What is a com-dev company?
A com-dev company is a business organization engaged in development activities on commercial property such as the sale or purchase of vacant lots or buildings, leasing, or renovation of an existing property. Com-dev company is a shortened term for commercial real estate development company.
A com-dev company is responsible for the control and coordination of all the activities involved in developing a parcel of land or upgrade of a property. They are also responsible for handling the sale of the newly developed property.
Companies involved in developing commercial real estate properties seek to develop properties that are designated to bring future financial growth and expansion. This could be the building or renovation of shopping complexes, trade centers, etc.
A com-dev company is different from a construction company. While a construction company is contracted to build or renovate edifices on a property, a com-dev company has more responsibilities than to erect buildings. A com-dev company manages all the activities related to development, such as architectural drawings, furnishing, and even finding buyers for the developed property. The development company may also be responsible for obtaining the required funds to build the property.
Many property owners who lack the expertise or need funds to develop their properties often contract a com-dev company to do so on their behalf.