Analytics are strategically important when framing market expectations. The key is to develop a story about the market (greenfield or brownfield) that is based on facts not fiction and speaks to the lifecycle of the market today but more importantly how it will transform in the coming years. In short, analytics are being used more and more from the outset of any new development (greenfield) to properly measure market potential and to determine the highest and best use of the property. Market analytics can evaluate a greenfield property to determine the types of residential to build, together with any mixed-use component, office and retail.
Imagine using market analytics to evaluate the highest and best use of an old steel mill or derelict building (Brownfield)?
In a retail development, envision being the broker that has the challenge to lease up a half vacant mall or a new development that simply never reached capacity. Targeting market compatible retailers through analytics helps both the landlord lease their space and the retailer to know if the site works for them.
Knowing the best fit and use of a property is the first step to the successful and efficient execution of a leasing strategy. Analytics provides a strong playing field from which to frame expectation.
Content on behalf of NAI Keystone, Team Cole, and NAI Global’s George Anderson