Market Studies & More: Our Core Planning Services
Our project market studies, feasibility analysis, and other core planning services are summarized briefly below. For more information on any of these areas of expertise and how we can put them to work to help you solve your unique planning challenges, please contact us today.
Market Analysis and Forecasts
Where is the market now and where is it heading? RPP can provide valuable perspectives and insights on any real estate market at the national, regional, or local level to help keep you informed and guide your development efforts.
Project Market Studies
For projects in the beginning stages of planning, market studies are the most all-encompassing of planning studies. Market studies bring together multiple research investigations and analyses to provide conclusions and guidance regarding every aspect of creating a successful new residential or commercial development, including a site evaluation, socio-economic analysis, supply and demand analysis, and competitive evaluation. Full product and pricing guidance are provided, designed to maximize the value of your property while taking into considerations other financial, physical, or regulatory considerations or constraints. Finally, other marketing considerations vital to both the short and long-term success of the development are addressed, including optimal levels and types of features and amenities, project phasing, and project marketing. A thorough market study and defensible development plan are essential tools for securing buy-in from municipal decision-makers and are requisite for public financing and financial incentive programs such as TIF and LIHTC.
Feasibility studies are designed to provide answers to fundamental questions about the opportunities and risks associated with a specific real estate development project, particularly after planning has begun, a site is under option, and/or a product portfolio has been developed. Feasibility analysis can be used to facilitate go/no go decision making, to evaluate the viability of a development site, to address the strengths and weaknesses of a proposed product portfolio, and/or to assess the potentials of a particular development plan relative to other development alternatives.
Market Opportunity Analysis
Where does the opportunity lie? Our market opportunity analysis combines trend forecasting with competitive evaluation and other market considerations to uncover often hidden opportunity and help you deploy resources in the most efficient and profitable manner. These analyses can address emerging opportunities in new or existing market areas, in target consumer groups, and/or in new product initiatives.
Market Supply and Demand Analysis
What are the nature and extent of residential or commercial real estate demand within your market area of interest? How will that demand change over time? How are current supply levels poised to meet that demand? Are there supply overhangs that must be acknowledged or shortfalls that can be exploited? Our supply and demand analyses drill down into the inner workings of markets at the most fundamental level to provide reliable forecasts to help guide your development efforts.
Competitive Evaluations and Analysis
In today’s highly competitive real estate markets, you need the most thorough, accurate, and up-to-the-minute picture of the competitive landscape possible. Our competitive audits and evaluations paint that picture in rich detail, providing complete profiles of competitive and potentially competitive developments with sales and absorption histories, product detail, and current pricing information. We also address often hidden sources of indirect competition, such as resales, foreclosures, and “shadow” inventories.
For distressed land assets either in raw condition or partially developed, we can provide detailed valuations taking into account “as is” condition and extrapolating from various development scenarios. We can review an existing development plan to determine its future value and suggest development alternatives that would result in either a higher valuation or quicker bulk sale.
Marketing Evaluations and Audits
From both the creative and scientific perspectives, we can provide a thorough evaluation of any real estate development market plan in order to identify opportunity areas and strategies for increasing market acceptance, rising above the competition, and creating the sense of urgency needed to close sales or finalize leases. These audits include traditional marketing communications and advertising strategies, digital/online marketing tools, sales center environments, and sales personnel.
Project Turnaround Plans
For stalled or underperforming developments, we can perform a complete evaluation of all factors leading to slow sales or lease-up and provide a plan for turning around performance. Strategies can include product portfolio modifications, pricing realignments, marketing communications strengthening, and others.