Experience

With nearly two decades of real estate research experience, Bowen National Research conducts several hundred market feasibility studies throughout the United States annually, providing our firm with diverse experience and expanding knowledge of real estate market conditions and trends. We have worked with private developers and public institutions, as well as with those from the financial/investment community, allowing us to gain insight from a variety of development perspectives. Our organizational structure and market research approach enables us to focus on individual site-specific studies, large development portfolios and countywide or statewide market assessments in a thorough but timely manner.

Market Studies

Our Clients Include:

Developers
Syndicators
Lenders
State Housing Agencies
Chambers of Commerce
Housing Authorities
HUD
City and County Governments

 

Large-Scale and Specialized Studies

Below are summaries of the large-scale projects our firm has completed.

Downtown Residential Feasibility Study – Charleston, West Virginia

-Analysis of potential downtown housing development

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In 2014, Bowen National Research was retained by The Charleston Area Alliance (CAA) for the purpose of conducting a Downtown Residential Feasibility Study to determine the feasibility of residential development in the Downtown area of Charleston, West Virginia. Due to the Downtown serving as the regional center for commerce, employment and government, there was a large demand for additional downtown housing and ultimately, CAA’s goal was to use the report to attract housing developers to the downtown area. As part of the scope of work, we identified vacant land and buildings within the downtown area that may be candidates for new housing or adaptive reuse. The final analysis identified data on current housing types and trends in the Downtown area with consideration given to the housing demands and availability of the surrounding areas of the city. This included projections of future demographics and any changes in housing trends. We also provided data related to the conditions, challenges and opportunities in the Downtown housing market while also providing recommendations and strategies for meeting the housing needs of area residents.

 

Downtown Retail Study – Morgantown, West Virginia

-Downtown analysis of future retail demands and strategies

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In 2013, Bowen National Research was retained by Main Street Morgantown (MSM) for the purpose of conducting a downtown retail analysis that would ultimately aide MSM and interested stakeholders in determining future retail demands and strategies to facilitate that growth. Final recommendations included specific types of retail opportunities to meet the needs of those retail categories that are under served, including total square footage that could be supported, rents, parking and other amenities that would make new retail alternatives most marketable, recommendations concerning the strategies or approaches that might be taken to satisfy the identified retail needs, and identification of specific areas of the downtown that may be most amenable to new retail development in order to provide additional focus to local redevelopment and retail efforts.

Click here to view a presentation on this report.

 

Housing Needs Assessment – Asheville, North Carolina Region

-Regional housing analysis of current and future housing needs

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In 2014, Bowen National Research was retained by The City of Asheville Community and Economic Development Department for the purpose of conducting a regional Housing Needs Assessment.  The region included the counties of Buncombe, Henderson, Madison, and Transylvania. Supplemental analysis was conducted exclusively on Asheville, the region’s largest city.  The report included separate chapters for each of the counties as well as the city of Asheville. Each chapter addressed current and future demographic and economic trends, area rental and for-sale housing supply, housing gap, special needs population data and interviews with area stakeholders.

Click here to view a presentation on this report.

 

Statewide and County Level Housing Needs Assessments – Vermont

-Statewide housing assessment, as well as individual countywide assessments

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In 2014, Bowen National Research was retained by the Vermont Department of Housing and Community Development for the purpose of conducting a statewide Housing Needs Assessment of Vermont.  Supplemental analysis was provided for each of the 14 counties that comprise the state of Vermont. With changing demographic and employment characteristics and trends expected over the years ahead, it was important for both public and private sectors to understand the current market conditions and projected changes that are expected to occur that will influence future housing needs.  As part of this report, our firm presented and evaluated past, current and projected detailed demographic characteristics, evaluated key employment characteristics and trends, determine current characteristics of all major housing components within the state (for-sale/ownership and rental housing alternatives), calculated a housing gap by tenure and income segment, and compiled local stakeholder perceptions of housing market conditions and trends, opinions on future housing needs, and identified barriers to residential development in the state.

