Sharon Harper Of Plaza Companies On 5 Things You Need to Create a Highly Successful Career in the Commercial Real Estate Industry Today

The commercial real estate industry is a dynamic and challenging landscape that offers enormous potential for success. However, it requires a unique blend of skills, knowledge, and aptitude to truly excel. How does one establish themselves in such a competitive field? What does it take to consistently rise to the top in commercial real estate? How does one rise above the headwinds that are challenging the commercial real estate industry today? In this interview series, we are talking to commercial real estate professionals, brokers, investors, leaders of Real Estate Firms and Real Estate Investment Trusts (REITs), as well as anyone who’s found significant success in this industry. As part of this series, we had the pleasure of interviewing Sharon Harper.

As CEO and President of Plaza Companies, Sharon Harper oversees all facets of company operations, including the ownership, development, leasing or management of nearly 13 million square feet of Arizona urban transformational projects, medical healthcare companies, senior living communities and bioscience centers.

With Harper at the helm, Plaza Companies’ properties and projects have received significant recognition within the real estate, construction, senior living, technology and medical sectors, and the company has proved instrumental in setting a national standard of excellence in the ownership, development, management and leasing of award-winning facilities throughout these sectors. Her forward-thinking commitment to commercial real estate has helped Plaza Companies emerge as one of the premier real estate firms in the Southwest, earning numerous awards and designations under her leadership.

Thank you so much for joining us in this interview series! Before we dive in, our readers would like to learn a bit about your origin story. Can you share with us a bit about your childhood and how you grew up?

My childhood years were spent in an idyllic and small community, Mankato, Minnesota, and I had the example of very entrepreneurial and community-minded parents. Those early years and values play out every day in my business.

Can you share with us the ‘backstory’ of how you got into the real estate business?

I thought I would always be a journalist as that is what I studied in college. Being entrepreneurial, I quickly combined the skills of a journalist to the real estate industry shortly after moving to Arizona. The ability to communicate and articulate projects, lay out plans, design, create schedules, investigate issues to find answers, and secure facts — all are as important in real estate as it is in journalism.

Can you tell us about your company and what makes it stand out?

Founded in 1982, Plaza Companies is a full-service real estate firm specializing in leasing, management, construction and development of some of the most innovative commercial real estate projects in Arizona. Plaza Companies has a proud track record as a competitive, connected and conscientious real estate firm with partnerships throughout the industries it serves.

Plaza Companies is dedicated to the creation, growth and sustainability of its projects, tenants, residents and partners; recognized for its excellence and commitment; and distinguished by the quality and dedication of our people.

Can you tell our readers about the most exciting new projects you are working on now?

Our flagship projects include:

Park Central: At the heart of the new Phoenix Medical Quarter, Park Central is a revitalization project that has transformed a failed retail mall into one of the most significant hubs for innovation, education, medicine and the arts in the Southwest. Developed in a joint venture with Holualoa Companies, the award-winning project includes Class A office space, the Creighton University Health Sciences campus, multifamily residential, two hotels, restaurants and retail space and much more.

SkySong, The ASU Scottsdale Innovation Center: This is another award-winning revitalization project that took an old retail property and transformed it into what will become a 1.2 million square foot mixed-use innovation center. Along with its iconic shade structure, SkySong features five Class A office buildings, multifamily residential, hotel, restaurant and retail, public art and open space. The public-private-university partnership between Plaza Companies, Holualoa Companies, the City of Scottsdale and Arizona State University is the driving factor behind its success. Started in 2005, SkySong will generate an estimated $58 billion in economic impact over a 30-year period.

Barrow Neurological Institute Bioscience Institution: This new facility at Park Central will be a world class destination for research into brain diseases and disorders.

As with any career path, the commercial real estate industry comes with its own set of challenges. Could you elaborate on some of the significant challenges you faced in your career and how you managed to overcome them?

Real estate investments have many challenges, including timing, financing, coordination of investors, partnering with lenders, proformas and projections. The most important lesson our firm learned is working with integrity, transparency, respect and open communication.

Ok, let’s now move to the main part of our interview about commercial real estate. What are the 3 things that most excite you about the industry now? Why?

We are excited about looking for innovation and new industries, in particular the current environment for bioscience and healthcare, technology and hospitality.

What are the 3 things that concern you about it? Why? What should be done to address and alleviate those concerns?

My main concern is issues that are beyond our control — politics, geopolitical events, climate-related issues and the need for sustainability to ensure the quality of life for my children and grandchildren and the world at large.

If you had the power to put in place 3 changes to improve or reform the industry, what would you suggest? Please share stories or examples, if possible.

