The Advantages and Disadvantages of Commercial Property Development in Urban Planning

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The Advantages and Disadvantages of Commercial Property Development in Urban Planning Abstract The development of commercial property has a significant influence on urban planning. Therefore it is essential to stimulate commercial property development. However, because of the impacts of failed development, it is also essential for authorities to balance the conflicts of the development. This project analyses the advantages and disadvantages of commercial property development from the perspective of urban planning, and suggest that involving commercial scheme in the initial stage of urban planning to utilize the development advantages. In addition, establishing assessment system to supervise the performance of the development is an efficient method for risks management. 1 PART ONE Introduction Although ‘planning’ is decided by local authorities who approve or refuse permission for properties’ construction or subsequent modification, the development of commercial property has various and significant impacts on urban planning (Adams, Watkins and White, 2005). As the competitiveness of cities and regions can be improved or inhibited by the location of commercial property development. In addition, as the pattern of homes, employment opportunities, factors of production and the basic value of public asset, such as residence and office prices, could be affected by it (Gibb & Hoesli, 2003). It is no surprise that urban planners place particular importance on commercial property development, and sometimes depending on the different situation, regulations will be changed to stimulate the development of commercial properties (Adams et al., 2005). Since commercial property development and urban planning are interconnected, and since the attributes of the commercial property, which can promote the prosperity of local economy and urban spaces, analyzing the

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