Click here to view a presentation on this report.

 

Housing Needs Assessment – Evansville, Indiana

-Analysis of current future rental and for-sale housing needs citywide

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In 2014, Bowen National Research was retained by the City of Evansville Department of Metropolitan Development to conduct prepare a housing needs assessment encompassing the city of Evansville, with emphasis on Qualified Census Tracts (QCT’s). The study  provided an assessment of existing housing conditions, demographics and market demands with an assessment of present and future unmet housing demand (5-year estimates). We also identified data on current housing types and trends within the city limits and specific to QCT’s, with additional consideration given to the housing demands and availability of the surrounding areas of Vanderburgh County and the MSA. This included projections of future demographics and any changes in housing trends. Finally, we provided data related to the conditions, challenges and opportunities in the local housing market while also providing recommendations and strategies for meeting the housing needs of area residents.

 

Housing Needs Assessment – Nederland, Colorado

-Analysis of current and future housing needs in mountain town and surrounding area

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In 2014, Bowen National Research was retained to assist the Town in understanding the housing needs of the people of Nederland and the surrounding mountain community (roughly a 10-mile radius of the town limits). Ultimately, the study provided information relating to the adequacy of Nederland and the surrounding area’s housing stock and how it meets current housing needs, demographics and housing needs projections by various segments of the market (e.g. income level, age, tenure, etc.) and recommendations and strategies that will assist Nederland in developing a plan to meet its housing needs, including affordability. The study also focused on the impacts of recent natural disasters and the legalization of marijuana cultivation on the local housing market.

Click here to view a presentation on this report.

 

Housing Market Study – Fort Wayne (Southeast Quadrant), Indiana

-Analysis of current and future housing needs in the city’s southeast quadrant

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In 2013, Bowen National Research was retained to conduct comprehensive research and evaluate various quantitative and qualitative information in an effort to provide an overall housing needs assessment of Fort Wayne’s Southeast Quadrant, as well as a supplemental analysis of the Renaissance Pointe Neighborhood and the former McMillen Apartments site within the Southeast Quadrant. This study included an analysis of rental and for-sale housing, as well as an analysis of special needs (homeless and senior care) housing.

Click here to view a presentation on this report.

 

Housing Market Study & Tornado Impact Analysis – Joplin, Missouri

-Analysis of current and future housing needs, with a focus on disaster impact

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In 2014, Bowen National Research was retained to assist the Planning & Community Development and other Joplin city officials, as well as developers and other interested stakeholders in assessing the current and future housing needs, formulating initiatives for affordable housing, and examining current land use and economic development trends, specifically as they related to the impact of a devastating tornado that occurred in May 2011.

 

Downtown Residential Feasibility Study – Morgantown, West Virginia

-Analysis of potential downtown housing development

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In 2013, Bowen National Research was retained to assist MSM and all stakeholders and interested members of the Morgantown community in determining the feasibility of residential development in the Central Business District (the “Downtown”), specifically in unused upper-story space, and the market for it. It was the client’s desire to increase residential density in Downtown by recruiting mixed-use residential developments to expand the number of downtown housing units by 300. The final analysis identified data on current housing types and trends in the Downtown area of Morgantown with consideration given to the housing demands and availability of the surrounding areas of the city. This included projections of future demographics and any changes in housing trends. We also provided data related to the conditions, challenges and opportunities in the Downtown housing market while also providing recommendations and strategies for meeting the housing needs of area residents.

 

Downtown Housing Needs Analysis – Springfield, Illinois

-Analysis of potential downtown housing development

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In 2013, Bowen National Research was commissioned by the Greater Springfield Chamber of Commerce to conduct a Downtown Housing Needs Analysis. The purpose of this analysis was to determine the need for rental and for-sale housing units in the downtown area, with an analysis of graduate and intern housing potential due to the influence of several institutions of higher learning. In general, this analysis included an analysis of Downtown’s current housing market and climate as compared to the city as a whole, a projection of the Downtown’s future housing development potential, a description of the housing types most appropriate for Downtown, identification of sites/locations that offered the best opportunity for new housing development, stakeholder interviews and an analysis of graduate student/intern housing needs.

