Question 1

What is commercial real estate development?

Accepted Answer

Commercial real estate development is the process of improving raw or underutilized land into a rented commercial property. This process is complex and requires a variety of expertise including site selection, financing, permitting, construction, build-out of tenant improvements, space design, and licensing. On your own, handling commercial real estate development can quickly become time-consuming, challenging, and expensive without professional experience. Commercial real estate developers can offset the load by handling the management of these projects. These developers will guide you through the commercial real estate development process. If you are interested in working with trusted real estate developers, contact Boyer.

Question 2

What is the commercial real estate development process?

Accepted Answer

The commercial real estate development process includes several stages including acquiring a site, managing the site and building design process, receiving required government approvals, and managing financing and construction. The development process requires efficiency and risk mitigation in its various stages. There are many complex parts involved in this process which largely depend on the type of development being created. Usually, commercial real estate development involves improving the property for specific tenants or leaseholders. Commercial developers will walk you through each stage of the process, including contracting and hiring vendors, designing the space, construction, and the in-between contract stages.

Brian Gochnour

Somerset Academy

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