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2009/2010 Commercial and Industrial Market Analysis

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2009/2010 Commercial and Industrial Market Analysis 2009/2010 COMMERCIAL AND INDUSTRIAL MARKET ANALYSIS WESTLAKE AND SURROUNDING COMMUNITIES June 2011 Prepared for the City of Westlake By the Cuyahoga County Planning Commission 2009/2010 COMMERCIAL AND INDUSTRIAL MARKET ANALYSIS WESTLAKE, Ohio AND SURROUNDING COMMUNITIES June 2011 Prepared for the City of Westlake Dennis M. Clough, Mayor Robert Parry, AICP, Director, Planning & Economic Development William Krause, AICP, Assistant Director, Planning & Economic Development Christopher Bauer, Manager, Economic Development Prepared by the Cuyahoga County Planning Commission 323 Lakeside Avenue, West, Suite 400 Cleveland, Ohio 44113-1009 Paul Alsenas, Director Primary Planning Staff and Authors: Geographic Information Systems Staff: Kristin Hopkins, AICP Principal Planner Daniel Meaney, GIS/IS Manager Jennifer Karaffa, Senior Planner Robin Dunn, GIS Specialist Kevin Leeson, Special Projects Coordinator Planning Assistance: Meghan Chaney, Planner Rachel Iafigiola, Research Assistant Subha Vyakaranam, Research Assistant Westlake 2009/2010 Market Analysis i ii Westlake 2009/2010 Market Analysis TABLE OF CONTENTS Introduction ............................................................................... 5 PART I Summary of Development Potential 9 Chapter 1 Commercial & Industrial Development Potential in Westlake and the Study Area ........................................................................................... 11 Chapter 2 Summary of Findings and Conclusions .............................................. 29 Chapter 3 Recommended Strategies And Next Steps ......................................... 35 TECHNICAL REPORTS PART II Identifying Market Conditions 43 Chapter 4 Classification of Retail, Office and Industrial Establishments .............. 45 Chapter 5 Inventory of Existing Establishments ................................................... 49 Chapter 6 New Construction 1995 – 2009 ........................................................... 67 PART III Existing Retail Offerings 79 Chapter 7 Retail Supply & Demand Analysis for Westlake .................................. 81 Chapter 8 Retail Supply & Demand and Per Capita Analysis in the Study Area . 89 Chapter 9 Characteristics of Retailing .................................................................. 97 PART IV Understanding Market Opportunities 105 Chapter 10 Trends and Issues ............................................................................... 107 Chapter 11 Analysis of Business Clusters in Westlake .......................................... 115 Chapter 12 Site Selection Criteria ......................................................................... 121 PART V. Supporting and Supplemental Analysis 127 Chapter 13 Existing and Projected Demographics ................................................ 129 Chapter 14 Residential Development Potential in the Study Area ......................... 157 APPENDICES ............................................................................................................. 161 BIBLIOGRAPHY ........................................................................................................ 211 Westlake 2009/2010 Market Analysis iii APPENDICES Appendix A Summary of Development Standards for Westlake Non-residential Zoning Districts ........................................................................................ 163 Appendix B Calculations to Determine Building Floor Area per Acre in Westlake Zoning Districts ........................................................................................ 165 Appendix C Development Potential of Vacant Commercially and Industrially Zoned in Study Area, by City ................................................................. 166 Appendix D Potential Tax Revenue Comparison by Zoning District, Westlake ......... 167 Appendix E Inputs and Assumptions Used to Generate Potential Tax Revenue ....... 168 Appendix F 2009 Inventory of Westlake Establishments ........................................... 170 Appendix G Approved Development Projects in Study Area, by City ........................ 203 Appendix H Median Sales Per Square Foot Comparison ........................................... 204 Appendix I Characteristics of Shopping Center Types .............................................. 205 Appendix J Average Expenditures by Household Income Level …………………… 206 Appendix K Retail Trade Area Sales Capture and Leakage Analysis by Community in Study Area ………………………………………………… 207 Appendix L Residential Development Potential.......................................................... 