Click here to view a presentation on this report.

 

Site Specific Rental and For-Sale Housing Assessment – San Antonio, Texas

-Residential (rental and for-sale) analysis to define future housing needs of site.

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In 2013, Bowen National Research was commissioned by the San Antonio Housing Authority to analyze the demand and economic feasibility of the proposed Victoria Commons – Phase IV multifamily project located in San Antonio. There were two housing analyses performed, both rental and for-sale. Through our research and findings, our firm was able to recommend the highest and best use of the site location for both for-sale and rental housing targeted by resident income and operating program (Tax Credit, Public Housing, market-rate, etc.).

Click here to view a presentation on this report.

 

Site-Specific Market Demand Analysis – Morgantown, West Virginia

-Residential (rental and for-sale) and senior living analysis to define market characteristics and future development opportunities.

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In 2013, our firm completed a study on behalf of the Fairmont-Morgantown Housing Authority. The purpose of this multi-level analysis was to establish the market demand, perform a site evaluation and supply analysis, and to determine optimum unit mix, pricing points and rent levels, absorption rate, and barriers to development success and preferred marketing strategy for the proposed retirement real estate development. Part of the study focused on the potential for new housing targeting West Virginia University senior (age 55+) alumni and staff. The ultimate goal was to comprehensively establish the feasibility and direction for the proposed project. As a result, our study concluded with detailed project design recommendations.

 

Countywide Rental Housing Needs Analysis & Hurricane Dolly Housing Impact Analysis – Hidalgo County, Texas

-Two-Part analysis of USDA RD 514/515 rental housing demand and Hurricane Impact

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In 2012, Bowen National Research completed a two-part market analysis in response to an RFP released by the Housing Authority of the County of Hidalgo. The first part of this analysis demonstrated the extent of effective demand for farmworker and/or low-income rental units that operate under the USDA Rural Development 514/515 programs. The second part was an analysis that identified the areas and the number of families affected/displaced by Hurricane Dolly in Hidalgo County and the demand and type of housing needed by the affected population.

 

Comprehensive Housing Market Study – Rock Island, Illinois

-Citywide analysis of overall housing market to define future and current housing trends.

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In 2012, Bowen National Research was commissioned by the Rock Island Housing Authority to conduct a Comprehensive Housing Market Study to assist the Housing Authority and other involved parties in developing a meaningful sense of the housing market within the city, as well as an understanding of key housing issues in the surrounding area. This study identified current and future housing types and trends in the city of Rock Island, with consideration given to the housing demand and availability of the other Quad Cities and surrounding areas. As part of this analysis we evaluated rental and for-sale housing, evaluated demographic and economic trends, conducted numerous stakeholder interviews, and collected information from nearly 400 residents through in-person and phone intercept surveys regarding the state of housing in Rock Island.

Click here to view a presentation on this report.

 

For-Sale Housing Analyses – Richmond and Chesterfield County, Virginia

-Four single-family for-sale housing analyses

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In 2012, Bowen National Research was commission by Southside Community Development & Housing Corporation to conduct four separate single-family for-sale analyses in the city of Richmond and Chesterfield County, Virginia. The purpose of these analyses was to focus on such items as unit mix, proposed pricing levels as compared to other for-sale pricing, competitive amenity package, market penetration, unit configuration and a competitive analysis. Our analysts did a personal inspection of each for-sale subdivision within the market areas and collected sales data from area real estate professionals and online assessment tools.

Affordable Housing Market Analysis – Jacksonville, North Carolina.

-Evaluation of for-sale housing and the support for additional affordable for-sale housing units.

