An Integrated Approach for Social Value in Property Development

Mobilizing social value in property development is complex, specifically under entrepreneurial urban governance settings where public and private parties have variegated interests, targets, and values. Essentially, social value has been the responsibility of the public sector. More recently, however, the property industry has been keen on including social value objectives into their agendas making both municipal and property market actors social value creators. Despite their endeavors, efforts in steering social value remain fragmented and insignificant. I argue that effectively steering social value in property development processes requires an integrated approach. This approach relies on two dimensions. The first is a common understanding of social value from key actors involved in the realization of property development. The second is their capacity to mobilize resources and collectively devise strategies for social value creation.Using empirical data, this study examines the relationships between municipal and property industry actors and the institutions that drive them, to establish the extent to which social value is steered in four large-scale property developments in Amsterdam. Data is sourced from fifteen interviews conducted with municipal and property actors to identify perceptions, motivations, the resources deployed in aiding social value creation, and collaborative efforts made by these actors, as key characteristics integral to social value creation in property development. Furthermore, secondary sources including municipal reports, policy documents, and property market publications are studied to understand the framework municipal and property actors rely on. The aim is to gain insight into the barriers actors face and their implications on steering social value in property development.