UCLA Ziman Center Economic Letter: How Long did it Take to Plan that Building?
How Long Did it Take to Plan That Building?
Long and Getting Longer, Says the First Comprehensive Study on This Topic
By Stephen D. Oliner, Senior Fellow, UCLA Ziman Center for Real Estate, and Senior Economist, UCLA Anderson Forecast
Before construction can begin on a commercial real estate project, a great deal of preliminary work has to take place. The developer must acquire the land, work with architects and engineers to draw up plans for the site and the building, hire the contractors, and navigate the many steps to obtain regulatory approval for the project. Developers know how long this process takes for their own projects and may have a general sense for other projects in their market. But, until now, there was no hard evidence on planning periods across the entire country.
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