SAN FRANCISCO—Wouldn't it be convenient if someone had clear, intelligent answers to most of your CRE-related questions? Problem solved. Nina J. Gruen, a.k.a. Ms. Real Estate, a.k.a. the principal sociologist overseeing market research and analysis at Gruen Gruen + Associates, is here to answer readers' questions.
Dear Ms. Real Estate,
I develop multifamily mid-rises in the greater Washington DC area. Rents and costs have been steadily rising in the DC market area, not to the astronomical levels of New York and the Bay Area, but to the extent that many younger workers are increasingly being priced out. My existing one bedroom rentals range in size from 575 to 650 square feet and the two bedroom from 700 to 875 square feet. I am considering reducing the size of my one and two-bedroom units by about 100 square feet in order to reduce my construction costs, while at the same time maintaining my building's amenities, which include a first class gym, community room with large screen for sports events and movies, and when feasible, a roof garden. This reduction in size, while maintaining the amenities, would permit more competitive rents. Ms. Real Estate, do you think this is a good idea?
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Nina J. Gruen
Nina J.Gruen has been the Principal Sociologist in charge of market research and analysis at Gruen Gruen + Associates (GG+A) since co-founding the firm in 1970. Ms. Gruen applies the analytical techniques of the social sciences to estimating the demand for real estate and to understanding the culture of the groups who determine the success of development, planning, and public policy decisions. She is a pioneer in synthesizing the results of behavioral research with quantitative time-series data to forecast market reactions. Market and community attitude evaluations and programming studies led by Nina Gruen have resulted in the development and redevelopment of many retail, office, industrial, visitor, and residential projects, varying in scale from a single building to large single- and mixed-use projects.
