The vendor is required to provide an economic analysis of the near-term city retail and multifamily residential markets, including demand; assess those employment sectors identified in the city: visioning exercise data analysis that continue to exhibit growth potential to 2040; and identify the potential residential rental and commercial needs of the city in light of the council.
- Using the primary trade area (PTA); secondary trade area (STA); tertiary trade area (TTA); and the city submarket boundary defined in the 2017 county retail study, complete a market study to understand the current supply and demand conditions for the city’s market capacity.
- The analysis should include a leakage analysis to determine what, if any, retail or other commercial demand is not being met locally.
The Leakage/Surplus analysis should include at a minimum analysis of the retail subsectors:
i. GAFO
ii. Neighborhood goods and services
iii. Food and Beverage
- The current retail trends affecting consumer spending and identify projected shifts in retail spending that could shape retail centers and developments by commercial property class in the next 15 years.
- The report should analyze critical location factors that are important to industry leaders as they make location decisions, align industries to the demographic strengths of city, and provide a recommended set of industry employment sectors to pursue for redevelopment in the city’s employment nodes.
- This analysis should include industry trends that might affect local real estate needs, business site selection criteria, and location decisions, and take into consideration population and job forecasts for the City.
- The analysis should identify risk factors that have the potential to cause disruptive changes in the local and regional labor market and quantify potential impacts.
- This supply and demand estimate should consider and quantify:
• Employment and population forecasts and their impact on future housing needs, including risk factors with potential for major disruption;
• Renter household projected growth during forecast period, including trends in renter household size;
• Historic absorption and vacancy trends, including by commercial property class;
• Recent trends in tenure that may increase/decrease demand for rental units and by unit bedrooms;
• Pipeline analysis of estimated additions to the rental market (units under construction, approved, or proposed) also including the replacement of existing rental units from the inventory and consideration of any current excess vacant supply based on a balanced market vacancy rate; and
• The demand estimate should be presented in terms of the number of rental units and by bedroom sizes needed for the City market area to be balanced overall.
- Contract Period/Term: 1 year
- Questions/Inquires Deadline: March 26, 2025