Client: City of Brookfield (WI)
The City of Brookfield had received an increase in applications for the development of apartment units in Brookfield. To be able to put the requests for development approvals in context, the City of Brookfield retained GG+A to evaluate the market for apartment units in Brookfield and to estimate the demand for additional apartment units.
In order to complete the evaluation and forecast, GG+A staff conducted inspections of apartment projects. GG+A staff conducted interviews with leasing agents and property managers as well as developers. We directed these interviews toward obtaining data and insights concerning the relevant geographic market within which the apartment uses in Brookfield compete for tenants; the demographic and employment characteristics of tenants attracted to the apartment developments; and the characteristics and performance of apartment developments.
GGA also analyzed relevant demographic and employment data to identify the size or scale of the potential market demand for market-rate apartment units and analyzed data concerning the supply of apartment units in Brookfield and the broader region. A summary of the supply of senior housing projects and implication for future demand of senior housing facilities in Brookfield was also presented.
GG+A prepared a report that (a) described the primary market area within which market-rate apartment units built in Brookfield will compete for tenants; (b) a described the types of renters likely to be attracted to apartment units in Brookfield; (c) presented an analysis of apartment market supply characteristics and trends; (d) presented a forecast of the potential demand for market-rate apartment units in the City of Brookfield; and (e) described the supply of senior housing projects in Brookfield and an analysis of the potential future demand for additional senior housing. GG+A presented its findings about the market for apartment uses in the City of Brookfield and policy recommendations to the City Council. The City council accepted the findings.