#1. Stability in our world geopolitical environment, allowing us to focus on economic growth

#2. Sustainability and protection of our planet

#3. Workforce opportunities and education opportunities that are inclusive

While we can only control so much, our firm does approach every project with an eye toward sustainability, and we have won numerous awards for sustainable development. We also are proactive in creation of workforce opportunities and educational opportunities, particularly at Park Central.

How has technology changed the commercial real estate industry, and how do you foresee it shaping the future of the sector?”

Technology has changed everything, from the way buildings are constructed to the features they must have to be successful to how those buildings are marketed. We know that our tenants and partners will continue to be among the most innovative companies in their space and we have to be prepared to match their technological needs.

I am hearing the phrase “Stay alive until 2025” a lot. What is your plan to survive in the current market?

Plaza Companies is very busy and highly focused. Although everything is much more complicated, more challenging and takes much longer, Plaza marches forward to deliver our projects and investments by finding solutions and solving problems. We are a diversified company and that early strategy is a strategy for success. Plaza Companies has a number of divisions of excellence — Development of new ground up projects, a Property Services division that includes property management, facility management, engineering services, asset management, a Brokerage division, and a Construction Management division. Additionally, the company is structured to service both internal and owned facilities and also has a large third-party services structure. The Company has been organized strategically this way.

For a young person who would like to eventually make a career in commercial real estate, which skills and subjects do they need to learn?

Integrity, perseverance and connectivity are foundational traits that make the difference between being average and true success in the real estate industry. Plaza is committed to providing education. mentoring, experiences, and opportunities for young professionals. It is also essential that professionals understand financial, legal, and contractual aspects of the real estate industry.

When evaluating deals or opportunities in real estate, what are the most important factors you look for and why? Can you provide some examples?

We want to always be associated with municipalities, universities, bioscience and healthcare institutions, senior housing partners and other collaborators where together we can impact, transform and innovate to supersede expectations and operate from a position of strength. SkySong and Park Central are perfect examples of such partnerships, as is our Estrella Medical Plaza development in partnership with Banner Health.

Can you share a story with us about the hardest deal you made, that ended successfully for you?

SkySong back in 2005 was a huge vision that, for the most part, the region believed would be impossible to complete. Plaza Companies, ASU, and the City of Scottsdale, however, were determined to make it work. Plaza had an internal weak partner who did not share that vision and caused some disruption early on. As Plaza’s CEO, I led our effort and we bought that partner out early on. There is no room for a successful venture to be aligned with someone who cannot see or share the vision, the risk, and the value. Fast forward 17 years — SkySong is one of the most transformative projects in Maricopa County and possibly the U.S.

Ok, here is the main question of our interview. Based on your personal experience and success, can you please share “Five Things You Need To Create A Highly Successful Career In The Commercial Real Estate Industry”? If you can, please share a story or an example for each.

1. Integrity. Without the underpinning of integrity in and with our people, our projects, and our approach to business, Plaza Companies would not be celebrating 41 years in business with some of the highest profile projects in Arizona.

2. Perseverance. Long-term success can really never happen without this trait and it is especially true in the real estate industry. So much of the industry is surrounded by and dependent on outside forces. Projects need to survive cycles, different players, trends and political leadership impacts. The industry is a long-term business.

3. Flexibility

4. Humor

5. Knowledge, expertise and technical skills

Do you have three things you would advise a new real estate professional to avoid?

Stagnation, lack of imagination and unwillingness to be flexible.

What advice would you give to another real estate professional about improving the work culture, building team morale, and helping each employee thrive?

My advice would be to empower your team members to find their own level of success, and trust in their abilities to create results that are truly exceptional.

What is your favorite “Life Lesson Quote”? Can you share a story of how that had relevance to your own life?

Theodore Roosevelt said: “It is not the critic who counts, nor the man who points out how the strong man stumbled or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood, who strives valiantly…who knows the great enthusiasm, the great devotions, and spends himself on a worthy cause.” This is also a favorite quote of my late friend Senator John McCain and I think of him often when I think of the quote.

You are a person of great influence. If you could start a movement that would bring the most amount of good to the most amount of people, what would that be? You never know what your idea can trigger. :-)

I am involved with The McCain Institute. It and the McCain family are committed to promoting that dialogue, in increasing the civility and empathy in our public debate. But we cannot succeed at restoring civil debate in an environment where our leaders promote the exact opposite. In this era of social media, when anyone can attack anyone else directly online without any thought of the damage they may cause — when so much is said and done outside of the arena, not in it — we have to return our focus to what made this country great in the first place.

How can our readers further follow your work online?

Visit us at www.theplazaco.com. Readers can also learn more about our signature projects at www.parkcentralphoenix.com and www.skysong.com.

This was very inspiring. Thank you so much for joining us!