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Market study cost estimate

Plan-it

Cyburbian
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#1
I am looking for a basic cost - ball park figure (for budgeting reasons) for a basic market study that will tell me potential future demand along a corridor. Does anyone have a basic number so I can bring it up the chain of command without making myself look stupid. Thanks!
 
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#2
I do a lot of these. The answer depends on the complexity of the market, the area of the corridor, the mix of uses you want analyzed, and the level of detail you are requesting. A market analysis for a small town in rural Kansas, for instance, should run no more than $10,000-15,000 to fully address residential and commercial uses community-wide. In an urban area, where there are many competing districts and a generally more complex environment, it may start at $15,000 and go much higher. Similarly, a study for a specific use would have a higher price tag because of the additional level of detail required within that specific market segment.

Some of the recent ones I have done:
Housing/mixed-use analysis for 70-acre urban site: $27,500
Retail market analysis and development strategy for a micropolitan place: $38,000
Hotel feasibility: $26,000
Retail/office/residential in dense suburb, with survey elements: $45,000
Downtown market in a small rural city: $7,500

If you can give me some more specifics I can probably pin down a price range.
What is the area population?
How big is the corridor?
What uses do you want addressed? (office, retail, residential, industrial, lodging, etc.)
What output do you want? (existing conditions, trends, demographics, sales estimates, targets for recruitment, assessment of current infrastructure, recommendations for development, strategies, supportable square feet, leasing strategy, etc.)
 

Plan-it

Cyburbian
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#4
Also investigate if a similar market study has already recently been conducted for that corridor- find out how much it cost.
The 1st thing I did was check with the local business district (CID) to see if they had one available, but they did not.

Cardinal - Very good input. I know it is always so hard to give estimates when you do not know specifically what someone is looking for, but your range of figures helps me to understand a general cost range. Go for the Cadillac and when the costs come in from the RFP order a Yugo! ;-)
 
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#5
The 1st thing I did was check with the local business district (CID) to see if they had one available, but they did not.

Cardinal - Very good input. I know it is always so hard to give estimates when you do not know specifically what someone is looking for, but your range of figures helps me to understand a general cost range. Go for the Cadillac and when the costs come in from the RFP order a Yugo! ;-)
Hey, just send me a copy when you issue it. ;)
 
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