Real estate has never played such a central role in the development of cities and regions. Yet, paradoxically, it has never been integrated into theories of territorial development. This article contributes to filling this theoretical gap. It proposes the concept of Territorial Real Estate and Economic Systems (TREES) to capture how the urban built environment and its financial dimension interact with the dominant activities of a region. The case of Switzerland is used to empirically delimitate relevant TREEs within a specific national context based on a qualitative analysis. Eight types of clusters are identified for Switzerland to show the diversity of roles played by real estate within the same country, both as induced by territorial development and as a catalyst of it.
