Table of Contents
Abbreviations and Acronyms viii
Chapter 1 Understanding Real Estate Market Analysis 2
What Is Real Estate Market Analysis? 5
Why Do a Market Analysis? 5
How Does Market Analysis Fit into the Development Process? 7
Who Uses Market Analysis? 7
Who Does Market Analyses? 9
Factors Affecting the Cost of a Market Study 11
Summary 12
Book Outline 12
Chapter 2 Basic Approach to Real Estate Market Studies 14
Describing the Regional or Metropolitan Setting 15
Defining the Market Area 16
Inspecting the Site 18
Demand Analysis 19
Supply Analysis 20
Reconciling Demand and Supply 21
Recommendations 23
Importance of Illustrations 24
Providing an Executive Summary 25
Chapter 3 Market Conditions: Employment, Demographics, Demand, and Supply 26
Economic Indicators 28
Visitor Profiles and Tourism Trends 36
Consumer Demographics 36
Demographic Data Sources 42
Consumer Surveys and Focus Groups 45
Documentation of Historical Supply Trends and Current Conditions 49
Importance of Fieldwork 54
Documentation of Historical and Future Construction Activity 55
Presentation of Findings 55
Chapter 4 Housing 58
Housing Stock Overview: Products and Community Types 59
Single-Family and Multifamily Stock: Size and Age 67
Cyclical Nature of New Housing Construction 68
Characteristics of New Single-Family Homes 69
New Multifamily Buildings: Styles, Sizes, and Features 71
Housing Tenure 73
Demographic Trends Affecting U.S. Housing Markets 77
Preparing a Housing Market Study 83
Recommendations and Monitoring 97
Data Sources 98
Chapter 5 Retail Space 104
Why Do a Retail Market Study? 105
Trends in Shopping and Spending 106
Types of Shopping Centers 112
Staying Competitive 119
Prospects for New Construction 121
Preparing a Retail Market Study 122
Defining the Trade Area 123
Trade Area Demand Demographics and Purchasing Power 125
Using Shopper Data Analytics 129
Understanding the Supply Side 130
Construction Activity and Future Competition 131
Putting It All Together 131
Data Sources 131
Chapter 6 Office Space 136
Characteristics of Office Buildings 137
Using Office Market Studies 142
Preparing an Office Market Study 143
Defining the Market Area 143
Site Evaluation 144
Demand for Office Space 144
Tracking Supply 149
Evaluating Competitive Buildings 151
Putting It All Together 152
Data Sources 153
Chapter 7 Industrial and Warehouse Space 156
Characteristics of Industrial and Warehouse Buildings 157
Specialized Markets 162
Demand for Industrial Space 163
Defining the Market Area 164
Supply Analysis 165
Putting It All Together 169
Data Sources 169
Chapter 8 Hotels and Lodging 172
Hotels as Real Estate 174
Product Types 175
Preparing the Market Study 183
Evaluating a Site 184
Determining the Competitive Market Area 184
Analyzing Demand Segments 185
Fluctuations in Demand 189
Competitive Inventory 190
Future Supply 192
Projecting Performance 193
Data Sources 194
Chapter 9 Mixed-Use Development 196
Background 197
Analyzing the Market Potential of Mixed-Use Projects 200
Understanding Synergy 202
Using Consumer Research and Social Media 206
Putting It All Together 207
Appendixes 210
A Glossary 211
B Webliography 217
Index 224
