Principles for Market Analysis
Our approach to market analysis integrates supply side and demand side conditions and recognizes that different factors drive demand for each development use. While an area’s income and retail spending potential drives retail demand, office and industrial real estate demand is driven by business and employment growth within and across key sectors and industry clusters. Thus, different economic data and analysis is needed to properly assess demand for different economic sectors and development uses.
We also recognize, supported by economic theory and experience, that successful economic development is based on agglomeration. Agglomeration works in two ways: (1) a critical mass of activity is vital to attract and support consumers, businesses and new development; and (2) related entrepreneurs, enterprises and industries operating in close proximity benefit from sharing information and generating specialized resources.
Putting It All Together: The Revitalization Agenda
A better informed and more strategic revitalization plan will result from integrating the findings across these multiple tools, such as:
- Important agglomerations, niches and strengths to build on
- Business expansion and recruitment opportunities to fill market gaps
- Critical problems and weaknesses to address
- Activities and projects with the greatest potential for support
- Ways to strengthen existing customer loyalty and tap new customers
- More effective ways to market your business district
Learn more about our Market Analysis and Feasibility Study experience