Opportunities for Commercial Business
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Opportunities for Commercial Business In Forest Grove Oregon 2013/2014 Updated 1/15/14 0 Index Highlights ................................................................................... 2 Demographic Summary .............................................................. 4 Population & Other Demographics ............................................. 5 Workforce .................................................................................. 6 Housing Sales And Permits ......................................................... 8 Income & Consumer Buying Power ............................................ 9 Unmet Retail Needs ................................................................. 11 Traffic Counts & Transportation Access .................................... 15 Commercial Sector Opportunities ............................................ 17 RESTAURANT/DINING OPPORTUNITIES ............................................... 17 TOURISM/VISITOR GROWTH ............................................................ 21 Pacific University And Other Local Institutions ......................... 24 Available Sites .......................................................................... 26 Contacts ................................................................................... 28 Appendix ................................................................................. 28 AVAILABLE SITES & PROPERTIES ........................................................ 28 Updated 1/15/14 1 Highlights Forest Grove Oregon, sitting next to the Silicon Forest, is part of the dynamic Portland metropolitan area. The City is located in Washington County on Portland’s Westside. It is the wealthiest county in Oregon. Since 2000, Forest Grove has been growing faster than the State of Oregon and the Portland metropolitan area. With lower business costs, growth in high‐ end residential homes and income, a center for area tourism and recreational activities, and a business friendly environment, come see what commercial opportunities Forest Grove has to offer! Median Household Income & Population (2011) Mile Radius Income Population 10 $60,057 174,317 5 $54,286 52,701 Within a 5 mile radius of the intersection of Highway 8/47 in Forest Grove there is consumer retail demand of $687 million, but only a supply of $461 million creating a gap of $225 million. In 2013 there are 25 active subdivisions accounting for 1,188 approved lots. Of this number 446 building permits or 38% have been issued. There are major unmet retail demands in the following areas: • Furniture Stores • Bakery • Home Furnishings • Electronics/Appliances • Specialty Food Stores • Clothing And Accessories • Office Supply and Stationary/Gift Stores • Limited Service Eating Places • Building Materials • Garden Equipment • Jewelry • Luggage & Leather Goods Updated 1/15/14 2 Name brand retail companies in Forest Grove include: • Les Schwab Tire Center • Parr Lumber • Napa Auto Parts • Goodwill • Safeway • US Bank • Wal‐Mart • Starbucks • Pizza Hut • Ace Hardware • Bi‐Mart • Wells Fargo • Quizno’s • AutoZone • Dollar Tree • 7‐Eleven • Godfathers Pizza • Pizza Schmizza • McDonalds • O’Reilly Auto Parts • Jack‐in‐the Box • Dutch Bros Coffee • Best Western Hotel • Barnes & Noble bookstore • Taco Bell A super Walmart at the City of Forest Grove/Cornelius border opened in the Fall of 2010. Seven new retail businesses have opened in the downtown in the last 2 years, while four have closed. Three major buildings have been renovated. McMenamins Grand Lodge, a small resort with 77 guest rooms, featuring lodging, restaurant, bars, spa, movie theater, frisbee golf, soaking pool, and other amenities has experienced solid growth. Pacific University continues to invest and grow in Forest Grove. The current graduate and undergraduate student population is 3,433. Major investments in the past few years are a $12 million 42,000 LEED academic building, a 163 bed, 4‐story LEED dormitory and a $11 million Lincoln Park sports complex including 300 and 500 seat stadiums, and track and field center, attracting semi‐professional and amateur sporting events. Updated 1/15/14 3 Demographic Summary Measurable 3 Miles 5 Miles 10 Miles 2013 est. Population 32216 49398 174317(2011) 2018 proj. Population 35265 54048 ─ 2013 est. White 73.40% 76.00% 74.14% (2011) 2013 est. Black 0.90% 1.00% 1.46% (2011) 2013 est. Asian/Pacific Islander 2.60% 2.80% 6.6% (2011) 2013 est. American Indian/Alaska Native 1.20% 1.10% 1.29% (2011) 2013 est. Latino 34.5% 29.6% 22.4% (2011) 2013 est. Households 10,584 49,398 59,910 (2011) 2011 est. Median Effective Buying Income $39,331 $42,872 46610 2016 proj. Median Effective Buying Income $39,921 $43,640 $47,279 2013 est. Median Household Income $47,588 $52,831 $60,057 (2011) 2013 est. Per Capita Income $18,538 $21,039 $24,400 (2011) 2011 est. Average Travel Time To Work 28min 28min 27min 2013 est. Labor Pop. ≥16 24,286 37,591 131,750 (2011) 2013 est. Labor