Industrial organisation has received considerable attention over time in both
political and scholarly arenas focusing on industry generally and on specific
economic sectors like media, telecommunications, food retailing and air
transport. Real estate development is a large industry and major shaper of the
built environment whose structure has implications for the form and structure of
cities, for sustainability and for power relations with industry regulators.
Yet, there has been remarkably little interest in, and little is known about,
the industry's structure, and little exists of a quantitative nature to describe
that structure. Drawing on evidence, existing literature and case study
material, this article investigates the nature of the development industry
structure and suggests that it is not necessarily competitive and, in some
instances, can be highly oligopolistic. It discusses factors, including industry
regulation (planning), that may shape structure. This discussion further
suggests that the industry is not competitive and that it is likely to
concentrate further.