Are you a developer, builder, or landowner who is implementing a strategic plan, going through a master facilities planning process, and/or considering a new multifamily housing or senior living (independent living, assisted living, memory care) project? If so, don’t overlook how vital an accurate market study is in helping to determine viable options. The study will provide the information organizational leaders, decision makers, and financial institutions require before they approve plans for any new development.
Studies provide detailed information to assist in making strategic decisions based on sound data, including:
- Development and growth opportunities in a market area
- Current market position
- Market trends and projections specific to a market area
- The optimal market strategy(s)
- Securing financing for a project
Experienced professionals conduct snapshot studies and full market studies.
Market snapshot studies are often a first step for interested parties who are new to the specific industry or are unclear about pursuing a development in a specific market. These studies include preliminary demographics and baseline competitive market information. They provide the basic data and information required to determine the next steps in the development—and whether it is worth pursuing. These studies are not typically acceptable by lending institutions.
Full market studies include full demographics and the full competitive market assessments. These studies provide detailed demographic and competitive information that developers and lenders need to know before a project is full pursued.
Michael Edwin, MBAMike Edwin is a senior living consultant and analyst in health care senior services. He specializes in consulting services including community and facility assessments, market research data collection and analysis, strategic planning, board education, and retreats for senior living operators and developers.