Objectives of the Market Research
An integrated design-build firm partnered with Drive Research to conduct market research with office space tenants in Central New York. The primary goal of the market research was to understand appeal, interest, barriers and demand for office condos or office ownership. The data and feedback was compiled into a comprehensive market analysis report on Downtown Syracuse residential and office space prepared by Drive Research. Specific data was also be fed into digital marketing strategies for the client to re-purpose the findings and maximize visibility and value of the data (e.g., blog posts, press releases, social shares.) Drive Research conducted an office space survey for VIP Structures.
Market Research Approach
To address the objectives at-hand, Drive Research recommended the following market research approach to this project. A 15 question online survey was administered with a special emphasis on key decision-makers and influencers for office space decisions at their company.
Because this decision-maker audience was a difficult market to reach, Drive Research used a combination of an e-Blast to the CNYBJ contact list which fits profiled criteria, banner ads for the survey on the CenterState CEO Essentials newsletter, and an ad in the CenterState CEO weekly events eBlast. A budget was also be utilized for social media shares for those who fit the targeted profile in Onondaga County.
A total of 5 separate $50 gift cards were offered as part of a sweepstakes for participation. In addition, Drive Research conducted secondary research to compile data, trends, and insights from other markets. The final question of the survey asked participants if they were interested in participating in follow-up paid phone interviews should a need arise. This provided VIP Structures and Drive Research the opportunity to follow-up to gather more depth in feedback if necessary.
Key Findings from the Market Research
The report included an executive summary with key findings along with a question-by-question
breakdown of results. Some of the findings were also used to support content marketing for the VIP Blog. Portions of the content were also shared on VIP social media accounts and through press releases. The idea was to use some of the data from the survey to pin VIP as a space consultant and up-to-date on office space information and trends.
With over 100 responses to the online survey focused on C-level decision-makers in Onondaga County, the most preferred type of office space was private offices at 67%. Open workspaces, home office, half-partitions, and cubicles all had less of a preference than private offices. It was stated by the majority that open workspaces actually harmed productivity at the office rather than helped it. Interest in working in Downtown Syracuse remained high. Approximately 2 in 3 respondents had interest in working downtown. Many stated interest in Downtown Syracuse has grown in the past half decade.
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