SB Friedman was engaged by the Village of Oswego as part of a team, including Ginkgo, KLOA, Inc. and Hitchcock Design Group, to conduct a market analysis as part of a Comprehensive Plan update. The goal of SB Friedman’s market analysis work was to assist in creating a future land use plan that was based on future projections of the housing and retail markets. As part of our scope, we:
- Analyzed demographic changes and identified implications for the future housing market; and
- Estimated future supportable retail square feet and allocated appropriate land area for the future land use plan.
More specifically, we completed the following analyses by land use:
- Reviewed historical growth patterns (population, housing starts, household size, vacancy).
- Reviewed historical housing preferences by householder age for outlying western Chicago suburbs using Census Public Use Microdata Samples.
- Prepared forecasts for future household change by age and the mix and type of housing that would likely be demanded in the future.
- Analyzed the competitive supply and existing base of retail in the Village.
- Researched the regional market trends that might impact retail development in the future.
- Estimated trade area and future retail demand, and associated land area needed through 2025.
Results: The 2015 Comprehensive Plan was adopted in August 2015 by the Village of Oswego.