The ambition of this studio was to bridge the gap between architecture and real estate which exists because of the incommensurability of aesthetic, emotional, social, and cultural values on one hand, and market dynamics on the other.

The diagram entitled Real Estate Market Dynamics describes the arbitrage between the space market (defined by occupancy and rent), the asset market (defined by property cash flows and cap rates), and the capital market (defined by the cost of debt and equity).

The formal and programmatic decisions that comprise architecture are difficult to measure in economic terms and it is unclear how architecture influences real estate market dynamics. It is also unclear how real estate can benefit from architectural inventiveness beyond gaining a premium on so-called “trophy” buildings.

As architects, we believe that architecture is beyond the necessities of light and air, comfort, popularity, and social connectivity. We believe that architecture is an artistic medium that gives birth to constrained newness, questioning our present needs and desires. Architecture is always exploratory and does not optimize. Any claim to the contrary debases the artistic tradition of architecture and renders the entire profession uninteresting.