Master Market Study Secrets for Property Development Success
The Importance of Demographic Analysis
Demographic analysis is a cornerstone of market studies, offering insights into the age, income, and lifestyle of potential buyers or tenants. For instance, if you're developing a residential complex, understanding the local population's age distribution can help you decide whether to focus on family-oriented housing or single-occupancy units. According to the U.S. Census Bureau, areas with a high percentage of millennials might benefit from developments that include amenities like co-working spaces and fitness centers1.