Explain briefly the difference between Market Study (Marker Research), Feasibility Study and Highest & Best Use Study. 

Answer:

Market study is a procedure conducted by key players to gather information about consumers and their needs. In market study, producers observe and gather critical data regarding the needs of consumers (Widyanto, 2018). There are two types of market study. Primary research deals with quantitative and qualitative information. The second type is secondary research. 

Feasibility studies is the process that evaluates the likelihood of benefiting from a project. The researcher checks various aspects of the project to determine the potential problems and risks to anticipate (Widyanto, 2018). By understanding the concept and plan of the project, the researcher seeks to know what problems they will likely encounter when they begin to implement the project. It aims, after considering, all factors to determine if the project is viable. 

The highest and best use study is conducted on a property to know how much it can be worth. It evaluates highest value of the property based on the maximum productivity that can be realized from the property (Michael, 2020). Most real estate evaluators use the highest and best use studies to understand how much the property can be valued at, or its worth as a resul of the maximum productivity it can create for the owners. 

References 

Widyanto, D. S. (2018). The Highest and Best Use Analysis and Feasibility Study of Residential Housing in Malang. Advances in Civil Engineering and Sustainable Architecture, 1(1), 1-2.

Michael, A. (2020). Feasibility study: Purchasing an unfinished building consisting of 27 units in the center of Athens (Doctoral dissertation, Real Estate Management Program, School of Architecture, Engineering, Land and Environment, Neapolis University Pafos).