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In 2012, Bowen National Research was commissioned by the city of Jacksonville, North Carolina in response to their Request for Qualifications to complete an affordable housing market analysis for a Neighborhood Revitalization Strategy Area (NRSA) in the downtown Jacksonville area. The City’s goal was to purchase and redevelop approximately 35 properties within the NRSA and create a mixed income community with at least 51% of the homes being sold to households earning less than 80% of the 2012 Area Median Income (AMI). As part of this analysis, we personally visited the site neighborhood and evaluated current land uses, potential nuisances, access, visibility and proximity to community services, and provided conclusions as to how the sites’ locations impact marketability. Conclusions included an overview of the homeownership housing market, demographic data and how it related to housing demand, an estimate of potential support for additional housing in the site area, a summary of overall housing needs and identification of underserved segments of the market, and general strategies to improve the housing market and an outline of priorities for the development of housing in the NRSA.

 

Rental Housing and Commercial Development Assessment – Baden, Pennsylvania

-Commercial, residential (rental and for-sale) and senior living analysis to define market characteristics and future development opportunities.

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In 2012, Bowen National Research was commissioned by the Sisters of Saint Joseph to conduct a rental housing and commercial development assessment for the 73-acre campus in Baden, Pennsylvania. For this assessment, we completed a commercial, residential (for-sale and rental) and assisted-living inventory survey and analysis of the Baden, Pennsylvania market. This analysis primarily included a telephone survey of commercial, residential and assisted-living property owners or leasing representatives and was supplemented with internet research, a review of published documents and in-house data of the market. We also identified a sampling of commercial space and survey property owners to determine occupancy levels, lease rates, location, and square footage. Our residential analysis included a telephone survey of area apartment managers and leasing agents to determine rental rates, occupancy levels, features, target market, age of product and other relevant information related to rental housing. Additionally, we identified available for-sale homes and determined sales prices, number of bedrooms, days on market and other pertinent information related to for-sale housing. We also conducted interviews with area stakeholders to get insight on the local market conditions and potential needs, identified any planned or proposed projects that might impact future demand, and concluded our report by providing our preliminary opinion on the market characteristics and opportunities.

 

Affordable Housing Market Assessment – Salisbury, North Carolina

– An assessment that demonstrated the most effective use of an existing Public Housing project.

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In 2012, Bowen National Research was commissioned by the Salisbury Housing Authority and Stogner Architecture, PA to conduct a preliminary market assessment that demonstrated the need of the demand for proposed affordable rental housing units on the same site as an existing Public Housing project in Salisbury, North Carolina. The purpose of this study was to provide a market assessment focusing on such items as unit mix, proposed affordable rental levels compared to market rate rents, absorption rate to achieve stabilized occupancy, competitive amenity package, market penetration, unit configuration, and a competitive analysis.

 

Rental Housing Needs Assessment – New Orleans, Louisiana

-Analysis of rental housing in New Orleans’ East District as it related to Hurricane Katrina

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In 2011, Bowen National Research completed a rental housing needs assessment on behalf of the Louisiana Housing Finance Agency (now known as the Lousiana Housing Corporation) that addressed the New Orleans East District’s existing rental housing stock and future rental housing needs as they related to the impact of Hurricane Katrina. Our firm identified all existing/operational, boarded up, vacant and raised rental housing properties in the District and provided a survey of all operational rental housing properties. We were able to make recommendations as to the future housing needs that should be addressed to meet the needs of the residents of the District.

 

Mixed-Use Market Assessment – Sanford, North Carolina

-An analysis of potential support for both office/retail space and apartment housing.

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In 2011, Community Affordable Housing Equity Corporation (CAHEC) commissioned Bowen National Research to complete an analysis that addressed the potential support for both office/retail space and apartment housing at the subject site. As part of this assessment, we completed an on-site evaluation of the subject site that included its visibility, access, surrounding land uses and proximity to community services. We surveyed both the commercial (office and retail) and rental housing markets to determine area vacancy rates, rental rates, lease terms, features and quality. This information was used to evaluate the proposed subject project’s market position and overall competitiveness. We also included an evaluation of area demographics (including consumer expenditures), economic data, identification of planned or proposed developments and completed a demand analysis to determine the depth of market support for both the commercial and residential space. We concluded our report by providing absorption projections and recommendations necessary for the project to improve its competitive position.

