Waad Nadhir is a successful commercial real estate developer who is currently serving as the President and Co-Founder of BOSC Realty Advisors. As a professional in the industry, he is no stranger to urban infill development, which is essentially using empty space in urban communities to sustain growth. However, urban infill development has at least three challenges to face.
One, urban infill development is typically much more expensive for developers to work with urban space than suburban space. Although it does promote growth within the community, it sometimes isn’t feasible financially for developers to take advantage of the empty space. Not only do they have to acquire the land, they also have the clear the area completely.
Two, developers have a much harder time amassing land in an urban environment. They have to acquire the land parcel by parcel, which means that they could run into landowners who don’t want to sell their property in the target area. There is a great deal of red tape that must be crossed by developers in order to get the right amount of land they need to be profitable in the long run.
Three, developers will typically run into social barriers like public disagreement. Much of the empty space used for urban infill development could be used as open space for the community, or even a park. This is perhaps one of the biggest issues developers face when trying to utilize empty urban space.
Waad Nadhir has been working in the commercial real estate industry for several years, and he is no stranger to urban infill development and the challenges developers face.