Steve Bazant - Webster Pacific

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22Jul
2019

Retail Traffic with Mobile Data

Estimating sidewalk traffic and in-store traffic is valuable for retailers when making real estate decisions. These figures help them estimate sales, choose hours of operation, and evaluate the rents they should be willing to pay.

To help our retail clients estimate foot and in-store traffic, we purchase raw mobile data and process the millions of data points in-house. This data-driven approach increases accuracy compared to traditional counting methods and saves both time and money. To showcase this, we’ve built a movie that compares sidewalk and in-store traffic using mobile data for a retail location in Los Angeles.

24Jun
2019

Sephora Regression Analysis

by Steve BazantemailsLeave a comment

Part of serving our retail clients involves understanding their competitors’ target customer and market entry strategy. We analyzed Sephora, one of the largest companies in the personal care and beauty space, and found that their locations regress most closely with total households and not a particular income range. This is evidence that Sephora is a mass-market brand whose target customer comes from a wide range of income levels.

You can interact with these Tableau Vizzes here.

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12Jun
2019

JUNE 10, 2019: MAPS OF SAN FRANCISCO AT COVINGTON

by Steve BazantEventsLeave a comment

A Pop-Up Exhibit on the Cartographic History of San Francisco at Covington & Burling, San Francisco: 53 maps, on the 53rd floor of the Salesforce Tower, from 1507 to present, that tell the story of San Francisco. Highlights include: first map of America, California as an island, the 1906 Earthquake, and the “fill” of San Francisco Bay.

Speakers: Jim Schein and Tom Paper

Google slide document of the maps included in the exhibit: via this link

Video of presentation by Tom Paper and Jim Schein (47 min): via this link

Video of maps as set up in the Covington offices in Salesforce tower (1 min): via this link

07Jun
2019

June 7, 2019: HIGH-INCOME HOUSEHOLDS ARE MOVING INTO THE SOUTH SOUND. WILL GOOD-PAYING JOBS FOLLOW?

by Steve BazantPressLeave a comment

Written by The News Tribune’s Debbie Cockrell. Published on The News Tribune on June 7, 2019.

Portions of Pierce and South King County are getting wealthier.

From 2012 to 2017, the Tacoma metro and surrounding area, which includes some of South King County, have seen the number of high-earning households, those that make $200,000 a year or more, grow from 14,594 to 24,137.

That’s according to census data and numbers compiled by data and analytics consulting firm Webster Pacific, based in San Francisco.

Not all of the high-earning households are new, the researchers said. Some of them could have been in the area before 2012 and experienced wealth growth.

Yet, as Seattle’s housing market has continued to push more home buyers southward, some neighborhoods on the outskirts of Tacoma’s metro area have been among those to see the most growth since the market rebounded after the Great Recession.

The accumulation of wealth leads to affordability concerns and raises questions about what is happening to the local economy.

*You can read the rest of the article on The News Tribune, via this link.

07May
2019

May 7, 2019: Finding the Top 50 Opportunity Zones for Real Estate Investment – Report

by Steve BazantPressLeave a comment

Download the full report via this link.

***REPORT EXCERPT***

Finding the Top 50 Opportunity Zones for Real Estate Investment

To better understand an investment strategy in Opportunity Zones, Webster Pacific examined various data related to each zone in the United States and Puerto Rico. Our objective was to identify which Opportunity Zones represent places where the value of a property investment would most likely continue to increase. To that end, our analysis of real estate values has shown that incomes and wealth correlate strongly with real estate value. We therefore asked the following question: “Of all 8,700 Opportunity Zones, where are incomes and wealth already growing the most?”

To answer this, we calculated the growth in the percentage of households earning $200,000 or more in each of the 8,700 Opportunity Zones. (The growth is measured between 2000 and 2017 and is adjusted for inflation. We excluded any tracts that were recently created, tracts whose boundaries were significantly altered, or tracts with fewer than 100 households. A similar methodology was used in one of our earlier studies, released in an article by Bloomberg [2].) We then found the fifty Opportunity Zones with the highest wealth growth and mapped them in Tableau by metropolitan area.

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***Download the full report via this link.

News Features:

Publication	Link
The Real Deal	http://juspost-news.primedigital.ch/nycs-most-profitable-opportunity-zones-the-growing-upscale-food-hall-craze-and-more-of-the-biggest-cre-trends-right-now/
Bloomberg	https://www.bloomberg.com/news/articles/2019-05-07/top-earners-flocked-to-these-opportunity-zones-before-tax-breaks
Globe St	https://www.globest.com/2019/05/07/where-the-top-opportunity-zones-are/
PropModo	https://www.propmodo.com/wealth-growth-might-be-the-most-important-factor-when-investing-in-opportunity-zones/
Crain’s NY	https://www.crainsnewyork.com/finance/gowanus-leads-list-opportunity-zones-attracting-top-earners-tax-breaks
Crain’s Cleveland	https://www.crainscleveland.com/real-estate/analysis-top-earners-flocked-these-opportunity-zones-tax-breaks
Crain’s Chicago Business	https://www.chicagobusiness.com/commercial-real-estate/top-earners-flocked-some-opportunity-zones-there-was-tax-break
The Real Deal	https://therealdeal.com/2019/05/07/nyc-tops-list-of-wealthiest-opportunity-zones-report/
GreenPointers Blog	https://greenpointers.com/2019/05/07/brooklyns-opportunity-zones-among-wealthiest-in-the-u-s/
Qualitas Properties	http://qualitasproperty.com/cape-coral-opportunity-zones/
Yahoo Finance	https://finance.yahoo.com/news/top-earners-flocked-opportunity-zones-100000540.html
Forbes	https://www.forbes.com/sites/amydobson/2019/05/13/the-best-performing-opportunity-zones-for-real-estate-investors/#641593a726a8
1 First Class Homes	https://s14520.realeverest.com/2019/05/13/best-performing-opportunity-zones-real-estate-investors/
Crain’s NY	https://www.crainsnewyork.com/real-estate/how-make-money-real-estate

