The PipelineDECEMBER 2012

Mark J. Riedy, PhD

Think of time as one of yours and your colleagues’ and clients’ most precious assets. I believe that real estate developers, planners, architects, homebuilders and others who recognize explicitly that time is an increasingly scarce resource and integrate time considerations into their business strategies will gain significant competitive advantages over those who know it’s an issue but do not respect its potential importance.

Because we can’t create more of it, consciously or unconsciously we behave in ways that free up time or make the time we have more productive. Some uses of our time we control ourselves (whether to attend a Padres game, for example). Other uses primarily are controlled by others (Parents Night at school). It’s easy to list hundreds of such personal examples. Competitively, however, the issues are larger, sometimes more subtle than others, sometimes not. 

The old adage of “location, location, location” always encompassed many characteristics, especially public transportation, the quality of schools and the driving time it takes to get to a frequently visited destination. But when the time it takes to drive children to school rises from the 10 minutes estimated when someone bought their home or rented their apartment to 20 to 25 minutes—or more—each way today, how will those parents likely react to proposed infill developments, which is a key to San Diego’s future? Or, when Sorrento Valley and other employers moved to 10-hour/four-day workweeks to create a variety of firm and employee benefits, but simply turned Friday rush hours into Thursday rush hours instead, didn’t those perceived benefits get muted because transportation planning remains a major problem?

“Smart growth” initiatives to some extent do identify time as an increasingly scarce resource. But the inadequacy of urban infrastructure is so severe that smart urban infill development on any large scale will be extremely expensive, resisted by many, and give elected and appointed government officials even more leverage over commercial real estate than they already exert today.

I am not seeking to offer answers as much as provoke real estate professionals to set aside some time (ah ha!) to consider time as a key element in their future business strategies. Once opportunities for saving time and/or making it more productive are identified, figure out where the constraints are and how your firm or the industry—through groups like NAIOP, ULI, BIA and SDAR, to name but a few—can take the lead in removing barriers.

I urge you to ask yourself: If I wanted to free up more time or make it more productive for myself, colleagues and/or clients, what could I do? And what would it take to allow me to do it? You will come up with an eye-opening list of opportunities, some of which can become competitive advantages. Remember, the clock is ticking.

Dr. Mark J. Riedy
Executive Director

MSRE students tour the Westfield UTC expansion space with (from far right) Professor Charles Tu, Ron May ’07 (MSRE) and Ryan Perry.

On Nov. 30, MSRE students met with Westfield’s design, leasing and asset management teams who have worked on the Westfield University Towne Center (UTC) Mall renovation and expansion project. The meetings were part of the students’ “Strategic Management of Real Estate Assets” course taught by Professor Charles Tu, PhD.

During the visit, students heard presentations from: Ron May ’07 (MSRE), interim general manager at Westfield Mission Valley; Ryan Perry, general manager at Westfield Mission Valley; Randy Galang, vice president of architecture and design; Adam Corti, senior leasing manager; and Robert Graham, senior vice president of leasing-San Diego. At the conclusion of the visit, students toured the new Arclight Cinemas mezzanine, where Greg Fitchitt, vice president of development, described the project’s phases and plans for a grand re-opening.

Bryan Masters

MSRE Student Bryan Masters is the first recipient of the newly created Silvergate Bank scholarship. The scholarship is valued at $2,500. Silvergate Bank, which has been operating in San Diego for the past 24 years, is headquartered in La Jolla and has five branches. “It’s always nice to see a local company like Silvergate Bank provide opportunities for students in the area,” Masters says. “I’m honored to be the first recipient and very grateful for Silvergate’s generosity.”

Dec. 6 marked the graduation ceremony and completion of the University of San Diego’s real estate continuing education program for 13 students who each received their Certificate in Finance, Investments and Development and/or the Certificate in Entitlement, Development and Design. The real estate students who completed the program included: Dalton Bray, Albert Carrol, Tolga Horoz, David Kuchinsky, Jessica Lawrence, Christopher McGrath, Kimberly Pavel, Alexander Ricciardi, Adam Ridgeway, Sergio Serrano, Christian Vaccaro, Eriberto Jr. Valdez and Kelley Waynick.

The next real estate continuing education course—“Real Estate Finance” taught by Dan Phelan, president and CEO of Pacific Southwest Realty Services—begins Jan. 8, 2013. Go here for more information or to register.

Norm Miller, PhD

Professor Norm Miller, PhD, moderated a sustainable development panel during this year’s Greenbuild International Conference and Expo, held in San Francisco Nov. 14-16 by the U.S. Green Building Council. The panel, which attracted approximately 200 attendees, discussed the topic, “Energy Disclosure Policy: Data Transforming Markets.” Panelists included: Barry Hooper, with the city of San Francisco’s Department of the Environment, and Rebecca Baker, with the Seattle Office of Sustainability & Environment.

The University of San Diego Real Estate Alumni Association (REAA) is currently recruiting members for its REAA Executive Board. Appointments begin in January 2013 and continue for two years.

The association is seeking members who are focused on the goals of continued growth and improved service to members. Board members benefit from the opportunity to give back and to connect with leading alumni and the Burnham-Moores Center for Real Estate more closely. For position requirements, go here. For questions, contact Annie Grand at (619) 260-7619.

Two new courses have been added to USD’s undergraduate real estate program: “Management of Real Estate Assets” and “Real Estate Market Analysis.” The two new courses complement the existing real estate curriculum by offering students interested in a real estate career more options and by providing the real estate community with better-prepared graduates. The proposals for the new courses received unanimous support from the Economics/Real Estate faculty and from the members of the School of Business Administration’s Undergraduate Studies Committee.

Six Master of Science in Real Estate students have begun curating content on a range of topics related to commercial real estate. The students and topics they are curating are:

• Inna Panchuk: Innovative Design in Commercial Real Estate;
• Tony Konstant: Foreign Real Estate Investment Considerations;
• Thomas Bobo and Skye Moreland: Commercial Real Estate Sustainability Strategies;
• Bryan Masters: Global Capital Market Trends; and
• Justin Farrar: Construction Innovation.

The students are curating the content as part of a new collaboration with MIPIM, a leading international real estate organization that hosts an event in Cannes, France each year, which is attended by 10,000⁺ commercial real estate professionals. Several of the MSRE students will attend the MIPIM 2013 conference as roving bloggers, attending sessions and using social media platforms to share the major messages with MIPIM’s global audience. Professor Norm Miller will speak at the conference as part of the “Smart investment – Manage innovation for better return on investment” panel, which is scheduled for March 14.

Diane Gustafson

Communications Coordinator Diane Gustafson has received the School of Business Administration’s Outstanding Service Award for her exemplary contributions to the Burnham-Moores Center. Gustafson received three nominations for the award, which was given to her at the SBA’s annual holiday party held Dec. 6. Her nominees lauded her for her “thoroughness and preparedness,” “consistently superior judgment” and “loyalty and dedication.” Gustafson began working at the Center in 2009.