One of the most crucial members of the economic workforce is industrial property developers. These individuals possess a keen eye for identifying potential opportunities as well as acquiring land for various reasons. If you want to pursue this line of work and have always been curious to know what industrial property developers do, then this article will focus on what the job entails and the kind of challenges they face.
What are the core responsibilities of industrial property developers?
They do in-depth market research and analysis. Before any business comes to fruition, industrial property developers do market research, which is further categorized into two processes: identifying demand and site selection. Their research method is extensive, scouring different media platforms and onsite data for more accuracy. For the first one, industrial property developers help identify upcoming trends and future demands based on data. Some of the factors that help identify such is user behavior. Industry growth and economic indicators, to name a few. The site must be strategically located in an area where it’s accessible to the users of the said project while also enticing potential customers to take an interest and eventually take part in it as a consumer.
They’re tasked with land acquisition and planning. Once they’ve determined the parcel of land needed for the project, they will negotiate with the land owners and undergo various legal processes, including contract negotiations. There are many other factors that they need to consider aside from acquiring the necessary permits and clearances to green-light the project. Zoning regulations, environmental impact, and the labor force are just a few of these considerations.
The industrial developers will also spearhead the planning and design, collaborating with different professionals and consultants to make sure that the plans are updated and adhere to the zoning and building regulations.
They supervise design and construction. Once everything is accounted for in terms of permits and clearance, it’s time to proceed with the design and construction. The developers will keep an open line of communication with the architect and engineers to meet the specific design standards that also comply with the building codes.
Once the plans are approved by the building official and the building permit is issued, they can now start construction, and the developers will supervise the construction process.
They also oversee leasing and sales. Once the building is done, the developers’ work continues on because this time, they’re tasked with actively seeking out potential customers and tenants for the newly built properties. Oftentimes, they’re already on the lookout for the tenants months before the building’s completion, so by the time it’s completed, the tenants only need to negotiate the terms and conditions of the lease.
And it doesn’t stop there—industrial design developers are sometimes assigned to do property management services as well, which include tenant relations, management, and maintenance.
With so many tasks under their wing, industrial property developers serve a crucial role in the economic growth of every city, providing not only potential business ideas but also job opportunities.