This is something I have always wondered. Land in urban areas is highly desirable and many landowners are most likely not willing to sell. Parcels near urban cores that are ripe for development are very limited and most likely expensive to acquire.
I know RFP's are one way. While you can often times purchase the land from the city for $1, developers have to compete with several other developers for these sites.
Curious to see if anyone has any experience/insight on acquiring land and how developers find their land deals.
Relationships
Urban infill sites are very frequently by RFP. Off market is less frequent...the typical off-market profile is usually an owner-occupied building where the tenant wants new space, and the tenant/owner principals have a relationship(s) generated through their broker with developers who present a vision to them on how to reposition their building. Tenant gets sexy new space without having to QB any of the work, developer gets some kind of custom upside structure.
Otherwise, urban deals are usually big enough that they are brokered. Most sophisticated owners with LP money have to prove out they are getting best dollar value for their property by running a formal process for competitive bids, AKA a fully marketed deal/RFP.
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