Market study
SUMMARY OF STRENGTHS AND WEAKNESSES
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- AERIAL VIEW OF THE SUBJECT LOCATION MARKET AREA
- MARKET AREA EMPLOYMENT BY INDUSTRY
- AREA SERVICES COMMUNITY DEMOGRAPHIC DATA
- POPULATION TREND 2000
- Change 2007-2012
- POPULATION DISTRIBUTION % Under
- Over 18 Yrs Median Age Persons/ Household
- Income and Household Trends
- Market Area POPULATION TREND
- Market Area HOUSEHOLDS
- 2007 Market Area HOUSEHOLD INCOME
- 2009 Market Area HOUSEHOLD INCOME
- 2012 Market Area HOUSEHOLD INCOME
SUMMARY OF STRENGTHS AND WEAKNESSES OF THE PROPOSED DEVELOPMENT
 
AERIAL VIEW OF THE SUBJECT LOCATION MARKET AREA The analysts consulted with real estate professionals in the Albany market as well as surveying the entire market. After numerous discussions and field work, it was determined that the primary market area for the subject development is defined by the following estimated boundaries: Eastern boundary: Dougherty County Line Western boundary: Lockett Station Road Southern boundary: Dougherty County Line Northern boundary: Dougherty County Line All boundaries can be reached within a 15 minute drive of the subject. The subject development will have limited draw from other areas of Dougherty County, but that number will be limited due to the rural agricultural nature of the outlying areas in the western section of the county. Additionally, the subject is located near downtown Albany and is close in proximity to the industrial center of Albany. The Albany Economic Development Commission has been successful in recruiting new businesses to the area, which will increase demand for housing such as that offered at the subject. The City of Albany, Georgia is located in Dougherty County Dougherty County is bordered on the north by Lee County, on the west by Calhoun County, on the east by Worth County, and on the south by Mitchell and Baker Counties. Albany, the county's seat and geographic center is approximately 40 miles west of Tifton and Interstate 75 and 90 miles southwest of Macon. The Flint River flows through the center of Albany. Established in 1952, Marine Corps Logistics Base (MCLB), Albany is located in the southwest region of Georgia approximately 184 miles south of Atlanta. MCLB is currently the second largest employer in the region, behind Phoebe Putney Memorial Hospital, with a direct payroll in excess of $125 million dollars. Real-estate development in the Albany/Dougherty County area is primarily in the northwest portion of the city and county. MCLB Albany's 3,749 acres is located in the county's southeast quadrant where little residential or business development is occurring or planned. The Base contains more than 1,300 acres of undeveloped land and is bordered on the south by a 3,100 acre cotton field and to the north by approximately 500 undeveloped acres. The Georgia Forestry Commission considers Dougherty County’s economy is approximately 25-percent forestry dependent with surrounding counties being even more dependent. Agriculture has a similar impact on Dougherty County’s economy which drives both the rural economy, as well as much of Albany’s commercial and industrial activity. As with any industrial activities, agriculture and forestry are anchored in the region by a set of nature, human, and capital assets that provide a set of competitive advantages. Albany and Dougherty County are the regional economic hub for agricultural and forestry-related business. Dougherty County has been a direct beneficiary of this industry integration by virtue of its upstream and downstream linkages. This demonstrates that Albany/Dougherty County is a logical place for relocation and/or expansion of agricultural and forest industry capacity. Albany has an infrastructure and labor force built around agricultural and forest products that contributes to a high return to the community from production and harvest activity. Albany is the transportation hub of Southwest Georgia. Five interstates are accessible via four lane highways extending from Albany. Overnight trucking service extends as far west as Texas and as far north as Pennsylvania. Albany manufacturers and distributors are two truckload days or less from: 82% of the U.S. industrial market 79% of the nation's largest consumer markets 77% of the U.S. metropolitan buying power 6% of the country's metro retail sales Albany, Georgia is in the heart of the southeast region and closer to major national markets than many eastern seaboard cities. Albany is hundreds of miles farther west than any city on the eastern seaboard--farther west, even, than Detroit. Cities throughout the region such as Atlanta, Cincinnati, Memphis, Tampa, Dallas and Raleigh are overnight by truck, little more than a two hours away by air. MAJOR AREA EMPLOYERS
 
MARKET AREA EMPLOYMENT BY INDUSTRY 
The employment base is well diversified. Approximately 57.1% of the employed are in white-collar occupations, while 23.4% of the employment is in blue-collar occupations and 19.5% of the employment is in services. Approximately 44.3% of all households are renters, as well. Over 15% of the population travels less than 10 minutes work, while over 66% of the population travels less than 20 minutes to work. This indicates that a large percentage of employment is inside the market area. At 47.1%, the service sector employs the highest percentage of the population, with the retail/wholesale trade second at 15.1% of the population. For the market area, the population in the age group 16 and older is 79,799. Of these, 60.5% are in the labor force and 39.5% are not in the labor force. Of the population in the labor force, 89.1% are employed and 10.9% are unemployed. These statistics are typical of rural, agriculture-based economies. 
