Target Market Studies – Any Residential or Commercial Use
Target market studies are valuable to any developer who wants to know his or her audience. After all, how do you build if you don’t know what’s going to succeed?
Whether it’s for a specific development site or a specific product, our statistically-defensible studies involve primary market research in the form of a phone or mail survey. The purpose of the site-specific studies is to define and quantify the target market for a new or redeveloped real estate project proposed for a specific site or two or more alternative sites within a given market area.
- Prospective customers’ (buyers / tenants) opinions of the proposed site(s);
- Product preferences in terms of design, unit / space size, store mix (retail), price / lease rate;
- Likely customer profile – demographic and psychographic characteristics for housing and retail developments; industry and company types for office and industrial uses;
- Moving / migration patterns;
- Level of interest in the proposed development, including demand calculations and price sensitivity;
- Broad marketing strategies to optimize absorption and pricing.
The purpose of a product-specific study is to confirm and refine the target market for a given product type, e.g. apartment space complex or retail space facility. and to better understand the target’s preferences with respect to that product type within a broadly defined geographic area (city, metro area, state).
- Specific location preferences for the product;
- Design, size, price and amenity preferences in various locations;
- Primary and secondary target market profiles, including motivations;
- Price sensitivity analysis;
- Demand calculations by location;
- Prioritization of locations based on client’s success criteria;
- Mix recommendations.
O'Connor & Associates has provided market research data and strategic marketing consulting services to developers, brokers and investors for decades, with outstanding results. Our in-house staff of researchers handles all aspects of your market research needs, providing you with clear, accurate, reliable information. Whether your project is for apartment space, condo space, townhomes and other single-family housing, retail space, office space or industrial space, the market research division of O'Connor & Associates will work to help you achieve your goals.
For more information on target market studies, contact Scott Sherrill at 713.375.4264.