Implementing innovation in real estate development : co-living as an innovative product
Name
1088413437-MIT.pdf
Description
Full printable version
Size
13.81 MB
Format
Adobe PDF
Checksum (MD5)
9f5a99645367d4ac365ca4d4cdca872f
Author(s)
Drobnis, David S
Advisor(s)
Dennis Frenchman.
Date Issued
2018
Publisher
Massachusetts Institute of Technology
Abstract
The real estate industry is very conservative and risk averse, yet innovation is critical to its long term viability. While innovation does occur in real estate development, it is often discouraged and not the standard approach. This thesis focuses on understanding the motivations and obstacles facing real estate developers who decide to pursue innovative products, processes and systems. The study explores the challenges of developing co-living, a recent innovative real estate product in order to understand why this product is taking off across the country, and how it has been implemented in Boston and New York City. Insight into the innovation processes are derived from site visits and multiple interviews with professionals from different sectors of real estate: developers, consultants and regulatory authorities. The thesis concludes by describing five principles of innovative real estate development, relating to: Market Demand, Vision, Adoption, External Forces and X-Factors. While these principles are derived from experience in creating co-living projects, they are illustrative and important for the innovation process in all types of real estate products.
Description
Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, 2018.
Cataloged from PDF version of thesis.
Includes bibliographical references (pages 59-61).
Subjects
Center for Real Estate. Program in Real Estate Development.
MIT Department
Massachusetts Institute of Technology. Center for Real Estate. Program in Real Estate Development.
Massachusetts Institute of Technology. Center for Real Estate
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