8:30 AM: Arriving in the office after the walk from the Metro to our building, I say hi to everyone in the office before starting up my computer, and making a beeline for coffee.
8:45 AM: I spend the first few minutes of my morning catching up on what is happening in the real estate world, responding to emails, and scheduling meetings and check-ins.
9:00 AM: My first task for the morning is to wrap up a presentation for a work session later in the afternoon. I have a meeting with my project director to discuss our findings and recommendations regarding multifamily product in a county neighboring Washington, D.C. After a few tweaks and knowledgeable insights from this managing director, the presentation is ready to go.
9:30 AM: I spend the next couple of hours working on pricing recommendations for a luxury for-sale second home community in the mountains of North Carolina and researching trends in second home sales following the recession to understand how quickly the homes may sell.
11:30 AM: I have a work session with an associate who has just completed the background analysis and a retail demand model for a mixed-use development in Texas. As we go through his work, I answer any questions he has, double check that the methodology is sound, and make connections between anticipated demand and existing consumer spending, achievable absorption, and a proposed retail tenanting strategy.
12:30 PM: I step out of the office with a couple of co-workers to grab a quick lunch and get some fresh air and a break from thinking!
1:30 PM: I spend some time preparing for a project that is about to kick off. I write a work outline for the associate working with me, put together a budget and timeline for the project, and phone the client to discuss his site plans and programming assumptions.
3:30 PM: My project director and I head out to the client’s office for our meeting. The client owns a large parcel and is planning a mixed-use development. This afternoon’s meeting is with the client and his team of planners, architects, and development partners.
4:00 PM: The meeting begins. We advise the team on how many units we think this area can absorb based on our supply and demand projections over the next five years, and discuss where these new residents may come from, how old they are, and how wealthy they are. We also discuss the results of our consumer research, which has informed us regarding potential residents’ preferences for community amenities, unit layout, finishes, and design, and their willingness to trade a suburban single-family home for an apartment with walkable retail and restaurants. Throughout the meeting, we weigh in on the new building plans and whether our research shows if achievable rents can support Type 3 construction in the submarket.
6:00 PM: Back at the office, I respond to a few emails, I write my to-do list for tomorrow, cross off my completed tasks, and call it a day and a job well-done!