Real Estate Market Analysis: A Case Study Approach Book

	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