Client: City of Haverhill (MA)
GG+A conducted an evaluation and forecast of the market for retail, residential, and office uses in Downtown Haverhill. In addition to evaluating potential market demands for retail, residential, and office space, GG+A also identified strategic actions that will facilitate the Downtown realizing the market potential.
To accomplish the study objectives, GG+A analyzed a variety of data sources and conducted primary research, including the inspect the Downtown and conducting interviews with property owners, developers, real estate brokers, office space users, retailers and restaurant operators, representatives of financial institutions, as well as representatives of the Downtown Task Force, Merrimack Valley Economic Development Council, Inc, Greater Haverhill Chamber of Commerce, Haverhill Downtown Association, and the Haverhill City Council. GG+A designed and analyzed the results of a merchant customer questionnaire to obtain information about the origins, transportation modes, and frequency of visitation to Downtown.
GG+A analyzed demographic and income characteristics of market area households, prepared purchasing power estimates for retail goods and services, and converted estimates of purchasing power or retail demand into estimates of the supportable amount of on-the-ground retail space. GG+A obtained estimates of the supply of retail space and identified the relationship between estimated retail demand and supply.
GG+A identified the inventory and performance of active or relatively new residential housing developments and analyzed demographic and income characteristics of the types of households with potential demand for Downtown housing, and household movement data and drew on the analysis to estimate the potential scale of demand for Downtown housing
GG+A analyzed office space market data, employment data to reach judgments about the potential demand for office space Downtown.
GG+A synthesized the results of the primary and secondary research and analysis and field inspections in order to reach conclusions about the potential opportunities and constraints affecting demand for retail, residential, and office space in Downtown Haverhill and to identify strategic action recommendations for subsequent planning, marketing, and Downtown enhancement implementation. GG+A met with Downtown stakeholders in a variety of forums as well as public officials to present the results of the analysis and to reach concurrence on strategic action recommendations.