 

Employer Survey and Housing Needs Assessment – Greene County, Pennsylvania

-Overview of current housing conditions and availability in regards to the effect of the Marcellus Shale oil and gas extraction efforts.

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In 2011, Bowen National Research was commissioned by the Greene County Department of Economic Development to conduct an Employer Survey and Countywide Housing Needs Assessment. The purpose of this report was to provide the county with an overview of current housing conditions and availability within the county and to aide them in future land use planning as the county goes through an increased population and employment incline as a result of the Marcellus Shale gas shale. We surveyed and analyzed multiple types of housing including apartments, single-family rentals, condominiums, for-sale homes and senior living alternatives. We also conducted surveys with area oil and gas workers and oil and gas employers in an effort to provide us with an overall picture of what employees and employers are looking for when it comes to worker housing. The study concluded with a housing gap analysis of for-rent and for-sale housing needs for various income levels.

 

Hill District Housing Needs Assessment – Pittsburgh, Pennsylvania

-Overview of current for-rent and for-sale housing in the area and opportunities for future development.

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In 2011, the Hill House Economic Development Corporation commissioned Bowen National Research to conduct a Housing Needs Assessment in the Hill District of Pittsburgh, Pennsylvania. The purpose of the study was to provide an overview of current for-rent and for-sale housing in the area and to determine if opportunities existed for new housing development (both affordable and market-rate, family and/or senior). We concluded the report by providing a housing gap analysis and providing recommendations as to the housing type and prices/rents that would best help meet the market’s needs.

 

Housing Needs Analysis – Texas

-Rural and farmlabor housing analysis of 177 counties in Texas.

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In 2011, Bowen National Research was commissioned by the Texas Department of Housing and Community Affairs in response to their Request for Proposals for a Comprehensive Analysis of Rural and Farmworker Housing in Texas. There were two reports associated with this RFP. The first was an affordable and rural housing analysis of 177 agency-designated rural counties. The second was a farmlabor housing analysis of 59 Texas counties containing 1,000 or more farmworkers. This six-month analysis included a survey of nearly 1,000 rental properties, identification of almost 14,000 for-sale housing units and over 3,000 manufactured homes. Through our research of rental projects, secondary and primary data sources and stakeholder and developer interviews, we were able to draw conclusions, recognize statutory barriers and make recommendations towards the agency’s current and future programs. Bowen National Research was able to deliver the first draft one month ahead of schedule.

Click here to view a presentation on this report.

 

Housing Needs Assessment and Market Analysis – Lake County, Michigan

-Overview of current for-rent and for-sale housing in the area and opportunities for future development.

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In 2011, Bowen National Research was hired by FiveCAP, Inc. to conduct a Housing Needs Assessment and Market Analysis in Lake County, Michigan. The purpose of this study was to provide an overview of current for-rent and for-sale housing in the area and to determine if opportunities existed for new housing development. The final analysis provided a clear picture of the housing needs of Lake County and will help guide in the future development of housing, both for rent and for sale.

 

Naturally Occurring Retirement Community (NORC) Analysis – Muncie, Indiana

-Identification of areas with high concentrations of seniors and an evaluation of housing and supportive services within each area.

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Bowen National Research was commissioned by Lifestream Services, Inc. (the area office on aging) in 2010 to conduct a NORC study. The purpose was to identify areas within the city of Muncie, Indiana that had high concentrations of seniors and to evaluate the housing and supportive service needs of the community. Work elements included identification of impediments in housing, public transportation, neighborhood walkability, parking, proximity to community services and supportive service programs. Additional work elements included a rental housing survey of a variety of senior housing alternatives, detailed demographic evaluations, and door-to-door intercept surveys with over 100 seniors to obtain first-hand knowledge and opinions of the housing challenges seniors in the area faced. Lifestream is currently using the study as a planning tool and to secure government financing.