In the property business, there are many different classifications of land. One such category is what is known as a development site. In a broad sense of the term, this location is defined as a parcel of land which is currently under construction or is slated to be built upon or modified sometime in the future. Some common examples of this situation can be seen in a planned housing estate, a factory which is being retooled or a commercial shopping center that is under construction.
Obviously, a development site has already been purchased by an entity or a number of entities, so the land itself is under ownership. However, there are often opportunities to acquire a piece of land (when building a home, for example) or to buy or lease a section of a building (in reference to a commercial venture).
In relation to real estate, development sites can often times be a lucrative and yet risky venture; all depending on the state of the economy. The recent financial crisis is an example of how economic hardship can cause many sites to remain idle for years at a time (even if construction had already begun in some cases). On the contrary, a burgeoning economy can lead to massive development projects being undertaken. These projects can be lucrative for both the realtor and the property owners themselves. As many analysts now believe that we are emerging from a protracted recession, it can be expected that development sites will once again feature prominently in the real estate sector.