Highest and best use can be defined as the use that will:

Highest and best use refers to the most profitable and optimal use of a property that is legally permissible, physically possible, financially feasible, and maximally productive. This concept plays a crucial role in real estate appraisal because it influences property value significantly.

Choosing the use that will yield the highest net return aligns with this definition, as it directly focuses on maximizing the financial performance of the property. An appraiser must evaluate the property's income potential, expenses, and overall market conditions to determine the use that generates the greatest net benefit. This approach ensures that the property is being utilized in a way that maximizes its value and profitability for the owner or investor.

The other definitions focus on different aspects that might not directly correlate with financial performance or overall value maximization. For instance, minimizing costs or maximizing the usable area may lead to efficient property use but does not necessarily ensure the highest return on investment. Similarly, being the most popular use does not guarantee maximum profitability, as popularity can fluctuate and may not reflect a property's true value potential in a market context.