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EDAW INe WORK "ROGRAM TRANSIT-O~IENTED SPECIFIC PLAN FOR THE H;,CI "-NDA E,USI NESS PAR K 3.D. Real Estate Market Overview 3.G. Office/ R&D Market Overview A specific plan that is rooted in real estate market While ':he stock of available office and R&D space is realities becomes a useful tool rather than an currently high relative to demand, these sectors will encumbrance for developers and property Dwners. reboul'.ct in the future when the economy improves. Strategic Economics will conduct a real estate Strategic Economics will review current market overvie\v that examines information on office market real estate trends, as the short and long-term real estate market well as, relevant economic projections and their conditions and trends driving office, retail, and likely impact on the Hacienda Business Park residential demand in the park. markel:. This analysis will build upon the real estate market The rdative strength of different types of office and analysis already completed by Strategic Eo)nomics R&D product will produce recommendations (Hacienda Business Park- Opportunities for Mixed regarding marketable product types. As needed, Use Retail), and any other relevant published Strategic Economics will generate rents and sales studies. prices for different product types and space increments to use as inputs later in the financial 3. E. DemographiC Overview feasibility pro forma analysis. The demographic overview focuses on those 3H Retail Market Overview characteristics of households that rcIate to the demand they generate for housing and rct;lil, i,e. :\1uch of the retail market analysis has already been income and household type. Strategic Economics completed for Stra tegic Economics' 'Hacienda has already completed a demographic overvie\\' for Business Park- Opportunities for Mixed Use Retail.' the '1lacienda Business Park- Opportunities for Should demand for other retail formats, such as Mixed Use Retail' study. Strategic EconomICs will single use retail wil! be identified, other retail add to this demographic ani'llysis ..vith mo.-:e products and rctililers will also be examined. The detailed information on household types, as '''lell as market analysis \"ill cover a range of retail project household projections that will be L.sed in the TOD sizes and tenant mixes. Housing Demand Estimate. Estimated rents for different retail product types 3.F. Housing Market Overview willultimate1y be used as inputs in the pro forma financi,ll feasibility (malyses that test different land Strategic Economics 1;vill review prevailin:;; rents use alternatives. and sales prices, performance and salient design features for a range of multifamily housing types, 3.1. Comparative Analysis including townhomcs, condominiums, 2nd apartments. This ,malysis will yield market pricing Ellen Greenberg, AICP, working with Strategic and rents by unit type and size that will be used Economics, vvill investigate relevant national later to project revenues in the pro forma analysis research and development projects that consider for different development prototypes land use and transportation relationships. Her under consideration findings will be synthesized into a set of recommendations for the alternatives and identify Strategic Economics will also generate a numeric those clements that are essential for achieving estimate of the lot,ll demand for TOD housing in viable transit-oriented development. I lacienda Business Park using its internal projection Critical to this research will be the identification of model. appropriate internal trip capture rates, as measured in comparable development projects. These will be used in conjunction with the work of Fehr and I ~)