabilities while offering existing employees transfer opportunities.

Controversial Changes Ahead

As Fort Worth continues to grow, challenges remain. On September 8, Melt Ice Creams announced it would close its Sundance Square location, adding to a trend of local businesses relocating. This has sparked discussions about the evolving retail landscape in Fort Worth.

In the industrial sector, South Carolina-based Continental Tire is investing $69 million in a new facility in south Fort Worth, projected to be completed by early 2026. This development is expected to create new job opportunities in the region.

What do you think?

• Is the rapid growth of Fort Worth's commercial real estate market sustainable?
• What impact will recent closures of local businesses have on the community?
• Are businesses prioritizing location over affordability in their office space decisions?
• Should Fort Worth focus on attracting more tech firms to diversify its economy?
• Do you believe the influx of new businesses will affect the local culture positively or negatively?

Fort Worth is undoubtedly on the rise, but as the landscape changes, the conversation around its future remains essential. Share your thoughts below!