Architecture to RE, help?
Hey y’all, so I am trying to switch from my architecture career into real estate (for a multitude of reasons, just ask me if you’re interested!) and would like some advice regarding my switch.
I graduated with a Masters of Architecture in May, but I took RE courses in finance and data analysis which solidified my desire to change my career path. I am currently working at a large top-15 architecture firm very well known here in my city and have been here since July. My previous work has also been at another large top-10 arch firm along with other smaller firms, for a total of about 4 years of experience.
It’s looking like I will be offered a role as an Assistant Project Manager in my city’s department of housing development. It’ll be about a 20% pay cut.
My main question revolves around whether, if offered, I should take this position or if I should stick it out in my current position while I look for something bigger (thinking CBRE/JLL/Related). On the one hand, I know I want to make this switch and I’d like to do so without wasting any time. On the other, I don’t know if I can potentially find a better offer in about 3-6 months with more networking/applying. I’m mainly concerned with my future career projection, and if I’m shooting for the stars I’d like to be a MD at a big shop or running my own.
If anyone has any suggestions or advice, it’ll all be appreciated!
I've seen many architects lateral into development (probably not so much REPE/REIB/RE Finance, since architecture is not very applicable). Architecture is very relevant to developers though. The architect is essentially the "quarterback" of the construction side of development. The architectural plans determine how the building will be constructed, so all the engineering plans (structural, MEP, etc..) are based off of the architectural plans and the GC constructs the building using the architectural plans. You likely won't be the in-house architect for the developer, but you will be very useful to a developer in OAC meetings/design reviews because you know architecture. Also, if you know AutoCad, Revit etc...you can help developers make quick/minor changes to plans rather than them needing to wait for the 3rd party architect to make changes. I've seen many development roles that prefer architectural backgrounds and knowledge of AutoCad/Revit over finance, esp if the role is to manage existing projects. Now if you can also learn how to financial model (which is much easier than learning architecture), then you'll be every developer's wet dream.
I have a friend who came from an architectural background and got her MSRE to learn finance and now works for one of the largest developers in NYC (think SL Green, RXR, Extell). I'm not saying to get an MSRE, but def learn the finance stuff, if you havent already
I can't speak to whether you should take the new role or not. If I were you, I think I would wait and apply to more developers esp if there is a 20% haircut, because I think your skill set is quite valuable to a developer. If you do choose to take the job though, I would continue applying to developers even if you work there for less than a year
That’s where I am as well, NYC. I know that with my architecture background I can be useful to developers; I know revit and blue ram intimately, I can read construction sets quickly and easily, and my presentation skills are great. I’m just worried that I would be pigeon-holed into being the “architect” at a development company.
I don’t really have the money to get an MSRE as I just spent the last couple of years getting my M.Arch. However, I did take RE finance and data analytic electives in addition to my regular coursework, and I have been doing case studies from Joshua Kahr to hone my financial modeling skills (and so that the vocabulary and methodologies are not completely alien to me). I was also going to sign up for the WSO Excel Modeling Course and the Real Estate Modeling Course for more practice.
As for the job, we’ll see…they did tell me that it would take a few months to hire as it has to go through this whole bureaucratic process (typical NYC). I don’t want to just take the first opportunity that comes my way, but I know I would like to get out of architecture and start my RE career as soon as possible, you know?
I don't think you need to be too worried about being pigeon-holed as being the "architect" at a developer. 4 years experience is hardly enough time to be the lead architect. Also, in my experience, architects are not just useful for drawing up plans...being able to draw plans is sort of the bare minimum for an architect...the real value of an architect is their connections/networks with city officials. In my state, each city/town has its own "go to architect" that everyone uses for that specific town. They can all draw up plans and maximize livable SF...but each of these "go to architects" meet with their respective city officials on a weekly basis and they've been doing it for years. They know the zoning/planning board members/building inspectors and know what their concerns are/what they look for. It is very similar to hiring the right zoning attorney. So unless you are very close with the city officials, I wouldn't be too concerned about being pigeon-holed (but also if you are very close with the city officials, it should make you even more attractive of a candidate)
Once again, you should look for development roles that focus on managing existing projects and the jobs description specifically states that they prefer candidates with architectural backgrounds and know Revit etc... The assistant project manager role with the department of housing that you are expecting an offer for seems more on the construction side. It is not what I and most on this site would define as "development" because your job will be 100% construction related. Just want to make sure you are aware of this
Oh yeah I totally get that, and thanks for taking the time to respond to me. Usually when I tell people I want to leave architecture and get into development, the people in my circle are usually taken aback that I’d want to work for the “big bad evil developer”.
The job responsibilities, from what I’ve asked about and what’s been described in the interviews, was that it would be a lot of the financial aspect, mainly underwriting, of working on getting the project to construction then I would hand off to that team. Dealing with owners/property managers and stuff like rehabilitation loans and tax exemptions. Is that something that would still be helpful/worth it if I can’t find something else?
That's odd...the people in my circle tell me I'm the "big good holy developer" for trying to build more housing and bring prices down :).
If your role is mainly on the finance side, then it certainly helps you bridge the gap in terms of your lack of finance experience. If your goal is to work for a developer then I'd say it is a great stepping stone to gain that finance experience and combine it with your architectural experience and then apply for private developers. However, I just can't shake the fact that I think there is a better role for you at a private developer that makes use of your architectural background as well. Also usually with roles with department of housing, I think the developments are all low income housing projects, so you may be building a skill set in LIHTC, which isn't good or bad. It's just building a more niche skill set. LIHTC seems to be growing a lot. I would take the job under the conditions that 1.) You are okay with working in LIHTC (assuming that it is mostly LIHTC), 2.) The role is mainly finance and not construction management (which it sounds like it is) and 3.) you don't get another offer at a developer between now and if when you receive and offer. If your end goal is to ultimately work for a private developer, then I would continue searching even after accepting.
Oh absolutely, in the back of my mind and in talking with my wife, this potential position was always going to be a transitional job and my goal has always been to get to private development. There’s even a Design Manager job posting for a big company here that I just saw today that I’m going to apply to.
I bet there is a better role for me at a private developer, as that’s something I’ve been wrestling with and trying not to focus too much on this one specific job. I’m not unemployed so I’m not in any rush out of necessity, which is why I’m still applying to other positions.
I don't have too much advice on this as you're in the same shoes as my grandfather was 55 years ago, as he got his architect's license and became a draftsman and then was the GP on a couple of shopping center developments throughout the Northeast; he'd often argue that he was the most valuable since he knew how to actually build it. It's awesome you have a degree in architecture as its incredibly valuable to RE development; a lot of us on this forum come from a finance background and we lack the necessary skills of construction. If I was in your shoes I'd go for the Relateds/CBREs. I'm currently with one of those firms and they're trying to hire a bunch of people in a lot of positions right now
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