Washington Real Estate Investment Trust


Real Estate Advisory Services, various mid-Atlantic locations

Conducted residential, retail and medical office market analyses for WRIT as part of WRIT’s acquisition due diligence process on existing properties as well as contemplated redevelopment opportunities.  Project examples include retail market studies for a variety of shopping center types of which eight are in Maryland; one in the District of Columbia; and one in Virginia.  In addition, Bolan Smart performed several residential market analyses the most recent being located in Rosslyn and Alexandria, Virginia and a medical office building in Ballston, Virginia.

Studies included presentation of market data:

  • property background (location, space type, access, zoning, adjacent land uses, tax assessments);
  • existing tenant mix (local, regional, sales per square foot);
  • regional context and real estate trends (i.e. market drivers and constraints);
  • detailed demographic data segmented into trade areas (population, households, housing characteristics, income, daytime population, traffic counts);
  • competitive supply inventory and analysis (rents, concessions, tenant improvement allowances, lease expirations, vacancy rates, tenant, pipeline / planned projects, etc.);
  • sales and lease comparables;
  • net income prospects based on existing improvements to include assumptions pertaining to rent, vacancy, growth rates, absorption, operating expenses, etc.;
  • positioning and likely uses for future redevelopment (including a density analysis and infrastructure issues);
  • other market feasibility issues that needed to be addressed; and
  • an indication of value.