Some places change gradually over many years, while others experience rapid

transformation in a short space of time. Whether the pace of change is slow and

almost unnoticed, or rapid and highly disruptive, a production process is at work to

shape and reshape the built environment. This form of production is known as the

real estate development process. There are many similarities between real estate

development and other production processes, such as car assembly. As with other

production processes, real estate development requires complex organisational

systems to bring together the necessary inputs at the correct time so as to create

a desirable finished product. Alongside capital and labour, however, real estate

development consumes extensive quantities of another factor of production –

land – which makes it distinctive from most other forms of production. Indeed, the

potential of real estate development to transform place is crucially dependent on

its capacity to source land from real estate markets and combine it successfully

with capital, labour and raw materials sourced from other input markets.