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VCI preliminary market findings fxm assoc 2011-12-07
VCI preliminary market findings fxm assoc 2011-12-07
VCI preliminary market findings fxm assoc 2011-12-07
VCI preliminary market findings fxm assoc 2011-12-07
VCI preliminary market findings fxm assoc 2011-12-07
VCI preliminary market findings fxm assoc 2011-12-07
VCI preliminary market findings fxm assoc 2011-12-07
VCI preliminary market findings fxm assoc 2011-12-07
VCI preliminary market findings fxm assoc 2011-12-07
VCI preliminary market findings fxm assoc 2011-12-07
VCI preliminary market findings fxm assoc 2011-12-07
VCI preliminary market findings fxm assoc 2011-12-07
VCI preliminary market findings fxm assoc 2011-12-07
VCI preliminary market findings fxm assoc 2011-12-07
VCI preliminary market findings fxm assoc 2011-12-07
VCI preliminary market findings fxm assoc 2011-12-07
VCI preliminary market findings fxm assoc 2011-12-07
VCI preliminary market findings fxm assoc 2011-12-07
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VCI preliminary market findings fxm assoc 2011-12-07

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Preliminary market findings from FXM Associates for Norwich Vibrant Communities Initiative

Preliminary market findings from FXM Associates for Norwich Vibrant Communities Initiative

Published in: Business, Real Estate
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  • 1. Preliminary Market Findings ► Housing Demand Analysis ► Retail Opportunity/Gap Analysis FXM Associates December 2011
  • 2. Housing Demand Analysis• FXM’s proprietary Housing Demand Model considers the following: – Number of households in 2011 by age and income – Projected number of households by age and income in 2016 – Mobility by age of householder – Propensity to own or rent by age of householder – Income qualified households by rent or sales price points• Average annual housing demand estimated for rental or sales within target geographic area
  • 3. 20-Minute Drive Time
  • 4. 2011 Income by Age of Householder: Norwich Market Area 12,000 10,000 8,000Number of Households 6,000 4,000 2,000 0 Age 15 - 24 Age 25 - 34 Age 35 - 44 Age 45 - 54 Age 55 - 64 Age 65 - 74 Age 75 - 84 Age 85+ Total over $36,000 Total over $44,000 Total over $50,000
  • 5. 2016 Income by Age of Householder: Norwich Market Area 12,000 10,000 8,000Number of Households 6,000 4,000 2,000 0 Age 15 - 24 Age 25 - 34 Age 35 - 44 Age 45 - 54 Age 55 - 64 Age 65 - 74 Age 75 - 84 Age 85+ Total over $36,000 Total over $44,000 Total over $50,000
  • 6. Change in Number of Households by Age and Income Cohorts: Norwich Market Area 2011-2016 1,500 Total over $36,000 Total over $44,000 1,000 Total over $50,000Number of Households 500 0 Age 15 - 24 Age 25 - 34 Age 35 - 44 Age 45 - 54 Age 55 - 64 Age 65 - 74 Age 75 - 84 Age 85+ -500 -1,000
  • 7. Annual Mobility Rates by Age of Householder0.400.350.300.250.200.150.100.050.00 Age 15 - 24 Age 25 - 34 Age 35 - 44 Age 45 - 54 Age 55 - 64 Age 65 - 74 Age 75 - 84 Age 85+ All Movers Same state or county
  • 8. Propensity to Own or Rent by Age of Householder0.700.600.500.400.300.200.100.00 Under 35 Age 35-44 Age 45-54 Age 55-64 Age 65-74 75 and Over Propensity to rent Propensity to own
  • 9. Estimated Annual Demand for Rental Units by Price and Age of Householder: Norwich Market Area 2011-2016 300 250Number of Units per Year 200 150 100 50 0 Under 35 Age 35-44 Age 45-54 Age 55-64 Age 65-74 75 and Over Rentals @ $900/month Rentals @ $1100/month Rentals @ $1300/month
  • 10. Estimated Average Annual Demand for Rentals All Household Types with Qualifying Incomes 2011- 2016 450 396 400 326 350 300Number of Units per Year 250 187 200 150 100 50 0 Rentals @ $900/month Rentals @ $1100/month Rentals @ $1300/month
  • 11. Average Annual Demand for Rentals: Norwich Market Area 2011-2016 Householders under Age 35 and Ages 55 to 74300 Age 55-74 45250 Under Age 35200 40150 239 23100 183 50 97 0 Rentals @ $900/month Rentals @ $1100/month Rentals @ $1300/month
  • 12. Retail Opportunity/Gap Analysis• Retail Opportunity/Gap Analysis is a snapshot of current (2010) consumer expenditures and actual store sales within a defined geographic area• Retailers typically use 5- 10- and 15-minute drive times to define their market areas• Where consumer expenditures within those drive times exceed store sales potential opportunities exist to expand existing stores/store sales or attract new retailers
  • 13. 5-Minute Drive Time
  • 14. 10-Minute Drive Time
  • 15. 15-Minute Drive Time
  • 16. Next Steps• Interviews with selected real estate brokers, businesses, property owners, economic development professionals• Assess relative strengths of study area business mix and concentrations• Employment and space demand projections to estimate potential demand for office space etc.• Prepare conceptual pro forma for selected historic buildings (with CGI)• Provide general assessment of fiscal impacts related to building redevelopment

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