An objective assessment of competitive market conditions is essential to sound development planning. This work is usually focused on a particular property or proposed use, but we are occasionally asked to simply examine supply-demand conditions. While each engagement is specifically tailored to client needs, market and feasibility studies generally involve the following steps: 1) an assessment of the local economic climate; 2) a comprehensive supply analysis, consisting of a detailed survey of competitive developments, and identification of developments proposed and under construction; 3) a profile of key demand generators; and 4) conclusions and recommendations about the viability of a proposed development. To view an illustrative example, please click here.
A sample of recent market & feasibility studies we have performed includes:
Lennar Multifamily Communities controlled a six-acre site in downtown Winston-Salem, where a mid-rise apartment development was planned near the city’s new minor league baseball stadium. We were asked to assess the market opportunity and to provide input on the number of units, achievable rents, and other project features. Due to the lack of product in the local market, multifamily development trends in similar downtowns were investigated.
H Farm LLC owned a 16-acre residential tract in Johns Creek, which was one of the last undeveloped parcels in the city. Our role was to analyze the property and market in order to determine the optimal development strategy.
Betty & Associates, LLC owned a prime site overlooking Piedmont Park and was considering building condominiums. We were hired to evaluate whether a market opportunity existed and to recommend the optimal product type and price point. A key component of our research was interviews with leading intown realtors and case studies of comparable condominium developments.
Abraham Properties was planning 124 residential units on a three-acre site in the Poncey-Highland neighborhood. We were asked to examine the intown apartment and condominium markets and to help formulate the optimal development strategy.
Camden Property Trust acquired a prime development site in Buckhead and wanted input regarding its development program. Preliminary plans called for rental townhomes, as well as two buildings featuring larger, luxury units. Both product types were relatively untested in the marketplace, and there were questions regarding the depth of demand. A main thrust of our research was interviews with leasing agents and other market participants to gauge the potential appeal of these products.
Terwilliger Pappas asked our firm to evaluate the multifamily development potential of a prime site in Buckhead next to the St. Regis Atlanta. A key focus of our research was an in-depth analysis of the pipeline of competitive apartments under construction and proposed.
Daniel Corporationsought our advice regarding marketing options for 52 unsold luxury condominium units atop the Loews Hotel. Atlanta’s luxury condominium market was overbuilt, and various alternatives were considered, including conversion to apartments.
Seven Oaks Companywas considering the purchase of land adjacent to Centergy, a successful mixed-use development in Midtown Atlanta, for the purpose of developing a second phase of the project. The preliminary development plan for Phase II called for an office tower, retail space, and condominiums. We researched each market sector and provided conclusions and recommendations about the property’s development potential.
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