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Welcome to the March 2019 issue of Voices, a collection of insights on achieving excellence in real-estate major projects. As McKinsey continues to scale its real estate knowledge and capabilities, we are delighted to share some of the lessons and innovative ideas we’ve acquired along the way.

This is an opportune moment for real estate. Thanks to growing project and technological complexity as well as changing consumer preferences and new business models, traditional rules no longer apply to the way space is acquired, developed, and used.

Across cities, real-estate projects are getting larger and increasingly mixed-use. These projects vary from greenfield cities, to revitalizations of aging districts, to high-value developments in prime urban locations. Leaders of these projects face new questions and decisions at every step: To what extent can my projects achieve the future of livability and urbanism? How do I keep up with technology—and use it to deliver the future? What are my main risks, and how do I mitigate them? How should I approach funding such projects?  

This issue of Voices tackles these questions and others with articles from ambitious industry leaders and McKinsey experts around the globe. We hope you find them insightful, and we look forward to bringing you more McKinsey insights and events on transforming real estate.


Robert Palter
Senior partner,
McKinsey & Company


Subbu Narayanswamy
Senior partner,
McKinsey & Company

 

More Articles

Article

Large-scale integrated urban developments can be challenging endeavors, especially as customer needs and technologies keep changing. One master urban developer discusses successful approaches to overcoming obstacles in the development process.

Cindy Lim, Keppel Urban Solutions

Article

Hudson Yards is a 28-acre, mixed-use neighborhood on the west side of Manhattan. Outfitting it with sustainable power and technology solutions was no easy feat—but well worth the effort.

Jay Cross, Related Hudson Yards

Article

Tony Hansen, Global Infrastructure Initiative

Article

Whether it is a boutique hotel or a multibuilding, multiuse major development, the brick-and-mortar aspects of real estate may soon be meaningfully influenced by the value of services provided.

Ed Walter, Urban Land Institute

Article

First constructed in the 1930s and decommissioned some 50 years later, the Battersea Power Station has been the focus of numerous redevelopment projects, none of which were successful. A new, seven-phased approach has helped reverse that trend.

Simon Murphy, Battersea Power Station Development Company

Article

When a mall operator uses advanced analytics to select tenants, optimize mall layout, and determine rents, its revenues can rise by 20 percent.

Ismail Bel-Bachir, Sandrine Devillard, Alex Sawaya, and Ivana Valachovicova, McKinsey & Company

Article

Real-estate major projects are notoriously difficult to manage given their long timelines. Complexity, risk, and new technology compound the struggle. One developer sees a path forward in leading with vision, customer centricity, and open architecture.

Vikas Oberoi, Oberoi Realty

Article

Understanding what makes large-scale real-estate projects different than smaller projects can greatly improve developers’ chances of maximizing profitability.

Inaki Azaldegui and Siddharth Jha, McKinsey & Company

Article

Large-scale and integrated real-estate developments are full of risks and often fail to deliver, but they aren’t going away. As consumer preferences continue to change and technology evolves, developers must take a new approach.

Akash Soomro, Mukund Sridhar, and Kunal Tara, McKinsey & Company

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