Downtown at a Glance (June 2019)
Total Page：16
File Type：pdf, Size：1020Kb
JUNE 2019 DOWNTOWN AT A GLANCE CENTRAL HOUSTON & DOWNTOWN DISTRICT DOWNTOWN AT A GLANCE JUNE 2019 3 Overview 5 Living 13 Office Market & Employment 18 Hospitality, Tourism, Culture & Entertainment 21 Restaurants & Retail 23 Transit *This report is updated biannually. Cover: Downtown Skyline downtowndistrict.org | 2019 2 DOWNTOWN AT A GLANCE Downtown Houston Overview Saint Arnold Beer Garden An eclectic mix of historic and contemporary infrastructure, convenient transit options, convention and sports venues, an active cultural and arts scene, fine dining and shopping, and thriving residential communities, Downtown Houston is one of the region’s most dynamic and vibrant mixed-use urban centers. business location, where they can draw from its pool of highly educated workers, and leverage its competitive 157,906 advantages such as proximity to customers, business ser- jobs vices providers, innovative office infrastructure offering the finest of amenities and multi-modal transit options. 1.84 Downtown has a wide industry mix and a collaborative, entrepreneurial and innovative environment. square miles Not only is Downtown a well-established and con- stantly evolving business center, the apartment and The Downtown Core measures 1.84 square miles, condo boom that has characterized the urban core for bounded by Interstate I-10 on the north, U.S. 59 on the the last five years makes it one of the fastest growing east and I-45 on the south and west, and has the largest residential neighborhoods in the region. Over the past concentration of employment in the region, with an esti- two decades, more than $9 billion in public and pri- mated 158,000 jobs. Established companies, small and vate investments have been made towards achieving medium-sized enterprises (SMEs), startups and entre- Downtown’s vision of a creative and vibrant place to preneurs continue to choose Downtown as their desired live, work, play and much more. Downtown residential downtowndistrict.org | 2019 3 DOWNTOWN OVERVIEW demand, developers have delivered close to 3,700 res- idential units in the last five years, 873 units are under construction (including Houston’s tallest residential 333% building), with another 1,179 planned. This growth is not RESIDENT growth limited to the core. Greater Downtown (a 2-mile radius between 2000 and from the center of Downtown) is home to 65,482 house- June 2019 in the holds, recording an increase of 34 percent from 2000 Downtown Core 2000 2007 2019 to 2017. This urban neighborhood continues to attract families and children: over 55 percent of households are family households, and approximately 9,100 children call population has grown by over 330 percent from 2000 the Greater Downtown area home. Walkable, accessi- to date, spurred by the increasing desire to be closer to ble, central and vibrant, Downtown is poised to remain a work and at the heart of Houston’s premier destination competitive and sustainable regional economic hub and for culture and entertainment. Responding to market mixed-use urban center. Key Facts HOSPITALITY, TOURISM, LIVING CULTURE & ENTERTAINMENT Greater Downtown (2 mile radius) Hotel Rooms 7,807 Household Population 65,482 Hotel Room Occupancy 72% Residents with a Bachelor’s Degree or Higher 48% Average Daily Room Rate $195 Downtown Core Revenue per available room (RevPAR) ($) $141 Residential Units 6,086 Theater District Seating Capacity 13,000 Housing Units Under Construction & Planned 2,052 Theater Performance Attendance 790,618 Average Monthly Rental Rate $1,992 Convention Center Attendance 665,832 Average Home Sale Price $349,000 Convention Square Footage 1.9 million Transit Score 99 Major Sports/Concert Venue Capacity 150,000 Bike Score 81 Walk Score 81 OFFICE MARKET & EMPLOYMENT Schools & Universities 8 Office Square Footage 51.4 million Higher Education Enrollment 14,265 Class A Inventory 67% TRANSIT Office Occupancy (Class A) 80.8% Gross Asking Rent Per SF (Class A) $43.77 Annual Houston Airports Passenger Traffic Innovation hubs, Co-working & 387,306 2018 (FY) 58 million Collaborative Spaces (SF) 2019 (Jan, Mar) 14,123,030 Fortune 500 Companies (total) 20 Average Weekday Metro Transit Ridership 80,821 Fortune 500 Companies (Headquarters) 10 (Bus & Light Rail) Total Wage & Salary Jobs (2015) 157,906 RESTAURANTS & RETAIL Retailers 410+ downtowndistrict.org | 2019 4 DOWNTOWN AT A GLANCE Downtown Living QUICK FACTS Greater Downtown (2-mile radius) 65,482 Household Population 48% Percent Bachelor’s Degree or Higher Downtown Core 9,033 Household Population 6,086 Hearsay Gastro Lounge Housing Units Completed Downtown residents are located at the 2,052 epicenter of activity, steps away from Houston’s Housing Units Under best entertainment, dining and shopping. Construction/Planned With 6,086 residential units in the non-DLI projects are under construc- $1,992 core, 873 units under construction, and tion, including Hines’ newest residential Average