AREA SERVICES COMMUNITY DEMOGRAPHIC DATA The following population trends were occurring in the State, County, and City as of the valuation date:
Census Bureau As shown, the population within the State has shown moderate annual increases during the current decade, while the County and the City showed a slight decrease in population. A forecast for population in the Year 2012 indicates the same trend for the state, county, and city. The market area, meanwhile, experienced a small increase in population between 2000 and 2007, with that trend projected to continue through 2012. The population within the state, county, city and market area was distributed as follows during 2007:
In researching current demographic data for the area, we researched the U.S. Bureau of the Census as well as the Environmental Systems Research Institute information databases. We also conducted interviews with local government officials and property managers. We found the published U.S. Bureau of the Census figures to be holding true, and that the area has not seen any increase in population due to the hurricanes along the U.S. gulf coast during 2005. Transportation Data The nearest airport in the area is the Southwest Georgia Regional Airport, a modern local airport fully equipped with a terminal building and lighted paved runways. The SWGA Regional Airport has eight scheduled commercial flights per day. Atlanta International Airport, approximately 3 hours drive north of Albany, serves as the area’s international airport with daily passenger and freight service provided by many major air carriers. Norfolk Southern Railroad operates sections of railway that crisscross Albany, linking this community to Montgomery, Savannah, Atlanta and beyond. In addition, many motor freight carriers operate routes through Albany. Both the railroad and motor freight carriers offer traditional transport as well as inter-modal transport. Albany also has a citywide local bus system, operated by the Albany Transit Authority. US Highway 19 is the major north-south artery through Albany and connects Albany with Tallahassee to the south and Atlanta to the north. US Highway 82 is the major east-west artery through Albany and connects Albany to the interstate highway system to the east and west. Interstate 75 is located less than one hour to the east of Albany, with Interstate 85 located approximately two hours to the west and Interstate 10 located approximately two hours to the south. Distances to major market areas include:
Income and Household Trends Population in the market area has remained relatively stable with an increase of 3.3% since 2000 to 102,436. During the same period, the number of households increased by 5.7% to 38,556. The number of households is expected to increase by 3.1% by the year 2012 to 39,752 and should positively impact the demand for housing. The size of the households is expected to remain the same at 2.5 persons/household. The ability of the city to attract jobs to the area has helped to improve the population stability. Market Area POPULATION TREND
Market Area HOUSEHOLDS
2007 Market Area HOUSEHOLD INCOME
2009 Market Area HOUSEHOLD INCOME
2012 Market Area HOUSEHOLD INCOME
2007 Market Area HOUSEHOLD INCOME
2012 Market Area HOUSEHOLD INCOME
The number of households increased between 2000 and 2007, and is expected to continue the current trend between 2007 and 2012. The average household size is 2.5 persons. Over 64% of the housing stock was built prior to 1979. The average age of the apartment complexes in the area is 17 years. 44.3% of the households in the market are renters. The market occupancy is presently reported to be over 99%. The median household income is $40,485 while the per capita income is $21,407. Nearly 57% of the households are one-person (26.3%) and two-person (30.4%) households. 32.5% of the households are three to four persons, who would require two-bedroom and three-bedroom housing units, and 10.7% of the households are 5+ persons, who would require three-bedroom or larger units. Nearly 69% of the households in the market area are family households. Of those, over 39% of the households have children living at home. This is further verified by the average family size of 2.5 persons. Directory: housing -> housingdevelopment -> programs -> downloads -> OAHGORAMarketStudies2007 housing -> Romania’s answers to the Questionnaire addressed by the Special Rapporteur on adequate housing as a component of the right to an adequate standard of living, and on the right to non-discrimination in this context housing -> Executive Summary ap-05 Executive Summary 24 cfr 91. 200 housing -> Background Legal/institutional framework housing -> You asked the President! During the spring semester President Núñez visited with the residents in each of the first year residence halls. During those visits you were engaged in great dialogue and asked many excellent questions downloads -> Georgia Department of Community Affairs 60 Executive Park South ne housing -> Basile Baumann Prost Cole & Associates, Inc. Public/Private Development Advisors downloads -> Enterprise Communities Albany Central Savannah River Area Crisp and Dooly Counties OAHGORAMarketStudies2007 -> Market study Download 3.71 Mb. Share with your friends:
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