“We’re in the early stages of what’s happened in Austin.”
Todd Burnette
Managing Director, Fort Worth
JLL
.…on how fast Fort Worth is expanding, “even by Texas’ standards,” via the Wall Street Journal.
$2.3 billion in real estate projects are in the pipeline or currently under construction in Fort Worth, said Todd Burnette, Managing Director at JLL, drawing parallels to Austin in the Wall Street Journal.
John Goff’s $275 million mixed-use development, Crescent Fort Worth, and the urban research campus by the Texas A&M University System are some of the notable projects in progress.
The tech sector is also marking its presence in the city, with the video game company ProbablyMonsters planning to open a second office in Fort Worth, bolstered by a $1.5 million incentive package from the city council, according to the publication.
According to the Wall Street Journal, Fort Worth has maintained a steady office-vacancy rate of around 13% throughout the pandemic, contrasting with other cities who have wrestled with high vacancy rates.
Fort Worth Mayor Mattie Parker notes the city’s draw, saying, “it’s not uncommon that when we’re competing, we’re competing with other Texas cities, not other states.”
But the appeal isn’t confined strictly to the business friendly environment or CRE market. As Burnette told the WSJ, “You can buy quite a spread [in Fort Worth] for what you’re selling your 2,000-square-foot house for in another locale and getting a pool and two-car garage on half an acre.”
For more of who said what about all things North Texas, check out Every Last Word.
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R E A D N E X T
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