Market study helps Greater Downtown Development Corporation revolutionize downtown housing options
- VSKA prepared 2 market studies on downtown Peoria, IL
- Our demand projections in the first study were accurate, leading to an update 2 years later
Requirement
The Greater Downtown Development Corporation tasked us with determining the demand for market rate apartments and condominiums in downtown Peoria. At the time of the initial study in 2016, there were few downtown housing options. However, a warehouse district on the edge of downtown was gaining developer interest based on major public infrastructure investment.
Approach
We analyzed the competitiveness of the area for different housing types and tenant demographics. We also looked at the economic conditions affecting demand, achievable rents, marketable unit types and sizes, and likely absorption.
Results
The demand projections we made in our initial study were accurate. Based on the success of the initial buildings, continued developer interest, and changes in the local economy, we were asked to update the market study in 2018.
The Greater Downtown Development Corporation is using the updated study to market the area to developers and to help developers gain financing for their projects.
“Based on several recommendations, we selected VSKA to conduct a downtown residential market study in 2016. Unlike our previous studies which did not lead to further development, VSKA identified the true market demand at market rates that would encourage development. Based on this report, within 18 months we had 5 completed projects, and best of all: VSKA’s analysis was spot on. We have since used VSKA to update our downtown residential market study, as our development community has confidence in their analysis.” ~ Michael J. Freilinger, President/CEO, Downtown Development Corporation of Peoria