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USINESS PARK ANALYSIS <br />Although they may be developed separately, because of certain common analytical elements the <br />Business -Serving elements of the Plan, Office and Office Medical, and Light Industrial <br />including distribution / warehousing, will be studied under the umbrella of a Business Park <br />analysis. The primary purpose of this portion of the study will be to establish a base of <br />information regarding current and projected growth of employment -generating businesses, and <br />to determine which business types would be most likely to locate in the subject development. In <br />addition, a review of projected new development activity of this type will be provided. <br />The study will analyze market activity in the defined Competitive Market Area (CMA), an area <br />comprised of a primary and secondary market area, boundaries of which will be established in <br />the course of the study. <br />The following is an outline of the work steps required to accomplish the study objectives. <br />SCOPE OF SERVICES <br />The following tasks will be performed: <br />A. An economic background analysis including a review and forecast of Office space <br />demand based on the following factors: <br />F. Regional employment trends by major S.I.C. category <br />G. Population growth (historical and projected) <br />H. Historical patterns of Industrial space absorption <br />1. Overall economic conditions <br />B. A field audit of actively competitive projects to determine specific project characteristics, <br />features, lease rates and terms, floor sizes, absorption experience, tenant profiles, <br />occupancy levels, development scale, and market entry. <br />C. A review of such site-specific factors as adjacent land uses, perceived identity of the site, <br />ingress and egress, relationship to other Office locations, accessibility, visibility, and other <br />salient characteristics. <br />CONCLUSIONS AND RECOMMENDATIONS <br />Based upon comparative data analysis, we will prepare the following conclusions and <br />recommendations: <br />A. An evaluation of the office space demand in the market area, and the need for such <br />space within the subject project. <br />B. Characteristics of the most competitive and comparable projects, and an <br />identification of existing market voids. <br />A-18 <br />