How-to, Guide or Manual

311 for Cities: Best Practices in Crafting a Market Study RFP

Market studies generate data about existing real-estate conditions and are essential to making informed decisions about strategies to change and improve the urban landscape. Public agencies most often use market studies to understand the market trajectory in order to inform the disposition of a real-estate asset, land use policy, or major public investments. A market study may be a stand-alone effort without additional work from the consultant in order to inform a subsequent city-led action or policy. However, many market studies are the initial component of larger interdisciplinary project such as an affordable housing strategy or a neighborhood revitalization plan. 

In June 2016, a city submitted a request through the National Resource Network’s 311 for Cities feature, which allowed select cities to pose a question and receive a researched, tailored response from the experts in the Network in 72 hours. This city inquired about best practices in developing requests-for-proposals for a market study on a city-owned property as part of revitalization efforts for a commercial area outside of downtown. The attached write-up was researched, developed and shared with the city by the Network to provide a summary of strategies as they address the issue.