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Edmonds Harbor Square & Antique Mall Redevelopment Summary of Secondary Research

Edmonds Harbor Square & Antique Mall Redevelopment Summary of Secondary Research. Hebert Research. July 2007. Research Objectives. Forecast demand for retail Analyze the current and future housing and demographic trends.

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Edmonds Harbor Square & Antique Mall Redevelopment Summary of Secondary Research

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  1. Edmonds Harbor Square & Antique Mall RedevelopmentSummary of Secondary Research Hebert Research July 2007

  2. Research Objectives • Forecast demand for retail • Analyze the current and future housing and demographic trends. • Examine the current supply of office space within the city of Edmonds and project future demand.

  3. Secondary Research Sources Sources included were the: • Bureau of Labor Statistics • Census Bureau’s Construction Statistics • Office of Financial Management population data • Office of the Forecast Council • Claritas • CB Richard Ellis • Central Puget Sound Real Estate Research Report.

  4. Trade Area Map

  5. Office Market Conditions ————— 1 Market Coverage includes all investor-owed, class A, B, or C office buildings 10,000 SF and greater in size.

  6. Vacancy Rates Snohomish County and Tri-city Region

  7. Class “A” Office Asking Lease Rates in Snohomish County and the Tri-city Region

  8. Top Service Sectors in Edmonds with Major Demand for Office Space by Radius

  9. Top Sectors in Edmonds with Major Demand for Retail Space by radius

  10. Hotel Concept • A Boutique Hotel similar to Windmark, Bellevue Club or the Inn at the Market • Non Commercial • Guests on the weekends • Small business retreats during the week

  11. Housing Permits in the City of Edmonds for the past 7 Years

  12. New Condominium Total Sales Volumes

  13. New Condominium Historical Average Sales Price

  14. Edmonds Condo Prices by Comparison

  15. Trends in Edmonds Condo Prices

  16. Trends in Multifamily Housing • Home sales are slowing down both nationally but not in Puget Sound • Sales prices for homes are still rising in Snohomish County • 153 Condominiums for sale in Edmonds at an average of 1,218 Square feet at an average price of 349,291 (the majority of condos have been on the market for less than a month) • Demand for Multifamily homes is expected to remain stable in the next few years

  17. Owner Occupied Housing by Value within the 5 mile radius

  18. Comparison of Housing by Value 2006 & 2011 within the 5 mile radius

  19. Increase in High Income Households within the 5 Mile radius

  20. Comparison of changes for Household Incomes between 2000, 2006, & 2011(within the 5 mile radius)

  21. Comparison of Householders by age (within the 5 mile radius)

  22. Research Theories • Convergence • Lamda • Milling Around • Walkabout • Creative Class • Sustainability

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