K.C. Conway has been removed as the chief economist at CCIM Institute, a role he’s held since 2017, after the trade organization terminated its contract with Conway’s research firm.
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Red Shoe Economics became involved in brokerage services without Conway’s consent, he wrote in a Sunday LinkedIn post, in which he said he had been suspended from the chief economist position. Conway wrote that the firm’s involvement in brokerage services were “contrary to the understanding I have respected with the CCIM Institute” since acting as the group’s chief economist.
CCIM Institute told Bisnow in a statement Tuesday, after the initial publication of this article, that it had terminated its consulting agreement with the research firm, led by Conway and Beverly Keith.
CCIM Institute became aware of internal disputes at Conway’s firm that “brought into question Red Shoe Economics’ ability to meet contracted deliverables to The CCIM Institute’s expectations,” CCIM spokesperson Danny Lysouvakon wrote in an email.
“The CCIM Institute has attempted pro-actively to work with the principals in good faith to preserve the existing professional relationship for when Red Shoe Economics’ issues were resolved,” Lysouvakon said. “However, there has now been an attempt to pull The CCIM Institute, its staff, leaders, and members into the middle of the internal Red Shoe Economics dispute.”
Lysouvakon said the industry group terminated its contract with Red Shoe Economics, which was set to expire on Dec. 31.
“With the Consulting Agreement terminated, any privileges or titles conferred to the principals, agents, or employees of Red Shoe Economics, such as CCIM Chief Economist, were similarly terminated for this time period,” Lysouvakon said.
Red Shoe Economics’ website lists Conway as a principal and futurist, while Keith has the dual titles of principal and business strategist. Conway didn't respond to Bisnow’s request for comment.
In addition to engaging in brokerage services, Red Shoe Economics has also engaged in accounting practices that have “depleted Red-Shoe Economics of funds to operate beyond October,” Conway wrote on LinkedIn.
“Due to these irreconcilable differences between the owners of Red-Shoe Economics which are under review for resolution options, or dissolution of Red-Shoe Economics, the Institute has asked that I stand aside as Chief Economist while these internal matters are resolved,” Conway wrote in the LinkedIn post.
“I have never been, I am not now, and I will never be involved in real estate brokerage activities,” Conway wrote.
He added that such activities “directly conflict” with the agreement he made with the CCIM Institute before joining as its chief economist, as well as with the stated purpose of Red Shoe Economics and with his independence as “an economist, appraiser and independent advisor and researcher.”
CCIM Institute is responsible for providing real estate professionals designation as a CCIM, or certified commercial investment member. The professional classification is a mark of expertise in the industry, with fewer than 10% of commercial real estate investors and advisers earning the title, according to the CCIM Institute website.
Conway has had a 35-year real estate career as a lender, credit officer, appraiser, instructor and economist. He was previously a chief economist at Colliers, an adviser to the banking regulation community, and he provided a briefing to the Federal Reserve Board during the subprime lending and housing crisis.
UPDATE, Oct. 17, 11:30 A.M. ET: This story has been updated to reflect a statement from CCIM Institute that it had terminated its contract with Red Shoe Economics.
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