The process of changing the use of a property to its highest and best use is referred to as?

The process of changing the use of a property to its highest and best use is referred to as redevelopment. Redevelopment involves making adjustments or improvements to a property to maximize its potential value and utility in light of current market demands and zoning regulations. This can include significant renovations, new construction, or changing the use of a property to something that better meets the needs of the area, thus enhancing its overall value.

Highest and best use is a critical concept in valuation, indicating that properties should be utilized in a manner that maximizes their return on investment while also aligning with local planning policies. Through redevelopment, property owners can take advantage of shifts in market trends, allowing them to make strategic decisions that increase the property's viability and profitability.