1. Citywide Real Estate Economic Market Assessment • Conduct a comprehensive real estate economic market analysis to identify current economic landscape, market trends and cycles including market leakage, demographic profile, supply and demand dynamics across commercial, office, retail, life science, and mixed-use sectors, and business climate indicators • Develop a baseline inventory of existing properties in these sectors within Foster City. • Evaluate key market indicators such as vacancy rates, lease rates, and tenant mix. • Analyze market leakage to identify opportunities to retain and recapture spending within Foster City. • Identify and evaluate geographic constraints within the regional context that may impact local economic development. • Identify unmet demand, oversupply, and emerging trends across sectors. • Identify opportunities for growth and investment. • Benchmark Foster City’s market performance against comparable cities. 2. Population and Psychographic Analysis • Prepare a comprehensive population and psychographic analysis including: a study of demographic profile and trends, evaluating consumer values, interests, lifestyle, etc., to understand consumer needs and behavior. The analysis should evaluate Foster City’s trade area, with a focus on market demand and supply and other constraints for commercial and retail uses, such as but not limited to, grocery stores and restaurants. 3. Identify Future Economic Development Needs • Project future economic development needs in various market sectors through 2035 based on market analysis, population growth, employment trends, demographics and other pertinent data specific to Foster City. • Recommend opportunities for redevelopment or repurposing of properties to meet unmet demand in other asset classes, where appropriate. • Recommend strategies to minimize commercial/retail vacancy rates, stimulate economic growth, retain/strengthen existing businesses, and attract new businesses. • Assess and recommend areas for infrastructure enhancement and investments to promote long term sustainable economic development of the City.
