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

How To, Guide, or Manual National Resource Network June 29, 2017 Economic Development

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 neighborhood revitalization plan.

In June 2016, a city submitted a request through the National Resource Network’s 311 for Cities feature inquiring 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.

311 for Cities launched with the Network in 2014 and – at its peak – was available to more than 600 cities around the country. Local government staff in these communities could submit a question on any challenge they were facing and the Network team would develop a written response highlighting recent research, relevant case studies and best practices. This is one of those responses. The Network no longer offers 311 for Cities, but please contact us at info@nationalresourcenetwork.org if you think we can be of help to your community.

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