RELIGIOUS SPACE RENTAL IN NYC: UNCOVERING A NEW MARKET

Bricks and Mortals is a membership-driven nonprofit organization that helps faith-based organizations (FBOs) maximize the use of their buildings and properties to serve their communities. In support of the launch of its new space-sharing platform, Venuely, the client enlisted a Capstone team to provide fair space pricing guidelines, event insurance research, and market analyses. The team conducted several forms of market and competitor analyses and developed a burn rate equation to assist with on-platform pricing. The team also conducted interviews, surveys, and market research on the costs of running, renting, and insuring venue spaces across NYC. The team’s final report highlights its recommendations on Venuely’s strategic deployment, which will empower FBOs to enter the rental market smoothly, coordinate space-sharing operations with local artists and other community groups, and generate additional revenue streams for their congregations.