2.0 DISTRICT ANALYSIS Market Analysis
Employment and Office • The area experienced modest employment growth, along with gains in income • Typical lease rates are $12 - $14 per square foot; more for medical related uses • Office vacancies are currently difficult to fill; the market for medical offices is stronger than other types of offices • Market demand for office space is anticipated to grow modestly Summary • The market is not likely to support a measurable amount of new retail or office space in the next five years • New businesses will likely be filling existing space or replacing outdated facilities • New housing needs are predominately to suit the needs of non-student households, such as young professionals, active adults, and graduate students • Student housing areas are not likely to experience rapid change, but may experience redevelopment as facilities age past their useful life and competitive pressures to provide improved amenities grow This analysis by 4ward Planning helps to establish basic expectations for economic growth and land development, and to shape the planning recommendations of SmithGroupJJR, as follows: • The study needs to identify key areas in the District that are suitable for the demand for new housing types not abundantly available in the community • Recommendations for future development on private land needs to recognize that change is likely going to happen incrementally For the purposes of the overall study, key findings of the market and demographic snapshot include:
The final part of the community analysis conducted in Phase I: Discovery was a market and demographic snapshot of the community, conducted by 4ward Planning, a sub-consultant to SmithGroupJJR. The analysis examined data from the primary market area, White Township, the Borough, and Indiana County. The purpose of the analysis was to guide the Planning Team’s efforts so that the land use development recommendations are anchored in market realities. The market and demographic snapshot, as attached in Appendix A, is summarized below in four key areas of interest: Population and Households • Since 2010, population of the market area is generally flat and has experienced a slight decline in recent years • The number of households have grown, especially in the category of non-family households • Income in the market area has risen rapidly, especially in medical and other high-education fields Multi-family Housing • As of July 2014, vacancy rates are generally considered low, which suggests a healthy market for multi-family housing; however, brokers in the area have indicated that new student housing opportunities are experiencing increasing vacancy rates • New housing demand is relatively low; 800 new units are needed by 2019 in the market area, with 200 projected to be locate in the study area Retail and Restaurant • Typical lease rates are at an affordable rate of $8 - $10 per square foot • Consumer spending is below national averages per household, which relates to the high level of student population • There is little demand for new retail space • There is potential to capture business from outside White Township and the Borough to increase demand
Indiana Community University District
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