The myth of the development team: The relation between developer and architect in real estate development projects

Gunther Maier and Maximilian Schimanko

ERES from European Real Estate Society (ERES)

Abstract: This paper discusses the relationship between main actors in the development team of real estate projects. In particular we look at the relation between the developer and the architect. This relation, however, can be viewed as a model for other relations as well.The textbook literature on real estate development typically uses the term "development team" for the large number of actors involved in such a project. The development team is described as a team that works together in order to successfully finalize the project. It is our hypothesis that this view is misleading and hides the numerous and fundamental conflicts of interest between these actors. Our paper discusses this situation theoretically. We use the theory of economic agents in order to derive hypotheses about potential conflicts and about actors' strategies to protect themselves against risk and financial losses.In a second step we check these hypotheses via qualitative interviews. We interview architects and developers about their view of this relationahip and about their and their partner's actions.

Keywords: conflict of interest; conflict resolution; development team; Real Estate Development (search for similar items in EconPapers)
JEL-codes: R3 (search for similar items in EconPapers)
Date: 2019-01-01
New Economics Papers: this item is included in nep-cdm and nep-ppm
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Persistent link: https://EconPapers.repec.org/RePEc:arz:wpaper:eres2019_110

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