TEXAS SNAPSHOT, OCTOBER 2007

Fort Worth Industrial Market

Frank Ricca

Fort Worth is poised for tremendous, controlled growth over the next 10 years, according to Frank Ricca, managing director for Jones Lang LaSalle. It is presently the fastest growing city within the 20 largest cities in the United States.

According to Ricca, the majority of development is currently taking place in five districts — the central business disctrict (CBD), the area just west of downtown called the Near West Side and Museum District, the Medical District, Uptown and the immediate vicinity, and AllianceTexas.

The Trinity River Vision will spark a considerable amount of office and mixed-use development for the next 10 to 15 years. As part of the $500 million Trinity River Vision project, a bypass channel for flood control will be excavated and levees removed on the Trinity River on the north end of the CBD. The project will create three islands contiguous to downtown and essentially double the size of the urban core. A new lake will be formed opening up true CBD waterfront development with pedestrian walkways similar to San Antonio’s Riverwalk.

Fort Worth Cats owner Carl Bell is planning 1.5 million square feet of space for office and retail. This development is the first significant office development in Uptown Fort Worth in concert with the Trinity River Vision, and will be located on 36 acres next to LaGrave Field.

In a city with low operating costs and an abundance of property options, future projects are definitely attainable. One significant development is The Carnegie, a 280,000-square-foot Class A office project. It will likely attract a variety of business owners near Third Street. This includes more than 890,000 square feet of office, rental, retail and residential space in the Museum District with planned completion in the fall of 2009. Projects such as this should attract companies that have been considering Fort Worth as a business address.

Oil and gas companies, law and other professional service firms have been expanding their presence in the area steadily over the last few years, leasing additional expansion space. The northern end of the CBD and Uptown are the areas to watch in the near future.

— Frank Ricca is managing director with Jones Lang LaSalle in Dallas/Fort Worth.


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