Real Property Research Group offers a wide range of real estate market research and consulting services, each of which is described in more detail in the tabs below. While the descriptions of each service are explained in general terms to fit most client needs, RPRG can tailor all services to meet the specific and dynamic needs of any project or client. RPRG market research products submitted to lenders and/or federal or state agencies strictly adhere to all federal and state guidelines as well as the National Council of Housing Market Analysts (NCHMA) standards and best practices (when applicable).
RPRG prepares formal, comprehensive market feasibility analyses suitable for presentation to lenders, syndicators as well as state and federal agencies. The focus of these formal analyses is to assess and document the extent of market support for a proposed project and to render an opinion on market feasibility. The formal market feasibility analysis can be a second phase in a process in which RPRG first conducts a preliminary/product position analysis.
The firm prepares formal market feasibility analyses for new construction projects. Acquisition/rehabilitation and strategic investment for the end users and situations are listed below.
| Key Component | Description |
|---|---|
| Project Description | Overview of the project's target market, pricing, and design |
| Site / Area Analysis | Analysis of the site / local area's appeal and access to amenities |
| Economic Context | Analysis of local economic trends compared to state and U.S. trends |
| Demographic Trends | Demographic trends in the defined market area |
| Competitive Analysis | Analysis of competing projects in the defined market area |
| Affordability / Demand | Project unit affordability and projected demand |
| Product Evaluation | An examimation of the project's unit mix, unit sizes, rents, features, and amenities |
| Absorption | Projected unit absorption in the defined market area |
| Conclusion | Statement on project feasibility and RPRG recommendation |
Oftentimes, before preparing a formal market feasibility analysis for presentation to a third party, RPRG conducts a product position analysis. The purpose of this type of assessment is to determine how the proposed project can be best positioned within the marketplace. RPRG works with the client to determine the project’s particular strengths and weaknesses within the context of market realities, offering recommendations on such items as product and unit mix, unit sizes, pricing structure, features and amenities, services, project phasing, and timing. These analyses thoroughly examine the underlying supply and demand fundamentals of the market and other dynamics that will influence the product’s success. A product position analysis can provide the foundation for a formal market feasibility analysis to be submitted to a lender.
| Key Component | Description |
|---|---|
| Project Description | Overview of the project target market, pricing, and design |
| Site / Area Analysis | Analysis of the site / local area's appeal and access to amenities |
| Competitive Analysis | Analysis of competing projects in the defined market area |
| Demand | Projected demand for the project |
| Recommendations | Product and pricing recommendations |
| Conclusion | Conclusions on product positioning |
Beyond the traditional market feasibility analysis, RPRG specializes in conducting strategic assessments and analyses designed to help the developer/sponsor determine the product opportunities that will be optimal for a site and/or market. Tailored to a client’s specific needs, the market opportunities assessment helps to determine direction and facilitate early decision-making. A market opportunity assessment can identify and prioritize the opportunities available within a real estate category. Commonly answered questions include:
RPRG also works with planning firms to conduct assessments of public agency portfolios to determine long term development opportunities for their land holdings.
Due diligence assignments offer an independent review of market research or formal market feasibility studies prepared by others. RPRG conducts due diligence work for institutional clients including syndicators, investors, and financial institutions. The firm also provides this service to state agencies allocating tax credits. In some cases, due diligence assessments focus on proposed real estate projects. In other instances, we address projects already built or partially built. In addition to reviewing the intrinsic market dynamics impacting the project, this type of analysis can focus on examining the validity and suitability of specific methodological approaches and/or data sources used.
RPRG documents economic, fiscal and social impacts of community development projects and public initiatives for developers, lenders, and government agencies. Charter schools, hospitals, manufacturing facilities, and entertainment venues are a few of the types of projects for which we have conducted Community Impact Analyses in recent months. Our Community Impact Analysis report can be tailored to meet the needs of the client and to address the unique characteristics of each subject.
To meet the needs of clients involved in the New Markets Tax Credit arena, RPRG has developed a Community Impact Analysis product for the specific use of evaluating projects utilizing NMTCs. In addition to estimating job and income growth resulting from a NMTC project, RPRG measures the revenue and expenditure impact on local government, the employment and wage impacts for low-income individuals in surrounding neighborhoods and a project’s impact on sustainability.
RPRG can study community impacts from a variety of vantage points:
RPRG also conducts Fiscal Impact Assessments measuring public revenue generated (or expected to be generated) and public expenditures incurred (or expected to be incurred) as a result of a specific development project. This is a useful tool for developers to measure the impact their project will have on state and local budgets or governmental entities to understand the effect a change in policy will have on local finances.
| Representative Clients |
|---|
| Bank of America |
| City of Harrisburg |
| Crow Holdings |
| Iccobucci Development |
| Curtis Builders |
| O'Malley, Miles, Nylen |