Dramatic and rapid changes in the socio-economic complexion of various communities in our society have had a tremendous impact on the real estate development industry. The current market demands an understanding of those realities as well as a healthy dose of optimism and creativity. Paramount is the developer’s understanding of and abilities in marketing:
The ability to assess and understand the economic environment and values of a given property and trade area, and to develop and implement a strategy that addresses the needs of that environment and capitalizes on its potential and strengths, either existing or created.
The growth and success of the Legaspi Company and the developments we have worked on have been built on our marketing expertise. With our experience as a full-service brokerage for commercial and investment real estate, particularly in retail project development and leasing, we know the real estate needs and requirements of a variety of businesses and tenants as well as their abilities to pay rent. This gives us valuable perspective on the financial elements of a development. Furthermore, we have the expertise and the capabilities to work with and educate tenants on identifying and understanding the opportunities available in or created by a particular development project. Those opportunities can be affected by a number of factors, including:
- The municipality in which the property is located
- The availability of any governmental or other special program funds or development incentives
- The political climate and presence/personality of organizations that serve as neighborhood associations
- The anticipated physical size and capital requirements of the development
- What components are to be included - retail, office, housing, etc.
We view real estate development as a continual process, and our full range of services enable us to work on an on-going basis, adjusting to the changing needs and criteria of each investor. An overview of the development process and the abilities of The Legaspi Company are as follows