Part II- Researching the competition
1. Competitive analysis. In the submarket, identify the best office properties in the submarket. The best projects will have the following characteristics: Class A , New construction/modern/high energy efficiency, good access to freeways/public transportation, ample parking , robust on-site amenities, and abundant food & beverage options both on and off-site.
a. Based on the key metrics in task 1 identify the top 5 comparable properties. If the top three do not have all the desired components listed above, then state the deficiencies so you can have a competitive edge and a higher capture rate.
b. Create a comparison chart.
This is an excellent exercise in field work).
e. DELIVERABLE- Provide a chart with visuals similar to the example provided and how you compared the top three properties. also provide a narrative to what you have assimilated and how you gathered the information. Brownie points if you connected with the brokers . Make sure you include what deficiencies or amenities lacking from your competition.
Also, note the clusters of existing office – especially new office buildings – to help tell you where you should focus your search for ideal development sites.
