Real Estate Development

Real estate development is the process through which cities are built. It concerns all aspects relating to the creation of new real estate projects and adding value to existing projects – site selection, design, finance, entitlements, construction, leasing, and operations. This article addresses the steps of development, industry structure, property types, design and density, and the stages of development and real estate finance. It deals with the impact of business cycles, institutionalization of the industry, smart growth/urban sprawl, public–private development, technology, and sustainability on real estate development, both public and private. It concludes with the special social responsibilities that developers have for the built environment.