Real estate developers buy land and create facilities to match the needs of their prospective clients. Once construction is completed, the property is sold, leased, or rented, and the developer’s focus moves to the next project. This is the real estate development business and it has made many people very rich. “Ninety percent of all millionaires become so through real estate. More money has been made in real estate than in all industrial investments combined,” said 19th-century Scottish-American industrialist and billionaire, Andrew Carnegie. The real estate development landscape is changing, however. Undeveloped land with significant growth potential is few and far between, construction costs are rising, and the demands of building design in the smart building era are more complex than ever. Maintaining margins is becoming a challenge for real estate’s bigger players, and the business environment has become inhibitive for new entrants. Scarcity, cost, and complexity, are not the only changes to real estate, […]