CBRE

Leading construction and finance experts gathered at Turner &amp; Townsend’s New York office to discuss the impact of tariffs, interest rates, new technology, labor availability and more on commercial construction.&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;Uncertainty: The construction industry faces significant uncertainty due to volatile interest rates, higher tariffs and costs for materials and labor.2.&nbsp;&nbsp;&nbsp;&nbsp;Contract Scrutiny: Detailed contract reviews, especially force majeure clauses, are crucial to manage risks.3.&nbsp;&nbsp;&nbsp;&nbsp;Risk Mitigation: Strategies such as early material procurement, storing materials and increased contingencies in contractor agreements are essential to safeguard projects.4.&nbsp;&nbsp;&nbsp;&nbsp;Labor Challenges: Rising costs and shrinking labor availability are critical factors affecting construction projects.5.&nbsp;&nbsp;&nbsp;&nbsp;Affordable Housing: Despite market volatility, affordable housing projects continue due to the critical need for them and creative financing solutions.

Michael is Vice President and Head of Cost Management for the New York and Tri-State Region. In this role Michael overseas a team of nearly 65 Cost Managers and his cost team manage approximately $5bn of capital projects for clients annually. Michael graduated from the University of Liverpool in 2006 and went on to complete his RICS accredited MSc in Commercial Surveying at Liverpool John Moores University, graduating in 2009. Prior to joining Turner & Townsend, Michael worked for a construction service provider in the UK who specialize in commercial refurbishments, retail fit outs and education, government and religious projects. Michael undertook a graduate development program with the firm before being promoted to Principle Account Surveyor. Michael then moved to a large developer who specialize in new build projects and who focus on student accommodation blocks throughout the UK and worked as a Senior Quantity Surveyor for the firm. Michael has been with Turner & Townsend since 2014. Throughout his career Michael has managed project teams and has led individual projects with a range of values from $1M - $2B. Michael has been commended by his firms and clients alike and as well as his outstanding commitment and focus to succeed in his everyday duties, Michael is the head of Cost Management, a member of the T&T North America Cost Management Board and chair elect of the RICS Americas World Regional Board and a member of the RICS Global Members Committee.

Michael Hardman 

Vice President and Head of Cost Management for the New York and Tri-State Region, Turner & Townsend



Lysa is a seasoned professional with over three decades of experience in construction risk management and technical services. Currently serving as Vice President at Community Preservation Corporation, she oversees critical aspects of construction risk and management, ensuring operational efficiency and strategic development. Lysa's extensive background includes roles such as Director of Technical Services at KOW Building Consultants and Licensing Associate at The Research Foundation for The State University of New York. Her academic contributions as a Lecturer at Stony Brook University further highlight her commitment to industry education and outreach.


Lysa Russo

Vice President, Construction Risk Management, Community Preservation Corporation

Damian oversees property-level risk management, including environmental, engineering, construction, and climate change resiliency.  As a member of the PGIM Real Estate Debt ESG Council, Damian also develops and promotes internal sustainability, resiliency and energy efficiency strategy.  These responsibilities encompass PGIM Real Estate’s global loan collateral footprint, including domestic Capital Markets, Fannie Mae, Freddie Mac, FHA, Core and Core + portfolios, as well as international Core Debt portfolios in Europe and the Asia-Pacific Region.  Damian is a licensed Professional Architect, LEED Certified Accredited Professional (AP) and Chair of the ASTM E06.25 Committee on Standards for Whole Building Performance and Vice-Chair of ASTM E50.02 Committee on Real Estate Assessment and Management.  


Damian Wach 

Vice President, PGIM Real Estate

Brick: Commercial construction risks and opportunities

What matters most right now in Commercial Real Estate. Business leaders join economic, industry and subject matter experts to share their distinct views and latest thinking. The Weekly Take is hosted by Spencer Levy, CBRE’s Senior Economic Advisor and Global Client Strategist. More at cbre.com/TheWeeklyTake