Comprehensive Real Estate Market Analysis for Bel Air, MD

The Challenge

The Bel Air Downtown Alliance, in partnership with Harford County and the Town of Bel Air, hired Camoin Associates to conduct a comprehensive real estate market analysis.

Located in the outer-ring suburbs of Baltimore, Bel Air is known for its quality of life and good schools. Looking to enhance its downtown and commercial areas, the Town sought a study that would identify market trends, opportunities, and constraints.

The Solution

Camoin Associates conducted a detailed market data analysis using best-in-class data sources — CoStar, EMSI, and ESRI Business Analyst — to identify trends and projects related to the future balance of supply and demand in the retail, entertainment, office, and residential markets. The data analysis was supplemented by stakeholder interviews and site visit assessments.

The Impact

Camoin Associates used the results to formulate strategic recommendations to capitalize on market opportunities and mitigate identified constraints. For example, one of the key opportunities that emerged from the study was the opportunity to transform Bel Air’s downtown into a vibrant shopping and entertainment district.

The recommendations provided to the client included strategies for attracting developers to key sites, zoning and land use policy changes, marketing strategies, and others.

As part of the process, Camoin Associates also created a marketing brochure to help attract new retail businesses and to gain support for the study’s recommendations by presenting the town’s future vision.

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Photo Source: Famartin, Wikimedia Creative Commons Attribution-Share Alike 4.0 International license, original photo was cropped