nj future redevelopment forum 2017 lund
TRANSCRIPT
Understanding your Market for RedevelopmentData Analysis for Downtown RevitalizationApproach and Lessons Learned
NJ Future Redevelopment ForumMarch 10, 2017
Tina Lund, AICPPrincipalUrbanomics, Inc.
Understanding your Market for Redevelopment NJ Future Redevelopment Forum
PENNVAL ROAD GREEN TECHNOLOGY PARK
Project Approach: Madison Downtown Revitalization Study
Kickoff and Review of Existing/Ongoing Plans & Studies
Inventories and Market Analysis: Unmet Existing and Forecasted Demand
Planning, Zoning, and Development Context
Gateway, Design, Branding and Wayfinding
Draft Recommendations and Final Report
Ongoing: Community and Stakeholder Engagement
Understanding your Market for Redevelopment NJ Future Redevelopment Forum
PENNVAL ROAD GREEN TECHNOLOGY PARK
Inventory of Existing BusinessesInventory and Mapping of Off-street & On-street
Parking Supply and RegulationsOverview of Community and Regional EconomyEstimation of Unmet Existing and Future Demand
Inventories and Market Analysis: Unmet Existing and Forecasted Demand
Understanding your Market for Redevelopment NJ Future Redevelopment Forum
PENNVAL ROAD GREEN TECHNOLOGY PARK
Define Existing Conditions Confirm or Refute Perceptions
High numbers of vacancies Substandard share of retail storefronts
Identify Opportunities for Improvement Unmet demand Business Mix Real Estate
Purpose of Market Analysis
Understanding your Market for Redevelopment NJ Future Redevelopment Forum
PENNVAL ROAD GREEN TECHNOLOGY PARK
Study Area
Understanding your Market for Redevelopment NJ Future Redevelopment Forum
PENNVAL ROAD GREEN TECHNOLOGY PARK
CoStar REIS Local MLS
and Brokers Garden State
MLS Keller Williams
Data Sources: Real Estate
Source: CoStar.com Retail Trends
Understanding your Market for Redevelopment NJ Future Redevelopment Forum
PENNVAL ROAD GREEN TECHNOLOGY PARK
US Census American Community
Survey Longitudinal Employer
Household Dataset
ESRI Business Analyst Online
Data Sources: Demographics and Consumer Expenditures
Source: US Census Bureau’s OnTheMap Longitudinal Employer Household Dataset
Employment Heat Map Madison Borough, 2014
Understanding your Market for Redevelopment NJ Future Redevelopment Forum
PENNVAL ROAD GREEN TECHNOLOGY PARK
Reference USA ESRI Business
Analyst Online Fieldwork
Data Sources: Retail and Other Business Activity
Source: ESRI Business Analyst, Retail Marketplace data
$50.3
$23.6
$17.9
$17.4
$11.1
$6.7
$4.2
$1.5
$1.5
$0.2
$(1.7)
$(11.6)
$(18.9)
$(50.5)
$(60.0) $(40.0) $(20.0) $- $20.0 $40.0 $60.0
Motor Vehicle & Parts Dealers
Clothing & Clothing Accessories Stores
Restaurants/Other Eating Places
Bldg Materials, Garden Equip. & Supply Stores
Gasoline Stations
Furniture & Home Furnishings Stores
Electronics & Appliance Stores
Miscellaneous Store Retailers
Sporting Goods, Hobby, Book & Music Stores
Special Food Services
Drinking Places - Alcoholic Beverages
Beer, Wine & Liquor Stores
Health & Personal Care Stores
Grocery Stores
$Millions
Surplus/Incoming Leakage/Outgoing
Understanding your Market for Redevelopment NJ Future Redevelopment Forum
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Data Sources: Business Mix
Source: ESRI Business Analyst, Retail Marketplace data
Downtown Madison Madison 5-Mile Chatham
Florham Park Morristown Maplewood
Retail Trade 17.0% 13.8% 12.7% 11.2% 7.7% 8.5% 13.2%Other Services (except Public Administration) 13.9% 11.9% 10.0% 13.6% 7.6% 10.1% 15.6%Professional, Scientific & Tech Services 10.4% 10.9% 12.5% 12.3% 18.3% 15.5% 10.2%Finance & Insurance 9.1% 8.0% 8.2% 8.5% 13.9% 9.4% 5.1%Accommodation & Food Services 9.1% 7.0% 5.3% 5.3% 3.7% 7.0% 5.9%Construction 7.8% 8.4% 8.1% 7.6% 5.5% 5.0% 6.7%
Public Administration 6.1% 4.8% 3.6% 2.2% 1.4% 6.6% 1.7%Health Care & Social Assistance 5.7% 7.3% 9.9% 8.8% 14.7% 13.3% 10.9%Administrative & Support & Waste Management & Remediation Services 4.8% 6.6% 5.2% 3.1% 5.8% 3.2% 3.5%Real Estate, Rental & Leasing 4.3% 4.4% 4.8% 4.8% 4.1% 5.4% 4.0%
Unclassified Establishments 3.0% 3.9% 5.0% 5.7% 4.8% 5.4% 6.1%Educational Services 2.6% 3.6% 2.9% 5.0% 1.5% 1.9% 4.2%Transportation & Warehousing 2.2% 2.2% 2.0% 2.2% 1.5% 2.1% 2.5%Manufacturing 1.3% 1.4% 2.7% 3.9% 2.5% 1.4% 2.1%
Wholesale Trade 0.9% 1.6% 2.9% 1.8% 3.2% 1.4% 3.5%Information 0.9% 2.4% 2.1% 1.5% 1.3% 1.9% 2.0%Arts, Entertainment & Recreation 0.9% 1.9% 2.0% 2.2% 2.4% 1.8% 2.7%Management of Companies & Enterprises 0.0% 0.0% 0.1% 0.2% 0.0% 0.2% 0.1%Source: ESRI Business Analyst Online
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Inventory of Existing Businesses
17.0%
13.9%
10.4%
9.1% 9.1%
7.8%
6.1% 5.7%4.8%
4.3%
3.0% 2.6% 2.2%1.3% 0.9% 0.9% 0.9%
18.9%
14.8%
18.0%
7.8%
14.3%
4.5%
0.0%
7.0%
0.8%1.6%
0.8%
3.3%
0.0%0.8% 0.8% 1.2%
5.3%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
20.0% ESRI BAO
FIELD COUNT
Understanding your Market for Redevelopment NJ Future Redevelopment Forum
PENNVAL ROAD GREEN TECHNOLOGY PARK
Pros and Cons of Data Free and Pay-Based Sources
Pros Expedient Cost Effective Universal Basis for Comparison
Things to Take into Account Study Area Alignment Sample Size Data Lag