Newman Development Group

Binghamton,

Student Housing Market Study And Update

In 2013 B&D was engaged by Newman Development Group to analyze the parameters associated with graduate student housing demand for Binghamton University, specifically those associated with Newman’s planned Metroplex project. The scope of work for this project included four focus groups of graduate students to obtain an understanding of their needs and wants and to gauge support for the Metroplex project. We also reviewed the most recent enrollment projections to estimate potential demand by undergraduates and modeled a capture rate that translated to additional potential demand by the year 2020, above and beyond what had been projected previously. We concluded that future demand should be monitored closely for its impact on actual versus planned growth, changes in the current live-on requirement, and the off-campus housing supply. The following year, we were asked to update our previous demand projections for the same project based on revised enrollment projections established by the university in line with its graduate growth initiative, new pharmacy PhD program, increased funding for graduate students, and growing base of teaching and research assistants. Our analysis focused on characteristics that would differentiate any new development from the market.

In the context of unpredictable enrollment growth, we concluded that any planned development should include a dedicated area for graduate students separate from the undergraduate population and should be marketed aggressively to future students. A maximum demand of 933 undergraduate apartment beds was identified in studio, four-bedroom/two-bath, and four-bedroom/four-bath configurations. Graduate student demand consisted of 150 beds in studio and one-bedroom configurations. As a result, the 820-bed, $54 million Metroplex at UP opened in 2015.