In the Spring of 2020, Greystar Development Services, LLC (Greystar) and the University of Hawai’i at Mãnoa (UH Mãnoa) engaged Scion Advisory Services (Scion) to conduct a Market and Demand Analysis (Study) as part of the due diligence process for a new campus housing project (the NOAA Project).
As envisioned by UH Mãnoa, the NOAA Project would address the shortage of proximate and cost-effective housing for graduate students and faculty/staff by providing new rental housing specifically for UH Mãnoa graduate students and possibly faculty and staff. Additionally, the NOAA Project may include a childcare facility and/or commercial components to provide goods and services to residents and the greater UH Mãnoa community.
Through a collaborative process, Scion analyzes qualitative and quantitative data to understand the University, local culture, and market conditions to quantify demand for the NOAA Project. Qualitative data included engaging University leadership, students, and key stakeholders in the surrounding community to share their perspectives on the current housing situation and the proposed NOAA Project. Scion engaged University leadership in an interactive workshop to identify goals and objectives. Scion met with key stakeholders across the University and community, including East-West Center leadership, to understand the historical and cultural significance of the proposed location. Scion documented and discussed the expressed concerns with the Project team, including the architects, to ensure plans to mitigate any deleterious impact. Quantitative data included current and projected enrollment data, historical occupancy and capacity data, housing costs, and off-campus market analysis. Scion also administered an online student survey available to all UH Mãnoa students.
Scion’s analysis found sufficient demand to support the proposed NOAA Project. Further, the development of the new housing would support the University’s strategic objectives, especially related to graduate and family student housing.
Scion was engaged again in Spring 2022 to update the off-campus market analysis to understand the impacts of COVID-19 on the rental market. Scion found that for new construction with the proximity to campus and proposed amenities, the NOAA rates remain competitive with the surrounding market.