16Apr
2019

April 18, 2019: Pop-up Exhibit: 45 Maps of San Francisco

by Steve BazantEventsLeave a comment

45 maps, from 1507 to present, that tell the story of San Francisco. Highlights include: first map of America, California as an island, the 1906 Earthquake, and the “fill” of San Francisco Bay.

Speakers: Jim Schein and Tom Paper

PPT Presentation: via this link

Photos: via this link

Videos: Part 1, Part 2, Part 3

11Mar
2019

Getting to Know Dubai

by Steve BazantemailsLeave a comment

We’ve worked on over 40 markets around the world, helping companies use data to develop an expansion strategy and evaluate new locations. One of the first things we do when working on a new market is to study the POI (Points of Interest) data along with our wealth and demographic data. We recently made this movie, “Getting to Know Dubai,” to help educate ourselves about the market. See the movie below or click here to interact directly with the map.

18Feb
2019

February 18, 2019: WHERE IS CHICAGOLAND’S BIGGEST GROWTH IN HIGH-EARNING HOUSEHOLDS?

by Steve BazantArticleLeave a comment

Written by Chicago Agent Magazine’s Scott Klocksin. Published on Chicago Agent Mag on February 18, 2019.

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One of the things that drives real estate is the search for the next booming neighborhood. While there’s no easy way to know for sure where the next popular spot will be, sometimes the answer lies hidden in plain sight — in a spreadsheet.

With the help of data supplied by consulting firm Webster Pacific, we crunched the numbers on over 3,000 census tracts in Illinois and found the 10 in the Chicagoland area that saw the largest numerical increase in households with incomes of $200,000 or more (in 2017 dollars) between the year 2000 and 2017 — which is the most recent year with available data from the U.S. Census Bureau’s American Community Survey.

If you build it, they will come

As it happens, the tracts are evenly split at five apiece between the city and suburbs. One thing that nearly all of the census tracts that made the cut have in common is significant amounts of new development in the past two decades and a corresponding spike in total population. This was true in the city as well as the suburbs. In the South Loop, for example, Census Tract 3301 (No. 1 on our list for gains in households making $200,000 or more) saw a 279 percent jump in its number of total households from 2000 to 2017. More than 40 miles away, Census Tract 8545.01 — which covers parts of Geneva, most of Elburn and rural areas between the two towns — logged a 143 percent gain in household count from 2000 to 2017. That Kane County census tract ranks 9th on our list of tracts that saw the most growth in high-earning households.

*You can read the rest of the article on Chicago Agent Magazine, via this link.

18Dec
2018

December 18, 2018: Americans Earning Over $200,000 Are Flocking to These Neighborhoods

by Steve BazantArticleLeave a comment

Written by Bloomberg’s Reade Pickert, Jonathan Levin, and Hannah Recht. Published on Bloomberg on December 18th, 2018.

U.S. unemployment is near a 50-year low, economic growth is brisk and the stock market—despite a disappointing 2018—has paid generous returns since the financial crisis of a decade ago.

Bloomberg1

But not for everyone. The chasm between rich and poor hasn’t been this wide since data collection began in the 1960s. Workers experience starkly different versions of America depending on which city or neighborhood they live in. One way to measure the economic fortunes of a place is by the concentration of households earning $200,000 or more, the highest threshold in the Census Bureau’s American Community Survey.

Nationally, 6.9 percent of American households bring in that much. What follows are the areas (known to the Census Bureau as tracts) that have shown the biggest increases in concentration of $200,000-and-up households since 2000, according to calculations by consulting firm Webster Pacific. It used data released on Dec. 6 and adjusted for inflation. (The ranking excludes recently created tracts, those defined as tracts of significant change and any tract with fewer than 100 households in either 2000 or 2017.)

*You can read the rest of the article on Bloomberg, via this link.

15Dec
2018

December 15, 2018: Where do the richest people in Dubai live?

by Steve BazantArticleLeave a comment

Written by Khaleej Times’ Waheed Abbas. Published on Khaleej Times on December 15th, 2018.

Dubai is synonymous with the cities of the rich as the glamorous city is home to the highest number of high net worth individuals (HNWIs) in the region.

According to New World Wealth, there are approximately over 55,000 HNWIs with $1 million-plus assets, 2,590 multi-millionaires with $10-million assets and 10 billionaires who have made the emirate as their home. But where do most of these millionaires live in the emirate?

An analysis by the US-based Webster Pacific showed that the Jumeirah, Umm Suqeim and surrounding areas have the highest concentration of HNWIs, followed by the Al Karama, Al Raffa and Al Barsha areas.

*You can read the rest of the article on Khaleej Times, via this link.

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If you build it, they will come