Quite a bold statement about industrial space and Fort Worth, a statement which, in most years, we would be a bit nervous in making. But this is 2024, the General election has ended, and Fort Worth is ready to move into an encouraging future, which is good news for investors, or business owners, looking to cash in on the good vibes.
We are RDS Real Estate, serving the Greater Fort Worth Metro Area, as well as Tarrant, Parker, and Johnson Counties. Call us at 817-439-3224 for more information about Fort Worth industrial space.
The overall market for industrial space in the U.S.
This from the U.S. Industrial Market Outlook Report:
“The U.S. average vacancy rate climbed by 19 basis points, to 6.6%, during the third quarter of 2024, the smallest quarterly increase since it began to rise in late 2022. New supply of industrial space totaled 76 million SF, the lowest since early 2021, and 54% below the 163 million SF delivered during the third quarter last year. Demand as measured by net absorption totaled 39 million SF, bringing the year-to-date tally to 115 million SF. Quarterly construction completions will fall further over the next few quarters, when new supply and rebuilding tenant demand will approach equilibrium, and vacancy will peak in most markets and start to fall again.”
Not the worst outlook for industrial space, but certainly not the worst. Now, let’s turn our attention to Fort Worth, one of America’s fastest growing major cities.
Why Fort Worth?
City population estimates released by the U.S. Census Bureau for 2023 show 978,468 people reside in the city of Fort Worth, which now ranks as the 12th largest city in the United States ahead of Boston, San Francisco, and Seattle. Among the top 25 largest cities in America, Fort Worth experienced an impressive 5.9% growth, adding 54,866 people, from 2020 to 2023, earning it the top spot in percentage growth.
In the past five years, population growth in Fort Worth, Austin, and Jacksonville, Florida, has been a close race, with each city separated by only a few thousand people and all nearing one million residents. If Fort Worth’s growth rate continues, it’s likely to move up the list of largest cities and cross the threshold of one million people sometime in the next year or two. Today, only nine U.S. cities can tout a seven-figure population.
Economic development focuses on growing and improving the economy of a specific area by attracting new businesses and investment, creating jobs, and supporting local businesses. When a community’s population is growing so robustly, it expands the workforce, helps attract new businesses looking to hire talent, and generates new customers for local businesses, which drives overall economic prosperity in Fort Worth. Industrial property for rent, and commercial property for rent, rise in demand, property values rise, and that is an outlook which should be music to the ears of investors.
Act now or regret later.
It should also be a clarion for those looking to rent commercial property or industrial property for lease. Rent now while prices are at their current level, because those rent prices will not remain at the current level for much longer. When demand begins to rise, so too will the rental prices.
If you own a business and you are looking for a new home for that business, now is the time to act. Do not wait until 2026 or beyond.
A final word about RDS Real Estate.
RDS Real Estate is locally owned and operated. We have our finger on the pulse of Fort Worth industrial property for rent, we know the best locations for the growth which is happening (consider Fort Worth Design District), and we are standing by to help you with our expertise and knowledge of this area. Call us today.