Ryan Shear, Managing Partner of Property Markets Group, presented to a full house of MRED+U students during RED660: Urban Infill, Preservation and Redevelopment. Ryan shared his experience at PMG during the Great Recession, highlighting the firm’s ability to withstand the downturn and the lessons learned about leverage during this time. Ryan also discussed the importance of timing in real estate and cited two projects with distinctly different outcomes as a result of timing related to construction costs in the building cycle.
Ryan described how his office is structured to enable maximum efficiency and freedom to be disruptive. By having an in-house contractor interview the subcontractors that will work on a project, they are able to make sure that the construction team's goals are aligned with their own. By having architects in their office, they have a deeper understanding of what they are building and how the design will affect the economic performance of a project beyond the pro-forma. Additionally, possessing the ability to bypass institutional funding allows the company to explore disruptive and experimental projects like co-living, co-working, or robotized parking that a conservative fund would not be willing to bankroll.