Force in Armed 4,857 7,518 13,175 (0.1%) Forces (0.20%) (0.20%) (2011) 2013 est. Labor Force Civilian 1,493,589 2,311,846 8,445,175 (64.1%) Employed (61.50%) 61.50% (2011) 2013 est. Labor Force Civilian 162,716 240,582 Unemployed (6.70%) (6.40%) 909,075 (6.90%) 2011 est. White Collar Workers 47% 51% 59% 2011 est. Blue Collar Workers 27% 25% 21% 2011 est. Farm/Service Workers 26% 23% 20% 2011 est. Aggregate Effective Buying Income $507.68M $874.06M $3,257.82M 2010 Median Home Value $209,954 $235,704 $256,875 (2011) 2010 Median Rent $752 $747 ─ 2013 est. Total Businesses 842 1727 ─ 2013 est. Total Employees 8652 19024 ─ Updated 1/15/14 4 Population & Other Demographics The population of Forest Grove in 2012 is 21,460. Since 2000, Forest Grove has grown 21.19%, a faster rate than the State of Oregon, Portland Metropolitan area and Washington County. Area Population 2012 Growth % since 2000 Oregon 3,883,735 12% Portland PMSA 2,266,572 15% Washington County 542,845 19% Forest Grove 21,460 21% Population 3 Miles 5 Miles 10 Miles 2016 Projection 37,222 57,215 190,052 2011 Estimate 34,400 52,701 174,317 2000 Census 28,910 43,501 94,544 • Within a 5 mile radius of Forest Grove there is a population of 52,700 in central Washington County estimated for 2011. • Within a 10 mile radius of Forest Grove there is a population of 174,317 in central Washington County. • There is a labor force of 84,497 within a 10‐mile radius of Forest Grove. • Looked at in another measure there is a population of 39,000 within a 10 minute drive from the center of Forest Grove and within a 15 minute drive there is a population of 88,000 • The number of households in Forest Grove has changed from 14,487 to 17,107, resulting in an increase of 18.1% between 2000 and 2011. Over the next five years, the number of households is projected to increase by 9.1%. Updated 1/15/14 5 Workforce As of August 2013, Washington County's nonfarm employment was 256,200, an increase of 2.2 percent since August 2012. The seasonally adjusted unemployment rate was 6.4 percent, down from 7.0 percent in August 2012. The 2012 average wage in Washington County was $58,926, significantly higher than the statewide average of $44,273. Labor Force (2013 1 mile 3 mile 5 mile 10 mile est.) (2011 est.) Total Population 7,719 32,216 49,289 174,317 Labor Population 5,907 24,286 37,591 131,750 16+ Civilian Employed 3,379 14,936 23,118 84,497 Civilian 419 1,627 2,406 9,151 Unemployed Armed Services 0 49 75 185 Not in Labor Force 2,109 7,650 11,992 37,917 Education Adults 1 mile 3 mile 5 mile 10 mile 25+ (2011 est.) (2013 est.) Less than High 21.5% 21.7% 18.5% 15.1% School High School 34.7% 29.6% 27.9% 23.3% Some College 23.9% 24.1% 23.8% 24.7% Associates 6.2% 6.7% 7.4% 8.2% Bachelor Degree 10.0% 12.2% 15.3% 18.6% Above Bachelor 3.8% 5.8% 7.0% 10.0% Degree Employment (2013 1 mile 3 mile 5 mile 10 mile est.) (2011 est.) Number of Jobs 3,798 16,636 25,599 93,833 % Unemployed 7.10% 6.70% 6.40% 6.95% Updated 1/15/14 6 Wage Rates for Washinton Selected Categories Co./Multnomah Co. (2012) 25th Median percentile Supervisors of food $10.98 $13.47 prep workers Cooks, short order $9.63 $10.54 food prep workers $9.22 $10.31 Cooks, Restaurant $10.90 $11.26 Waiters/Waitresses $9.17 $10.52 Retail Salesperson $9.39 $10.90 Supervisors of $15.38 $17.88 retail workers Supervisors of non‐ $22.65 $31.16 retail workers cashiers $9.34 $10.71 telemarketers $11.22 $13.22 accounting clerk $15.02 $17.35 file clerk $11.35 $14.69 Updated 1/15/14 7 Housing Sales and Permits • The median sale price Jan‐Jun 2013 is $221,700 for an 11% increase from June 2012. • From January to June of 2013 the average home sale price over the Forest Grove‐Hillsboro Sub Market is $237,400. • The median home price for Jan‐Jun 2013 in Forest Grove is 18.5% lower than the Portland Metro Area and frequently has more amenities or built on larger parcels. • Forest Grove has a diverse housing stock for all income levels including service industry workers. The City has starter single family homes, 229 duplexes and over 1,800 multi‐family units. Rents are also lower on average than other cities on the Westside of Portland. According to the 2010 US Census, 57% of Forest Grove housing was owner‐occupied and 43% rented. 250 209 200 150 100 94 59 50 0 FY 10/11 FY 11/12 FY 12/13 Housing starts Single/MF Combined FY 12/13 209 FY 11/12 94 FY 10/11 59 Source: City of Forest Grove, Planning Division, Eden Building Permit Database Updated 1/15/14 8 Income & Consumer Buying Power • The 2011 Median Household Income and Effective Buying Income is as follows: 0‐3 Mile Radius 0‐5 Mile Radius 0‐10 Mile Radius 2011 Median Household $48,864 $54,286 $60,057 Income 2011 Est. Average $44,733 $51,093 $54,378 Effective Buying Income 2011 Est. Median $39,331 $42,872 $46,610 Effective Buying Income Source: The Nielsen Company 8/2011 • The 2016 Median Household Income and Effective Buying Income is as follows: 0‐3 Mile Radius 0‐5 Mile Radius 0‐10 Mile Radius 2016 Median Household $49,692 $55,516 $61,070 Income 2016 Est.