Commercial development refers to the process of planning, building, and managing properties or projects intended for business use, rather than residential or industrial purposes. It focuses on creating spaces where businesses can operate, such as:
- Office buildings
- Retail centers and shopping malls
- Hotels and resorts
- Warehouses or distribution centers
- Mixed-use developments with commercial spaces
The goal of commercial development is to generate income, attract businesses, and stimulate economic activity in a particular area. It often involves market research, securing financing, obtaining permits, construction, and property management.
In short: it’s developing land or buildings specifically for commercial/business purposes.
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What is considered commercial development?