The Market For Retail, Residential & Office Space in Downtown Santa Rosa
Client: The City of Santa Rosa, California
The City of Santa Rosa engaged Gruen Gruen + Associates (GG+A) to conduct an analysis of the market for retail, residential, and office space in Downtown Santa Rosa. The primary purpose of the research and analysis was to forecast the potential market demand for retail, residential, and office uses in the Downtown and to identify strategic policy actions that will facilitate the Downtown realizing its fullest potential.
To complete the market analyses, GG+A conducted interviews with a wide range of stakeholders, including real estate owners, developers, real estate brokers, Chamber of Commerce and Main Street representatives and municipal and County economic development and planning professionals. GG+A also analyzed secondary information, including taxable sales, demographic, and economic data, and a variety of real estate data and inspected competing supply options or locations.
GG+A synthesized the research and analysis to:
GG+A prepared a set of four extensive reports and reviewed the findings, conclusions and recommendations with City of Santa Rosa representatives. The City is using the reports to set policy and formulate a plan for the Downtown.
- Characterize Santa Rosa’s economic and retail base;
- Identify the geographic areas from which most retail customers, household buyers or renters, or office space users are likely to be attracted to retail, residential, and office uses, respectively;
- Identify the primary locations and projects with which Downtown uses compete for space users or customers;
- Identify the primary advantages and disadvantages associated with the Downtown as a retail, housing, and office location;
- Estimate and evaluate the amount of competing supply;
- Forecast retail expenditure potential;
- Forecast employment, office space density trends, and converted the forecast of employment into a forecast for office space demand;
- Forecast the number of current and future market area households with the demographic and income characteristics likely to make them candidates for Downtown housing;
- Compared the relationship between market area supply and demand for retail, residential, and office uses;
- Estimated the share of potential demand Downtown Santa Rosa could capture;
- Identify the policies and actions, including a re-branding program that would mitigate constraints and enhance comparative advantages;
- Identify key sites that could be more intensely utilized to seize obtainable demands and recommend a sequencing of uses and tenanting strategy to enhance linkages and create spill-over benefits within the Downtown; and
- Evaluate parking issues and recommended a parking policy; and evaluate a height limitation policy.