sample nonresidential market research Projects

 

commerce park market study

Dinwiddie County, Virginia

socioeconomic Impact Analysis

Dinwiddie County acquired a 208-acre property located near the intersection of Interstate 85 and U.S. Route 460 on which the County Board of Supervisors was interested in pursuing the development and marketing of a Commerce Park. RKG Associates was hired to test the market feasibility of concept plans for the site which envisioned a mixed-use center of retail, office, hotel, and warehouse/distribution uses, in conjunction with light industrial operations. The market study included an in-depth analysis of development trends, commercial real estate sales, an overview of competitive properties, and expansion and closures of businesses in Virginia’s Gateway Region. The analysis indicated that the proposed concept plans did not contain the optimal mix of uses due to an aggressive retail and hotel component that was found to be unsupportable in the marketplace. RKG recommended a more location appropriate mix of development which included a larger share of warehouse distribution and a more balanced mix of retail and hospitality development. Construction of an internal access road was recently completed and the County is now actively marketing the Commerce Park site to developers.

 

neighborhood retail market analysis

New Orleans, Louisiana

Vision 2000 – Village Core Master Plan

The Algiers Community Foundation (ACF) sought to strengthen the retail and service market in Algiers, the portion of New Orleans on the western side of the Mississippi River. ACF retained RKG Associates to study supply and demand trends within Algiers and make recommendations on strengthening the retail and service markets by identifying recruitment targets and strategies. RKG Associates performed a supply and demand analysis to identify the relative surplus (or shortage) of retail and service providers in the District. RKG called out the market sectors where there is opportunity to expand local retailers and/or recruit additional businesses.

The report characterizes not only the Algiers District as a whole, but also provides a more localized analysis of six neighborhood commercial areas within the District. Unlike the Primary Trade Area, which is defined as the entire Algiers District, the neighborhood commercial areas are small nodes that historically have served their respective populations with more localized goods and services. The analysis focused on the areas surrounding the Federal City project, as these nodes will be heavily impacted by the future redevelopment of the site. As such, the analysis presents an in-depth look at the consumer expenditure and sales capture percentages for these individual areas based on today’s current demand and projected demand. The more detailed neighborhood commercial area analysis allowed the consultant to pinpoint specific retail/service recruitment efforts.

 

retail market analysis

Dutchess County, New York

West Avenue and Reed Putnam Corridors

RKG was retained by a private retail developer to complete a market supply/demand analysis for grocery store retail in Dutchess County (Upstate New York) in order to determine the market’s capacity to absorb additional development and its fiscal impact, if any, on the existing markets and municipalities. RKG completed an analysis of current and projected supply and demand indicators of the existing grocery stores, consumer spending for grocery store merchandise in Dover Plains, NY (population 8,900) and the surrounding market area. At issue was whether this limited growth community could support an additional 36,000 SF of grocery store shopping. While it is undeniable that the new store would have some impact on existing competition, it was important to understand whether the new store could result in store closings, a potential decline in assessments among competing venues and ultimately an overall net lowering of property taxes, despite the new growth. Furthermore, the host community has already sought a second grocery (at 40,000 SF) as part of the Dover Knolls development about 7-miles to the south. As a result, the issue is really one of the market’s capacity to support three grocery stores successfully and without undue impact. RKG concluded that the market could support some additional grocery store space, but far less than that being proposed. The estimated increase in property taxes were negligible and as a result the project was considered to be in conflict with portions of the Town’s zoning regulations. The Town planning board is considering whether the project should be addressed by the state land-use regulations under the SEQR process.

 

epcal regional business park study

Riverhead (Long Island), New York

Oceana Naval Air Station

The Calverton Enterprise Park (EPCAL) is a former Naval Weapons Research Industrial Park (NWIRP) located in the Town of Riverhead, New York. The NWIRP is a 2,900 acre site containing approximately 1 million square feet of old industrial space, as well as two runways which are 7,000 and 10,000 feet in length. In 2011, RKG Associates, in conjunction with VHB, Inc., was retained by the town to prepare an updated market study and reuse plan with alternative site design options from which the town could select a preferred option.

RKG’s analysis produced a number of key findings. The EPCAL site has great potential given its large acreage in a densely developed market area, however, its location and development constraints created a perceived image problem within the development community. Freight rail access has been improved to the site which will create some good development opportunities in the warehouse, distribution, and wood products sectors. Some industry clusters, including biomedical, information technology, electronics, food processing/distribution, and front office services were considered to have long-term potential for the site. In addition, some specialty recreation/tourism uses were also considered viable such as a polo facility and club motorsports racing. Use of the runways was not recommended given their high cost to upgrade and maintain with limited market potential. The potential mix of uses could include high-tech research park, industrial freight village, food processing/distribution center, and planned unit development. Collaboration with the nearby Brookhaven National Laboratory and Stony Brook Incubator were also considered to be key to promoting high-tech development.

 

state school redevelopment plan

Belchertown, Massachusetts

Toll Brothers, Inc.

Working in partnership with MassDevelopment and a professional engineering firm, RKG completed a market analysis for the reuse of the former Belchertown State School— an approximate 83-acre campus in central Massachusetts, which has been vacant for many years. RKG completed an analysis of prevailing demographic, social and economic conditions in and around Belchertown that could impact real estate supply and demand. This analysis included potential opportunities for residential, retail/commercial, municipal and institutional (as in higher education) development. RKG completed a likely phasing and absorption of development, presenting fiscal impacts and a pro forma as part of the final preferred plan. Working in co-operation with a professional engineering firm, RKG assisted in presenting a design and layout—or a conceptual master plan for the former state school. As of late Winter 2011, the Town of Belchertown is in negotiations to develop an assisted living facility on part of the campus, to be followed by a longer-term mixed use project

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