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Ms. Rachel Juba, Planner July 28, 2013 <br /> City of Hugo Page 4 <br /> 2. Update business growth trends in the Trade Area (types of business establish- <br /> ments) focusing on growth among businesses that traditionally utilize office <br /> space. <br /> 3. Identify the key strengths and weaknesses of the area as it relates to the po- <br /> tential for new office development. <br /> C. Office Market Conditions <br /> 1. Update and review current market conditions for multitenant office buildings <br /> in the Trade Area, including information on size of building, lease rates/sales <br /> price, tenant profile, and building style. <br /> 2. Interview office leasing brokers regarding demand for space in the area; pro- <br /> vide information on types of tenants, overall market trends, and the potential <br /> for additional office space in Hugo. <br /> 3. Inventory any planned office developments in the Trade Area. Assess the po- <br /> tential impact of these projects on new office space in Downtown Hugo. <br /> 4. Interview local developers regarding near-term development opportunities in <br /> Downtown Hugo. <br /> D. Conclusions and Recommendations <br /> 1. Calculate demand for office space in the Trade Area through 2020. <br /> 2. Assess the ability of Hugo to capture office users and for what types of space. <br /> 3. Identify a potential timeframe for attracting these users. <br /> IV. Lodging Market Assessment <br /> A. Update and refine the draw area for a limited service lodging facility in Hugo. <br /> B. Examine growth in office/industrial space, new businesses and employment centers. <br /> C. Identify destinations, events and other special amenities in and near the <br /> Market Area that would attract the leisure market segment. <br /> D. Identify the type and level of room-night generators (i.e. tourist, conference, <br /> business travel, etc.) <br /> E. Examine historical (5-year) hotel market tends (occupancy, room rates, room supply, <br /> revenue) for properties that would be competitive with a new facility in Hugo. <br /> a. Inventory newer competitive hotel properties. Provide information on year <br /> built, number of rooms, room types, rates and property features. <br /> b. Conduct interviews with lodging managers, chamber of commerce and other <br /> hospitality operators regarding the need for hotel rooms in the area; <br /> c. Identify any planned or proposed hotel facilities within the Market Area and <br /> assess their impact on demand. <br /> D. Conclusions and Recommendations <br /> a. Calculate average daily room demand in the Market Area through 2020. <br /> b. Project the portion of room demand that could be supported by a hotel on the subject <br /> site. <br /> MAXFIELD RESEARCH INC. <br />