Creating and presenting a market survey can make it easy to compare potential office rental spaces to each other and to your stated objectives as determined by analyzing the needs of your business. There are a few steps that might be helpful in performing and utilizing a market survey:
- Know Market Conditions. Market knowledge is one of the most important parts of the survey process. Knowing general market conditions and the subtleties of submarkets can help ensure that a survey is thorough and accurate, which is why many tenants seek the help of a real estate broker for this stage of the process.
- Organize and Present Market Survey Information. It can be helpful to create a visual aid to map out the different pieces of market survey information. You might use software programs, Microsoft Excel Templates, or even just Microsoft word to list and compare pieces of important data and informational items such as the class of building, rental rate, submarket, expense stop, building factor, parking ratio, property management, ownership, construction year, amenities, etc. along with data about the available space at each property and a section for any relevant comments.
- Note the Location of Each Property on a Map. You can use a map of the metropolitan area to mark the general location of each potential building, as well as make more detailed submarket maps that pinpoint the exact location of each potential building.
A comparison of market survey data for different spaces can help you determine which properties you would like to actually tour.