Real Estate Market Analysis: Methods and Case Studies / Edition 2

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Overview

Offering the tools needed to evaluate trends and understand key factors affecting the real estate market, this book explains how to get started, where to get information, and how to apply the basic techniques to a variety of development types. This practical primer offers a step-by-step approach to developing property—whether public or private sector—and shows how market-analysis methods have been employed in real projects. The 13 case studies written by top market analysts provide models that can be applied to multifamily, hotel, office, industrial, entertainment, mixed-use, and/or master-planned communities. This is an excellent reference for real estate students and professionals to maximize potential in a troubled market.

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Product Details

  • ISBN-13: 9780874201369
  • Publisher: Urban Land Institute
  • Publication date: 12/21/2009
  • Edition description: Second Edition
  • Edition number: 2
  • Pages: 271
  • Sales rank: 336,672
  • Product dimensions: 8.20 (w) x 10.00 (h) x 1.00 (d)

Meet the Author

Deborah L. Brett is a real estate and planning consultant for a wide range of public and private organizations, providing project-related market analysis. She lives in Plainsboro, New Jersey. Adrienne Schmitz is a director at the Urban Land Institute, the world's leading real estate and land-use education and research institute. She lives in Washington DC.

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Table of Contents

About the Authors iii
Case Study Authors iv
Other Contributors and Reviewers v
Preface vi
Chapter 1 Understanding Real Estate Market Analysis 3
What Is Real Estate Market Analysis? 3
Generation of Ideas 6
Different from Toothpaste 6
Who Uses Market Analysis? 6
How Does Market Analysis Fit into the Development Process? 7
The Feasibility Study 9
The New Demographics and the Need for Qualitative Research 10
Psychographics: The Search for Segmentation 11
Political Homework: Marketing for Entitlements 11
Why Hasn't Anyone Else Thought of This? 12
Summary 12
Book Outline 12
Chapter 2 Basic Approach to Real Estate Market Studies 15
Defining the Market Area 15
Primary and Secondary Trade Areas 16
Competitive Clusters 17
Analyzing Demand 18
Economic Indicators 18
Using Employment Statistics 19
Visitor Profiles and Tourism Trends 20
Consumer Demographics 20
Demographic Data Sources 23
Psychographics: Portraying Household Lifestyles 24
Using Consumer Surveys 24
Using Quantitative Research 25
Qualitative Research 27
Analyzing Supply 28
Supply Overview 28
The Importance of Fieldwork 29
Mapping the Competition 31
Marketability Analysis 31
Assessing the Site's Advantages and Disadvantages 32
Comparing the Subject with Its Competition 32
Will Demand Be Sufficiently Strong? 33
Capture Rates 33
Determining Supply/Demand Balance 34
Absorption Rates 34
Chapter 3 Residential Development 37
Development Types 37
Characteristics of Single-Family Homes 38
Characteristics of Multifamily Homes 39
Residential Market Analysis 41
Identifying the Market Area 41
Demand Factors 42
Supply Factors 44
Sources of Data 46
Special Niches 47
Low- and Moderate-Income Housing 47
Independent Living Seniors' Rental Housing 48
Seniors' Housing 48
Second-Home Markets 51
Overview of Case Studies 52
Case Study 3.1 Multifamily Housing: Colinas Gateway (1998) 54
Case Study 3.2 For-Sale Subdivision Housing: The McCall Tract (1997) 66
Case Study 3.3 A Master-Planned Community: Silver Knolls (1998) 74
Case Study 3.4 Downtown Housing: Old Town Square (1995) 85
Chapter 4 Office and Industrial Development 93
Characteristics of Office Buildings 93
Class 93
Location 93
Size and Flexibility 94
Use and Ownership 94
Features and Amenities 94
Characteristics of Industrial/Warehouse Buildings 94
Analyzing Office and Industrial Space Markets 95
From Macro to Micro Analysis 95
Market Area Definition 97
Site Selection 97
Demand Analysis for Office Development 98
Supply Analysis for Office Development 101
Demand Analysis for Industrial Space 103
Supply Analysis for Industrial Space 103
Sources of Data 104
The Integration of Demand and Supply Analyses 105
Marketablity Analysis 105
Market Share and Absorption 106
Overview of Case Studies 106
Case Study 4.1 Office Building Purchase: Suburban Chicago (1997) 108
Case Study 4.2 Warehouse Property: Valwood (1998) 117
Case Study 4.3 Flex/R&D Property: Peachtree Industrial Park (1998) 126
Chapter 5 Retail Development 139
Types of Shopping Centers 140
Store Mix in Shopping Centers 141
Retail Market Analysis 141
The Importance of Key Tenants 143
Trade Areas and Market Segments 144
Purchasing Power 145
Forecasting Sales 146
Location Decisions 148
Sources of Data 148
Shaping the Character of the Center 149
Overview of Case Studies 150
Case Study 5.1 A Value-Retailing Center: La Cantera (1992) 151
Case Study 5.2 Street Retail: Granby Street District, Downtown Norfolk (1998) 162
Case Study 5.3 Retail Entertainment Center: The Lake at Riverdale 170
Case Study 5.4 Town Center: Wilanow, Warsaw, Poland (2000) 178
Chapter 6 Hotels and Resorts 185
Product Types 185
Convention Hotels 185
Luxury Hotels 186
Commercial Hotels 186
Budget/Economy Facilities 186
All-Suite or Residence Hotels 186
Executive Conference Centers 187
Resort Hotels 187
Other Hotel Products 187
Hotel Market Analysis 188
Determining the Market Area 188
Demand Segments 189
Fluctuations in Demand 190
Measuring Demand 191
Demand Generators 192
Competitive Supply 193
Demographics and Psychographics 193
Synthesis of Demand and Supply 194
Sources of Data 194
Overview of Case Study 194
Case Study 6.1 A New Hotel: Downtown Austin (1997) 195
Chapter 7 Mixed-Use Developments 205
Three or More Significant Revenue-Producing Uses 205
Physical and Functional Integration 206
Development in Conformance with a Coherent Plan 206
Analyzing Market Potential of Mixed-Use Projects 206
Residential 207
Office 208
Hotel 209
Retail 209
Specialized Uses 209
Data and Analysis 211
Marketability 211
Case Study 212
Case Study 7.1 Mixed-Use Development: El Toro Military Base Reuse (1998) 213
Appendix A Sources of Data 224
Market Forecast Sources 224
Economic and Demographic Data Providers 228
Directories 229
Periodicals 229
Appendix B Glossary 232
Appendix C Index 238
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