Redevelopment - Guidelines for dealing with previosly used land and buildings
In the real estate sector, the handling of existing contexts and, by association, the redevelopment of previously used or currently unoccupied existing properties (land and buildings) is on the increase. "Construction in existing contexts" with the aim of creating a different use for these types of properties is no longer an unusual occurrence, but is increasingly becoming part of the daily routine for all parties involved in the real estate sector.
Where there are any generally accepted procedures for real estate project development, they are mainly based on experience made with new buildings. The approach to greenfield project developments is relatively clearly defined.
Redevelopment, on the other hand, is about land and buildings that exist already, but where occupancy has fallen to a low level or the properties are not occupied at all anymore and are to be remodelled for a different use. Although most of the experience gathered in the project development of properties built on previously undeveloped sites can be transferred to redevelopment, this is often not possible on a one-to-one basis. Rather, the standards and approaches have to be expanded and elaborated, and issues specific to redevelopment have to be taken into account in addition.
For this reason, the aim of the gif competence group on redevelopment was and still is to make the approach adopted in this special segment of the real estate sector – which is gaining importance as a result of sustainability considerations through property recycling – transparent and easier to manage for all involved.
These guidelines are aimed at the different players in the real estate industry dealing with redevelopment projects. They include project developers, financiers/banks, investors, owner-occupiers (incl. corporates), local municipalities, spatial and town planners as well as universities – in short, all those who are confronted with construction in existing contexts/redevelopment issues. However, the perspectives and focus areas of the different players may vary, depending on the type of redevelopment (e.g. changing the use of office buildings, shopping centres, factory buildings etc.).
These guidelines are intended to be used as a working tool to increase the profitability and minimise the risks in the redevelopment process of previously used properties.
As at September 2016
This Guideline is also available in German language ("Redevelopment - Leitfaden für den Umgang mit vorgenutzten Grundstücken und Gebäuden").