Large, Fully Integrated Real Estate Company – Site Selection Modeling
The Challenge
A large, fully integrated Public Real Estate Company with over $40 million in sales wanted to develop a standardized methodology that could be used to visually depict their trade areas in three cities. Their investors had been questioning how the company selected sites to develop, build, manage or dispose. Historically, most sites had been successful; however, some were not. The Client wondered if there were certain components that could be standardized to help filter successful potential sites from those that might not succeed. The Client also wondered if there were other locations within areas where they were already located that they should evaluate based on the newly-created filter, taking into account successful site parameters.
What We Did
The Teel StratVisor team began by identifying 35 potential site selection components and data sources. We then developed a data model filter to determine feasibility of each variable and conducted analysis of each component against the data model. Finally, the team completed Geographic Information System (GIS) maps for trade areas based on the data model.
When the process was completed, the Teel StratVisor team was able to provide the Client with a dynamic model that objectively determined their potential trade areas. In addition, the GIS Maps confirmed the Client's existing trade areas and identified potential trade areas for future development.
From this information we developed a Strategic Decision Scorecard to demonstrate the enhanced value proposition. The StratVisor team then designed a dashboard (executive) reporting template that leveraged data from Virtual Premise so the executives of the company could quickly and easily access vital information. The final steps were to define the macro-level future state/direction and develop initiatives for the next 12-24 months to automate and streamline the administration of the metrics.
The Result
As a result of working with Teel StratVisor Group, the Client received the following results:
- Dynamic model that could be used for all trade areas
- GIS Maps that confirmed the Client's existing trade areas
- Trade areas identified for future development opportunities
Timing: 8 weeks
