Author: Richard Peiser
Richard Peiser is the Michael D. Spear Professor of Real Estate Development at the Harvard Graduate School of Design. He is a ULI Foundation governor and a member of ULI’s Urban Development/Mixed Use Council.
Articles by Richard Peiser
- A Retail Catalyst in Brooklyn
Published on December 03, 2012 in Development
Even if the storefront occupants are only temporary, orchestrating the right mix of retail and residential tenants helps give a redevelopment a certain vibe.
- Master Class: Development Lessons from Seven Industry Leaders
Published on August 08, 2012 in Development
Hard-earned words of wisdom on risk, financing, and running a real estate business.
- Teaching Design
Published on December 13, 2011 in Planning & Design
A primary challenge for university faculty has been how to teach design to real estate students. The goal is not to make them architects, but to make them knowledgeable clients.
- How Are Real Estate Firms Dealing with the Times?
Published on May 01, 2010 in Market Trends
Two weeks after the last U.S. presidential election, Obama’s chief of staff, Rahm Emanuel, told a group of business executives, “You never want a serious crisis to go to waste.” He later clarified this comment with the following: “It’s an opportunity to do things you could not do before.” Thus far, in a perusal of the real estate industry after the current economic crisis, it appears that we are letting a good crisis go to waste. So far, except for the enormous downsizing that has taken place, it seems all too much like “business as usual.”
A developer friend of mine asks, “Where do you go if you have no money and no credit?” He responds with the surprising answer that a lot of folks—the fund guys—have lots of money if you have deals in Boston, California, or Washington, D.C. He initially thought this would be like 1991, but the big difference is this: there are no good deals. “There are no bargains out there, at least in those areas favored by the funds,” says Ted Raymond, president of Raymond Property Company in Boston. But there is plenty of money for experienced developers, even those with lots of scars—as long as one can deliver a 20 percent internal rate of return (IRR).