Demand Projection: Downtown Office Tower
Prime Contractor: Martin Project Management
Date: November 2012
Location: Los Angeles, CA
The current property owner has proposed redevelopment of an available site in the central business district, including construction of the new tallest office tower in the region. As the project represents the first new office space development in downtown Los Angeles since the early 1990s, Martin Project Management retained Dr. Charles Warren and The Toyon Group in partnership with DWH Strategic Advisors to analyze and project the current and future markets for office space.
Understand the potential state of the future real estate market when construction is complete. Identify the sectors growing and concentrating in the region, major companies in those sectors.
Dr. Warren created detailed analyses of labor and industry concentrations, wage growth, economic and employment data in order to identify potential tenants for new office space, including specific examples of industries and companies most likely to be interested in the new office space.
The team generated user identification, incentive, and marketing plans to target the likeliest potential users for the space. Recommendations of amount of office space, type and style of space, and marketing packages to potential tenants have been put into action by the client.
Client has begun marketing office space to potential specific tenants based on growing industry sectors identified by the team.