How Does GDP Decide Where to Develop?
LEHI, UT, September 12, 2018 —
The longstanding question posed to successful developers: “How did you know to develop THERE?”
Although some may think it involves a large map on a wall and some sharpened darts, the answer is a unique combination of art and science, with a touch of luck. Here at GDP, we take the location selection process VERY seriously.. perhaps even to an obsessive degree. The overall selection process is lengthy and involved, but it all starts with feasibility. Using a set of professionally-formulated feasibility standards, GDP is able to focus in on promising markets and select locations that reduce risk and optimize financial performance.
The feasibility list includes, but is not limited to: High Visibility, Market Growth, Micro-market Population, Micro-market Competitor Occupancy, Supply-to-population Ratio, Barriers to Entry, and Rental Rates.
By using the above list as the starting point for our feasibility analysis, GDP whittles down hundreds of properties to a shortlist very quickly.
Once a location meets the feasibility requirements, however, the development journey has only begun. If the feasibility test is done properly though, it can save some major heartache later in the process and ensure a developer starts on their journey on stable ground.