Design

Through my education and short experience, I have discovered that quality design can often be undervalued, if not sacrificed, during the early stages of pre-development and conceptualization. Often, developers wish to conduct a mass build-out of any given space (see example below). However, carefully designed assets can greatly differentiate themselves from the rest of the real estate market and enjoy benefits of scarcity. Economically, a real estate project's amenities, layout, and design can allow the asset to achieve price inelasticity. This can allow investors, owners, and managers to increase rents; and yet, not cause a significant number of tenants to move-out, even during economic downturns. In turn, the asset's Net Operating Income (NOI) can increase; and with an increased NOI, the asset's overall market value can increase, as well. In conclusion, quality design and place making can be used to distinguish real estate projects and developers apart from their counterparts.

The initial idea that attracted me to the MLPD program was how developers can utilize quadruple net value (QNV) to increase the bottom line of return of their real estate projects. Under a QNV analysis, an asset's overall value is divided into four categories: the asset's economic, environmental, social/cultural, and sensory values. QNV analysis was the underlying method classmates and I learned and utilized throughout the entirety of our first MLPD course, LDEV 667 - Design and Development Economy. This course was conducted in coordination with Midway Companies, a full-service real estate investment, development, and management firm in Houston, Texas. Our class conducted a QNV analysis of Century Square, a 60-acre mixed-use project that is adjacent to Texas A&M University. In the video below, my teammates and I presented our results to the executive board of Midway Companies. In the end, our team was recognized for having the best group findings, presentation, and recommendations by Jonathan Brinsden, CEO of Midway Companies.