MARKET ASSESSMENT.

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Presentation transcript:

MARKET ASSESSMENT

Economics - Market Definition Zip Code Survey 413 unique zips 38 States 3 Countries 47.9% Lynchburg zips 27.7% Visitors 13% College students – OFFSEASON

Economics - Retail Primary Trade Area (previous yr) Capture Scenario: Potential Retail that could be accommodated downtown based on 20% PTA/ 10% STA demand Primary Trade Area (previous yr) $3.1 billion in Sales $2.4 billion in Expenditures $659.3 million gain Secondary Trade Area leaked $419m Lynchburg MSA leaked $157m Leakage = Demand

Economics - Residential 1000+ units since 2007 Rental Lofts (Cliffs Edge, City Market, etc) Condos (James River Place) Market Indicators $550 - $1250+/mo. rent 595 sf– 2500 sf Condos - $350k+ Values & Rents increasing Demand & Developer Interest Significant incentives for lofts rehab (apts), yet Development has slowed/plateaued Financing a challenge for for-sale Increased pricing on development sites/lend