As a part of an innovative community outreach program funded by the state of Maryland, students from the Colvin Institute of Real Estate conducted market studies in Essex, Md., and presented their findings Tuesday.
Students in Melina Duggal’s Market Analysis course completed analyses for three commercial corridors in Essex, exploring the market demand for different potential land uses, including for-rent and for-sale residential, retail, office, and hospitality spaces. They identified the types of development that could be supported in Essex, identified the potential market audience for each of the land uses, and determined the amount of demand for each one. Finally, the students provided recommendations on pricing, timing, market audience, and absorption for each of the land uses.
The work is part of the Partnership for Action Learning in Sustainability (PALS) program funded by the Maryland Department of Planning and the Maryland Department of Housing and Community. State funding is being used to support five projects in small towns and communities across Maryland this academic year.
“Our office will make use of the report for some time to come,” says Doug Anderson, senior assistant to Baltimore County Councilman Todd Crandell.
Duggal and several students presented the class findings to the community to about 40 members of the community, county and state staff, and elected officials, at the Baltimore County Public Library in Essex. The students gave a detailed presentation including background data, growth forecasts and the market assessments.
“This is all wonderful information,” says Sharon Kihn, Executive Director of the Chesapeake Gateway Chamber of Commerce. “Please let the students and others from the PALS program know how much we appreciate their pulling this data together for Essex.”