Leasing Tip of the Day: How to Keep Your Market Study Fresh

Staying at the Top: How to Keep Your Market Study Relevant

Markets change, and they change fast. Your market might have shifted even before your first market study draft finished printing, and your market study needs to reflect those changes.

The Importance of Up-to-Date Intel

You might be saying, “Beth, isn’t this a lot of work before even selling anything?” I understand the concern but without current market intelligence, you’re essentially flying blind. To help you keep your market study on autopilot, here are a few of the things I do to stay on top of all the changes:

1. Stay Informed Locally: Subscribe to and read community papers and local magazines in your market. Reading the print versions contains valuable advertisements that tell you who’s active in the market. If you have any doubts, check out my IG stories. I’m always posting on the things I see in the newspaper.
2. Watch for Direct Mail Offers: Open up all Valpaks and direct mail offers. These will provide insights into who’s selling something in your market. If you’re in a different geographic area, you can ask one of your tenants to keep an eye on these for you.
3. Set Up Google Alerts: Create Google Alerts with keywords related to your city, your properties, major employers, competitors, local hospitals, universities, and your top three tenants or prospects. Look for news about expansions, new apartments, construction, local anchor store changes, and more.

Using Market Intel to Your Advantage

This market intelligence is like having ‘inside’ information. It keeps your market study organic and helps your prospects or tenants improve their bottom line. You’ll know the rent and incentives you should be offering, and you can adjust based on factors like stronger anchors, co-tenants, street visibility, and parking.

Happy Leasing!