George Washington University, The

Washington,

Faculty Housing Market Analysis Update And Program Management

In 2012 The George Washington University selected B&D to update its 2006 faculty housing market analysis. The university’s ambitious Strategic Plan had led to the development of significant new buildings as well as additions and renovations to existing campus facilities. Realizing the importance of recruiting and retaining a strong faculty within the Washington, D.C. area’s challenging housing market, the university asked us to assess the demand for a potential university-sponsored faculty housing program at the Hall on Virginia Avenue (HOVA) site. Our work effort began with meetings with key George Washington administrators to understand the drivers and vision associated with the faculty housing development. We then conducted a detailed market analysis to examine the faculty demographic composition, the real estate market proximate to campus, and the issues that would affect demand for faculty housing relative to key market characteristics. An online survey was distributed to George Washington faculty to understand their current housing, their interest in housing at the HOVA site, and desired unit configurations and amenities. Focus group interviews were conducted with faculty to gain qualitative information regarding campus dynamics and preferences for housing, and a model was developed to project faculty housing demand. As a result, we revealed that the HOVA site could potentially hold 120-130 units and remain competitive with area housing alternatives under four distinct resident scenarios. In 2013 we were retained by the university to provide program management services, overseeing the design and construction of the $35 million HOVA renovation. Project completion is slated for 2016.