The real estate development landscape looks vastly different today compared to even a few years ago. Between rising interest rates, inflation, supply chain woes, and economic uncertainty, conditions have changed. As such, founders breaking ground on new development projects face distinct challenges. However, with a bold, unconventional approach – the kind pioneered by innovators like Jack Levy Grupo Veq – it’s possible to thrive despite adversity.

Leverage partnerships and collaboration

Now more than ever real estate development demands meaningful partnerships, creative deal structures, and unlikely collaborations to unlock value. Instead of going it alone, forward-thinking founders actively seek out complementary skill sets and access to assets amongst potential partners. They understand collaborating across corporations, investors, contractors, municipalities and even competitors multiplies capabilities to take on ambitious large-scale projects with greater expertise across the board.

Whether it’s joining forces with a construction firm to optimize the building process or structuring public-private funding arrangements to get favorable terms, the bolder you make partnerships the more potential you tap. Even long-standing rivals are finding common ground in building and creating residential communities and commercial spaces that deliver ROI regardless of microconditions.

Don’t compete – Create new sectors

Rather than get caught up solely competing in established real estate sectors, today’s field requires creating and defining new sectors entirely. this means identifying emerging needs, consumer behaviors, and market voids and then developing the kind of residential or commercial spaces that directly respond. Primed examples include designing projects around multi-generational living preferences, integrating spatial flexibility for those embracing hybrid work/lifestyle arrangements, and building in climate resiliency amongst amenities. Savvy developers also realize many older Americans plan to stay at home longer but require different housing configurations. Pursuing original spaces aligned to these trends spells an upside versus trying to beat established players in traditional domains – though some blend of divergence and core competencies matters.

Embrace iteration & flexibility

With markets moving at breakneck speed, founders must throw out rigid planning methods with longer time horizons. No project plan survives first contact with actual events, so real estate leaders need comfort pivoting quickly. Build iterative feedback loops, scope flexibility check-ins with partners/investors, and maintain options at each phase should aims to need refining. Set shorter milestone check-ins to decide if targets, partnerships or designs warrant adjusting based on new conditions. Adopt ‘sprint’ mentalities to phase chunks of projects for faster adaptation after closing financing rather than trusting year-old plans will still pencil out after lengthy delays. Just don’t overcorrect every minor surprise and watch for signals differentiating needed refinement from a reaction that threatens stability.

With the right bold and creative philosophical approach, real estate development still offers abundant openings. As long as founders commit to forging new paths, embracing uncertainty, and collaborating with unconventional partners, there are still greenfield spaces supporting those looking to make an impact on communities. While the conditions seem daunting presently, take inspiration from innovators like jack levy grupo veq challenging the status quo, and remind yourself that periods of volatility are where true transformation takes shape one bold move at a time.