Cover image for Real estate market analysis : a case study approach
Real estate market analysis : a case study approach
Schmitz, Adrienne.
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Publication Information:
Washington, D.C. : Urban Land Institute, [2001]

Physical Description:
xi, 243 pages : illustrations, map ; 26 cm
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HD1390 .S36 2001 Adult Non-Fiction Non-Fiction Area

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Offering the tools needed to evaluate trends and understand the key factors affecting real estate markets, this book explains how to get started, where to get information, and how to apply the basic techniques to a variety of development types.

Author Notes

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.

Table of Contents

About the Authorsp. iii
Case Study Authorsp. iv
Other Contributors and Reviewersp. v
Prefacep. vi
Chapter 1 Understanding Real Estate Market Analysisp. 3
What Is Real Estate Market Analysis?p. 3
Generation of Ideasp. 6
Different from Toothpastep. 6
Who Uses Market Analysis?p. 6
How Does Market Analysis Fit into the Development Process?p. 7
The Feasibility Studyp. 9
The New Demographics and the Need for Qualitative Researchp. 10
Psychographics: The Search for Segmentationp. 11
Political Homework: Marketing for Entitlementsp. 11
Why Hasn't Anyone Else Thought of This?p. 12
Summaryp. 12
Book Outlinep. 12
Chapter 2 Basic Approach to Real Estate Market Studiesp. 15
Defining the Market Areap. 15
Primary and Secondary Trade Areasp. 16
Competitive Clustersp. 17
Analyzing Demandp. 18
Economic Indicatorsp. 18
Using Employment Statisticsp. 19
Visitor Profiles and Tourism Trendsp. 20
Consumer Demographicsp. 20
Demographic Data Sourcesp. 23
Psychographics: Portraying Household Lifestylesp. 24
Using Consumer Surveysp. 24
Using Quantitative Researchp. 25
Qualitative Researchp. 27
Analyzing Supplyp. 28
Supply Overviewp. 28
The Importance of Fieldworkp. 29
Mapping the Competitionp. 31
Marketability Analysisp. 31
Assessing the Site's Advantages and Disadvantagesp. 32
Comparing the Subject with Its Competitionp. 32
Will Demand Be Sufficiently Strong?p. 33
Capture Ratesp. 33
Determining Supply/Demand Balancep. 34
Absorption Ratesp. 34
Chapter 3 Residential Developmentp. 37
Development Typesp. 37
Characteristics of Single-Family Homesp. 38
Characteristics of Multifamily Homesp. 39
Residential Market Analysisp. 41
Identifying the Market Areap. 41
Demand Factorsp. 42
Supply Factorsp. 44
Sources of Datap. 46
Special Nichesp. 47
Low- and Moderate-Income Housingp. 47
Independent Living Seniors' Rental Housingp. 48
Seniors' Housingp. 48
Second-Home Marketsp. 51
Overview of Case Studiesp. 52
Case Study 3.1 Multifamily Housing: Colinas Gateway (1998)p. 54
Case Study 3.2 For-Sale Subdivision Housing: The McCall Tract (1997)p. 66
Case Study 3.3 A Master-Planned Community: Silver Knolls (1998)p. 74
Case Study 3.4 Downtown Housing: Old Town Square (1995)p. 85
Chapter 4 Office and Industrial Developmentp. 93
Characteristics of Office Buildingsp. 93
Classp. 93
Locationp. 93
Size and Flexibilityp. 94
Use and Ownershipp. 94
Features and Amenitiesp. 94
Characteristics of Industrial/Warehouse Buildingsp. 94
Analyzing Office and Industrial Space Marketsp. 95
From Macro to Micro Analysisp. 95
Market Area Definitionp. 97
Site Selectionp. 97
Demand Analysis for Office Developmentp. 98
Supply Analysis for Office Developmentp. 101
Demand Analysis for Industrial Spacep. 103
Supply Analysis for Industrial Spacep. 103
Sources of Datap. 104
The Integration of Demand and Supply Analysesp. 105
Marketablity Analysisp. 105
Market Share and Absorptionp. 106
Overview of Case Studiesp. 106
Case Study 4.1 Office Building Purchase: Suburban Chicago (1997)p. 108
Case Study 4.2 Warehouse Property: Valwood (1998)p. 117
Case Study 4.3 Flex/R&D Property: Peachtree Industrial Park (1998)p. 126
Chapter 5 Retail Developmentp. 139
Types of Shopping Centersp. 140
Store Mix in Shopping Centersp. 141
Retail Market Analysisp. 141
The Importance of Key Tenantsp. 143
Trade Areas and Market Segmentsp. 144
Purchasing Powerp. 145
Forecasting Salesp. 146
Location Decisionsp. 148
Sources of Datap. 148
Shaping the Character of the Centerp. 149
Overview of Case Studiesp. 150
Case Study 5.1 A Value-Retailing Center: La Cantera (1992)p. 151
Case Study 5.2 Street Retail: Granby Street District, Downtown Norfolk (1998)p. 162
Case Study 5.3 Retail Entertainment Center: The Lake at Riverdalep. 170
Case Study 5.4 Town Center: Wilanow, Warsaw, Poland (2000)p. 178
Chapter 6 Hotels and Resortsp. 185
Product Typesp. 185
Convention Hotelsp. 185
Luxury Hotelsp. 186
Commercial Hotelsp. 186
Budget/Economy Facilitiesp. 186
All-Suite or Residence Hotelsp. 186
Executive Conference Centersp. 187
Resort Hotelsp. 187
Other Hotel Productsp. 187
Hotel Market Analysisp. 188
Determining the Market Areap. 188
Demand Segmentsp. 189
Fluctuations in Demandp. 190
Measuring Demandp. 191
Demand Generatorsp. 192
Competitive Supplyp. 193
Demographics and Psychographicsp. 193
Synthesis of Demand and Supplyp. 194
Sources of Datap. 194
Overview of Case Studyp. 194
Case Study 6.1 A New Hotel: Downtown Austin (1997)p. 195
Chapter 7 Mixed-Use Developmentsp. 205
Three or More Significant Revenue-Producing Usesp. 205
Physical and Functional Integrationp. 206
Development in Conformance with a Coherent Planp. 206
Analyzing Market Potential of Mixed-Use Projectsp. 206
Residentialp. 207
Officep. 208
Hotelp. 209
Retailp. 209
Specialized Usesp. 209
Data and Analysisp. 211
Marketabilityp. 211
Case Studyp. 212
Case Study 7.1 Mixed-Use Development: El Toro Military Base Reuse (1998)p. 213
Appendix A Sources of Datap. 224
Market Forecast Sourcesp. 224
Economic and Demographic Data Providersp. 228
Directoriesp. 229
Periodicalsp. 229
Appendix B Glossaryp. 232
Appendix C Indexp. 238