CREDA INSIGHTS Commercial real estate happenings
The Cheapest Change Order? One You Never Make
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promising site, a concept plan that captures the vision, a budget that pencils on paper, then, months into design, a wetland delineation forces a redesign, or an unpriced utility extension adds months to the schedule. It’s a familiar story in land development, and one that’s almost always avoidable. Due diligence, engaged early and thoroughly, is what separates a project that moves forward on schedule from one that stalls under costs no one planned for.
MIKE KONRAD
Due diligence should engage subject matter experts to review environmental, technical, legal and financial factors, minimizing costs and delays while maximizing the likelihood of success. Too often, rushed timelines and limited budgets lead to corners being cut during this critical early period.
Desktop review: low cost, high value
One of the first steps is identifying a community need, a location to meet it and a conceptual plan produced by an architect or other design professional. As the old real estate adage goes: location, location, location. But a great undeveloped site often has underlying reasons for sitting undeveloped – flood hazards, wetlands, streams, lack of utili-
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ties, topographic challenges or a history of past use. Fortunately, technology makes it possible to review most of these challenges quickly through a desktop review, using GIS, satellite imagery, street views and government mapping tools. Engaging a civil engineer or land planner early can inexpensively identify these challenges, assign a rough cost and timeline to mitigate them, and help determine whether a location is worth pursuing further. A local firm is especially valuable here, as they’re more likely to know the land in question, have relationships with utility providers and understand ordinances that vary from one municipality to the next. That local knowledge pays off most directly on two questions worth con-
Properties | August 2026