The Development Fabric must be run elevated

Since Windows Vista it does not matter whether you are administrator on the machine or not. The "eleveted" term has poped up. All processes are running under low permission level unless specifically instructed (by the mean Lun Luo said).

In General it is always good to launch Visual Studio as Administrator. With Any projects not only for Azure. As Lun Luo said - right clicking Run As Administrator is good. But I'd rather advise you that you right click on Visual Studio -> Properties -> Shortcut -> Advanced -> [check] Run As Administrator. That way your VIsual Studio will always run as administrator.