**4. Conclusions**

Starting in the 1950s, in the Western world, the construction sector was the one that responded to primary needs: the house to live in and the factory to work. In terms of market absorption, building production has always found a demand capable of

#### *Perspective Chapter: Minimizing Risk in Real Estate Development – An Industrial Approach DOI: http://dx.doi.org/10.5772/intechopen.112980*

absorbing the product. Today the scenario has changed, the construction sector and its real estate evolution are to be considered like other industrial sectors, the ability to innovate and the speed with which to respond to the market are the most suitable drivers of success.

A new element in the world of real estate has a proximity to the industrial world: urban regeneration, the re-functionalization of areas that de-industrialization has made abandoned or under-used. The integration of urban, technical, environmental, social, and economic aspects are the engine of urban regeneration and industrial vision is necessary to complete large-scale projects according to time, cost, and quality. In this scenario, the real estate operator has the role and responsibility of transforming the territory, the solutions must be integrated, and the services offered to citizens must include various disciplines such as robotics, information technology, finance, the study of processes in that innovation is not only of the product but of service and of the market, as is done for industrial realities.

The strategic dimension is an important feature for the industrial world, strategic consulting companies are the heart of business consulting nowadays in terms of turnover and importance, the strategic vision of those who intervene in the area is even more impactful and the environment is complex. In this chapter, the interactions between the aspects of the complexity of the industrial world with the real estate one have been demonstrated, the risk classes have been considered, the logical steps, the strategies, and the actions that must be implemented to minimize the risks and maximize the value of development processes. This chapter highlighted how the need to think in the long term and the awareness that construction is a product and as such has a life cycle that begins with its conception and ends with disposal, in a circular economy perspective.

In particular, the contribution of the authors is oriented toward framing these processes with an industrial logic which, like others, requires work phases and actions that can prove to be decisive: the observation of global trends that can determine impacts on the markets; the careful study of the economic-social and environmental context of reference; the definition of unique and personalized value propositions; a correct communication strategy and the ability to manage the entire process by integrating very different skills and actors. Attention to the soft aspects, which combine the hard ones, known to the construction world in its finest definition, is crucial for real estate development of value, as well as for the success of complex regeneration operations. Technological progress is only useful if it is guided by an overall vision and if the need to understand people's needs in depth is considered a priority. The study of the stakeholders in an urban regeneration process is a complex work, which involves several specialists and requires lengthy negotiations, this adds themes of indeterminacy to the investment and causes the real estate environment to deviate from the manufacturing one in its product development. Real estate processes can be a source of power in every type of country and the de-regulation can be often an enhancer for risks related to Resilience, Transparency, and Sustainability. The deepness of the analysis is really effective when meets the needs for simplicity and clarity pursued by private companies where sharing information and processing a high number of due diligence is the priority, considering time, cost, and quality of the analysis as the perfect equilibrium.

A new approach is needed to respond to the changing scenario, considering the market operator's needs for quick analysis, and fast processing in due diligence also, in which market demand must be appropriately profiled; this is possible through an interdisciplinary approach involving various organizational solutions, above all the

broadening of the necessary competencies and the adoption of risk management methodologies typical of the industrial world.

In terms of skills:


In terms of methodological approach:


*Perspective Chapter: Minimizing Risk in Real Estate Development – An Industrial Approach DOI: http://dx.doi.org/10.5772/intechopen.112980*