209 iv Westlake 2009/2010 Market Analysis INTRODUCTION Westlake has a history of proactively planning for growth and development in order to maintain a high quality of life for its residents. Over the years, the City has experienced tremendous growth in all sectors: residential, retail, office and manufacturing. As a result, the City has periodically evaluated the rate of development to aid in making land use and zoning decisions. In 1994, Westlake retained the Cuyahoga County Planning Commission to prepare a commercial market analysis that included a detailed inventory of commercial establishments in Westlake and the surrounding seven communities. The final report, titled 1995 Westlake Commercial Market Analysis, included a wealth of information and was a useful resource. After 15 years, the city of Westlake again retained the Cuyahoga County Planning Commission (CPC), this time to update as well as expand the inventory and analysis. The City embarked on a two-year comprehensive study of its commercial and industrial market in order to understand its economic base and that of its neighboring cities. Armed with a thorough analysis of existing businesses, recent and current trends, current zoning standards, and vacant land characteristics, and an understanding of potential development opportunities, the City is equipped to formulate detailed economic policies and consider possible changes to its zoning code and map. The 2009/2010 Market Analysis project was conducted in two phases. The primary work step for Phase I was an inventory of all retail, general commercial, office and industrial businesses currently operating in the city of Westlake as well as in the surrounding seven cities of Bay Village, Fairview Park, Rocky River and North Olmsted in Cuyahoga County, and Avon, Avon Lake and North Ridgeville in Lorain County1. Phase II focused on the implications for future development in Westlake based on the remaining vacant land in Westlake and the potential for competing development in the surrounding cities. The Study Area covers 97 square miles, and Westlake, which spans 16 square miles, makes up 16% of the Study Area. Throughout the report, the analysis included data on the distribution of retail, office and industrial floor area, as well as population and housing units within the Study Area, which can then be compared to each city’s share of land area. Project Parameters The following work steps were completed for the 2009/2010 Market Analysis: 1. Conducted an inventory of existing businesses, which documented the business name, address, and floor area of each retail/service/general commercial, office and industrial establishment within the Study Area organized by the classification system used in the 1995 Market Analysis, with two noteworthy additions: . Offices were separated into additional categories to provide a greater understanding of office use characteristics. Industrial uses were inventoried in 2009, but had not been included in the 1995 Study. 1 The same geography as used in the 1995 Westlake Commercial Market Study. Westlake 2009/2010 Market Analysis 5 2. Documented the amount of vacant floor area in existing retail, general commercial, office and industrial buildings. 3. Identified new retail, office and industrial floor area in each city that was constructed since 1995 in order to identify the magnitude of change that occurred in Westlake and the surrounding communities. The research also documented development projects that were either underway or under consideration in the Spring of 2009, including projects for which building permits had been issued but construction had not yet begun when the field work was conducted, and projects that had obtained city planning commission approval, but which had not yet obtained building permits. 4. Updated the demographic information using the categories of statistics reported in the 1995 Market Analysis. The update included tables and charts with data from the 2000 Census and, when available, from the 2010 Census. Data from the 2006-2008 American Community Survey were used for those categories for which the 2010 data had not yet released by the Census Bureau. Data from other available public sources, including income projections were also collected and analyzed. 5. Conducted a supply and demand analysis for Westlake and the Study Area based on the amount of retail and general commercial floor area and utilized the updated demographic information to determine sales capture and leakage, and floor area surpluses and deficits for Westlake and the Study Area in each retail category. 6. Researched and summarized national, regional and local economic and market trends and identified trends and issues that impact Westlake’s ability to attract new commercial and industrial development. 7. Examined Westlake’s municipal zoning code and each of the seven other Study Area communities to assess current standards and limitations for each zoning district.
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