Document the subject property or space requirement.
Use, size, quality, access, tenancy, condition, timing, and commercial objective.
Submarket research
Define the competitive market around the property or requirement.
Submarket research defines the properties and locations that compete with the subject property or requirement. It then examines inventory, demand, pricing, transaction activity, the development pipeline, and local market conditions.
The market boundary
A submarket is defined by competition, not only by a map.
Named districts and database boundaries provide a useful reference, but the working submarket is based on the properties and locations that a buyer, tenant, investor, landlord, or owner-user would reasonably consider as alternatives.
Identify realistic substitute properties and locations.
Properties and locations a relevant buyer, tenant, owner, or user could choose instead.
Explain the factors that define the edge of the competitive area.
Access, zoning, quality, identity, infrastructure, pricing, and demand behavior at the boundary.
Treat adjacent or atypical evidence separately when it informs, but does not define, the core market.
Adjacent or unusual evidence may inform the view without defining the core market.
Submarket desk
Components of the submarket analysis.
The analysis covers competitive inventory, active demand, local demand drivers, and planned or under-construction supply.
Competitive inventory
Identify the inventory that can compete for the requirement.
Competitive inventory is classified by property type, use, quality, size, condition, availability, ownership posture, and its ability to satisfy the subject requirement.
- Stock
- Total relevant competitive inventory
- Open
- Direct, sublease, shadow, and near-term space
- Quality
- Condition, access, amenities, and functional fit
Active demand
Review current, identifiable demand.
Active requirements are reviewed by user or buyer type, size, timing, preferred geography, transaction status, and apparent ability to proceed.
- Depth
- Qualified demand by size and type
- Velocity
- Touring, offers, contracts, and completed activity
- Fit
- Match between requirements and available options
Commercial context
Evaluate local demand drivers and constraints.
Employment, access, major institutions, infrastructure, zoning, public policy, investment activity, and demographic conditions are considered when they materially affect local demand or property performance.
- Access
- Transit, roads, logistics, walkability, and reach
- Demand
- Employment, households, institutions, and users
- Policy
- Zoning, incentives, approvals, and constraints
Forward supply
Separate proposed projects from deliverable supply.
Proposed projects are separated from approved, financed, under-construction, and recently delivered supply. Timing, product type, and likely competitive impact are evaluated for each relevant project.
- Status
- Entitled, financed, started, or speculative
- Timing
- Realistic delivery and lease-up window
- Effect
- Competition, absorption, pricing, and identity
The submarket record
What the client receives.
The deliverable documents the working market boundary, inclusions and exclusions, current conditions, forward supply, key demand drivers, and the implications for the client’s decision.
Working boundary
Core geography, substitute locations, relevant property set, exclusions, and the competitive logic supporting each choice.
Current conditions
Inventory, availability, activity, rents or pricing, concessions, absorption, demand, and current competitive behavior.
Forward view
Pipeline, known moves, requirements, policy changes, capital activity, and other conditions likely to affect the market.
Implications for the assignment
Implications for site choice, positioning, value, negotiation, timing, strategy, and the signals worth monitoring.
Research discipline
Submarket research standards.
Formal geography is distinguished from the competitive market, and the assumptions used to set the boundary are documented for review.
Each inclusion must be relevant.
A property or location is included because it can reasonably affect the client’s alternatives or outcome.
Conditions are reported as of a stated date.
Listings, requirements, deliveries, transactions, and local conditions remain time-specific.
Material differences remain visible.
Differences in quality, access, use, size, terms, and timing remain visible within the competitive set.
The market definition supports the assignment.
The final market definition supports a pricing, location, asset strategy, transaction, or monitoring decision.
Connected work
Related research, advisory, and transaction services.
EvidenceComparable Analysis
Build the relevant transaction and offering record inside the working market.
↗PressureSupply & DemandTest current inventory against active and emerging demand.
↗LocationSite SelectionApply the market boundary to an operating requirement and candidate set.
↗PositionLandlord RepresentationTranslate submarket conditions into tenant targets and asset positioning.
↗Define the market
Which properties and locations form the competitive market?
Provide the subject property or requirement, intended use, initial geography, timing, and known alternatives.