Edmonds Harbor Square

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Edmonds Harbor Square Antique Mall
RedevelopmentSummary of Secondary Research
Hebert Research
July 2007
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Research Objectives

• Forecast demand for retail
• Analyze the current and future housing and
  demographic trends.
• Examine the current supply of office space within
  the city of Edmonds and project future demand.

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Secondary Research Sources

• Sources included were the
• Bureau of Labor Statistics
• Census Bureaus Construction Statistics
• Office of Financial Management population data
• Office of the Forecast Council
• Claritas
• CB Richard Ellis
• Central Puget Sound Real Estate Research Report.

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Trade Area Map
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Office Market Conditions
1 Market Coverage includes all
investor-owed, class A, B, or C office buildings
10,000 SF and greater in size.
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Vacancy Rates Snohomish County and Tri-city Region
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Class A Office Asking Lease Rates in Snohomish
County and the Tri-city Region

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Top Service Sectors in Edmonds with Major
Demand for Office Space by Radius
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Top Sectors in Edmonds with Major Demand for
Retail Space by radius
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Hotel Concept

• A Boutique Hotel similar to Windmark, Bellevue
  Club or the Inn at the Market
• Non Commercial
• Guests on the weekends
• Small business retreats during the week

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Housing Permits in the City of Edmonds for the
past 7 Years
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New Condominium Total Sales Volumes
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New Condominium Historical Average Sales Price
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Edmonds Condo Prices by Comparison
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Trends in Edmonds Condo Prices
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Trends in Multifamily Housing

• Home sales are slowing down both nationally but
  not in Puget Sound
• Sales prices for homes are still rising in
  Snohomish County
• 153 Condominiums for sale in Edmonds at an
  average of 1,218 Square feet at an average price
  of 349,291 (the majority of condos have been on
  the market for less than a month)
• Demand for Multifamily homes is expected to
  remain stable in the next few years

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Owner Occupied Housing by Value within the 5 mile
radius
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Comparison of Housing by Value 2006 2011 within
the 5 mile radius
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Increase in High Income Households within the 5
Mile radius
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Comparison of changes for Household Incomes
between 2000, 2006, 2011(within the 5 mile
radius)
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Comparison of Householders by age (within the 5
mile radius)
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Research Theories

• Convergence
• Lamda
• Milling Around
• Walkabout
• Creative Class
• Sustainability