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Determining and understanding the appropriate research to enable a client to reach a sound business decision can be undertaken by our commercial research professionals so that you can make the right choice for your business or new project.
Market research is a combination of primary information, that is, information obtained directly, or secondary information, which has already been gathered. It is necessary to undertake detailed market research, for example, when planning a new real estate project or contemplating moving offices, or opening a new store.
There are four common types of market research techniques and these include surveys, interviews, focus groups, and observation of consumer behavior.
Some companies undertake property market research in-house, but the majority will engage specialists such as Century 21 as they understand that market research is a critical component in the research and development of any new property or business decision. Our professional commercial property researchers will study the various aspects of the target market and produce a market study report. This will be a pro-active analysis of market demand for a proposed property or buildings in a certain location, looking at all of the factors involved in the market that influence the demand and/or supply including price, rental, location, competition, alternatives, and overall general economic activity.
Market research in the real estate sector may focus on all or specific sectors of the real estate market and look at:
- local and macro-economic factors which may impact business activity, such as tax breaks or concessions or other incentives instigated by local authorities or government, or the potential relocation of a major industry player or business;
- current stock of existing buildings, anticipated and forecast pipeline of new projects; an estimate about the probability of completion and a timeframe for the same;
- estimated current demand for a certain type of property, historic and forecast demand:
- specifically if there are any major factors that might influence new demand—such as new infrastructure projects in the area (road, rail, bridges);
- or changes in zoning or building height restrictions of government or private sector initiatives which may encourage new demand;
- potential changes in occupier’s requirements in terms of the size or physical characteristics of the properties required, ie ceiling height, column-free space, or better vehicular access for loading/unloading or, more likely, technological enhancements to improve communications or promote a hybrid space so that staff can work from home (WFH) part-time;
- general market trends in terms of rentals and prices, with perhaps an outlook for, say, 1, 3, and 5 years.
The value of quality market research cannot be underestimated as it is key to sound business accommodation-related decisions. Our specialists at Century 21 can undertake the appropriate market research to meet your requirements—and then provide a study report with a series of conclusions and recommendations.
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