Real Estate Council gives 2018 Forecast
A message from the TRVA Director of Programming and Development, Shanna Cate
Trinity River Vision Authority is a long-time member of the Real Estate Council of Greater Fort Worth. TRVA actively participates on their board and supports the council’s programs. We are encouraged by the impact the organization is making with their influence on issues that shape Fort Worth development. Their work is cultivating opportunity for long-term smart growth for our city.
Each year, the Real Estate Council presents the forecast for Tarrant County Commercial Real Estate. The presentation highlights everything from our current market and past trends to a look ahead and what is to come for Tarrant County.
This year’s keynote speaker was John Martin who spoke about The Future of Transit and why Fort Worth needs to get on board. Martin is the CEO of SIR a 50-year old marketing research company. Using SIR’s research prowess, SIR studies and reports on generational attitudes, behaviors and related trends.
Here are a few interesting facts Martin presented:
- FWTA Daily Transit Trips (rides per day) today – 28,000
- Nearly six in 10 business leaders say transit helps their business today
- Every $1 invested in public transit generates $4 in economic returns
- Millennials continue to dominate and by 2025 will make up over 38% of the population of the United States
- 88% of millennials want to be in an urban-feeling setting
- In 2015, the preference for walk-able communities overtook a preference for conventional communities.
During the presentation’s overview of the apartment market, Drew Kile of Institutional Property Advisors stated that Dallas-Fort Worth ranked second in the nation for apartment growth among young adults. This was for a five-year forecast, the demand is with a 71.9% propensity to rent factor.
Robert Sturns of the City of Fort Worth and Brandom Gengelbach of the Fort Worth Chamber visited some key findings of the city’s recent Economic Development Strategic Plan. Fort Worth is the fastest growing city among 20 of the U.S.’s largest cities! Dallas-Fort Worth is also a talent magnet, drawing new residents from across the US and investment in the urban core benefits of the entire city.
Sounds like Fort Worth’s Panther Island is making “headway” in the right direction . . . . hint, hint, cough, cough . . . .
Read the Fort Worth Business Press article recapping the event here.
LINKS TO PRESENTATIONS MENTIONED ABOVE