Apartment Rental Rate another 1,179 planned, residents have high-rise, The Preston, which will be a variety of options to call home, rang- the tallest residential tower in Houston. $2.06 ing from historical to contemporary, In 2018, ApartmentData.com, Marcus Rental Rate ($/SF/Month) mid to high-rise luxury apartments and & Millichap, and Berkadia named condos, and penthouses to quirky lofts. Downtown the hottest rental sub- Downtown has experienced exponen- market in Houston. Based on known 99 tial growth in residential development projects alone, Downtown’s residential Transit Score and continues to attract significant unit count is set to increase by over 200 investments due to market demand. percent from 2,562 units at the begin- 81 Galvanized by the city’s Downtown ning of 2014, to 8,138 units by 2023, Bike Score Living Initiative (DLI) program, 60 per- making Downtown one of the fastest cent of the urban core’s residential growing residential neighborhoods in 81 units-to-date were built within the last Houston. With seven high-rise towers Walk Score four years. A clear market response to under construction or planned, and the demand for Downtown living, two a high occupancy rate of 87 percent downtowndistrict.org | 2019 5 DOWNTOWN LIVING Downtown’s walkability (Q1 2019), Downtown’s population is set Most residents have to look no further to triple in the next four years. Robust than their front door for entertainment means that residents are population growth, competitive rental and services, as many residential build- and occupancy rates and strong home ings feature street-level retail. Residents only minutes away from values are indicative of Downtown’s enjoy the tranquil setting provided dining at their favorite growing residential appeal. by more than 10 parks including the Downtown attracts a variety of newly transformed Buffalo Bayou Park. restaurant, attending a family households, from young pro- Complemented by robust pedestrian fessionals and ex-suburbanite empty infrastructure (bike lanes and sidewalks), concert or sports event, nesters, to small families and students this makes for a green community where in search of a vibrant urban lifestyle, individuals and families can enjoy a high or taking their dog for a and those seeking proximity to their quality of life and work. walk in the park. jobs, pedestrian-friendly lifestyles and Hike, bike or kayak along Buffalo quality-of-life amenities. Downtown’s Bayou; attend a fitness class at central location and well-developed Discovery Green or play Bingo at public transit system provide easy Market Square Park; watch a Broadway access to top employers and businesses, show, ballet production or jazz concert the city’s major airports and sports and in the Theater District; attend weekly entertainment venues. Downtown’s events that bring residents, children walkability means that residents are and visitors together. Residents never only minutes away from dining at their have a dull moment. favorite restaurant, attending a concert or sports event or taking their dog for a walk in the park. The Catalyst downtowndistrict.org | 2019 6 DOWNTOWN LIVING Demographics Greater Downtown (2 mile radius) 74,652 55% 36 Total Population Family Households Median Age 65,482 34% 9,132 Household Household Number of Children Population Population Growth [0–18 years] 2000–2017 34,091 2.07 40% Number of Average Millennials Households Household Size [20–34 years] Downtown has a very young population; over 54 percent of the population is 34 years or younger. downtowndistrict.org | 2019 7 DOWNTOWN LIVING Demographics Greater Downtown (2 mile radius) POPULATION BY AGE Under 5 years 4% 5 to 9 years 4% 10 to 14 years 3% 15 to 17 years 2% 18 to 24 years 11% 25 to 34 years 30% 35 to 44 years 16% 45 to 54 years 12% 55 to 64 years 11% 65 to 74 years 5% 75 to 84 years 2% 85+ years 1% POPULATION BY SEX POPULATION BY RACE 1.6%.4% 5.2% .1%.1% 42% 21.2% 40.5% 58% 30.9% White Two or more races Male Hispanic/Latino Other Race Female Black/African American Indian/Alaskan Asian Native Hawaiian/ Pacific Islander downtowndistrict.org | 2019 8 DOWNTOWN LIVING Income & Education Greater Downtown (2-mile radius) $102,231 62% Average Household Income Household Income > $50,000 With a difference of over $20,000, Downtown Compared to 50 percent of households households have significantly higher average in the City of Houston, almost two-thirds income levels than households in the City of of Downtown households have incomes Houston, which average $79,344 and the national exceeding $50,000. 48 percent of Downtown average of $81,283. households have incomes of $75,000 or more, compared to 33 percent in Houston and the national average of 40 percent. $349,000 $2.06 Average Home Sale Price Average Rent per Square Feet Home prices in the Downtown Rental rates in the Downtown core average core average $349,000 or $192 per SF $1,192 or $2.06 per SF compared to $1,026 compared to $240,000 or $114 per SF or $1.16 per SF in the City of Houston.