University Real Estate Programs Today: Active and Evolving

Transcription

1 urbanland.uli.o rg rg/articles/2012/dec/po rteruniversity?utm_so urce=uli&utm_medium=eblast&utm_campaign= University Real Estate Programs Today: Active and Evolving For decades, universities in the United States tended to regard real estate development as a business enterprise its purposes and methods to be taught in business schools and f ocused primarily on ways and means of f inancing, constructing, and managing the sale or rental of projects and buildings. But times are changing. Last year s Urban Land report on this subject (November/December 2011, page 90), described 21 university programs f or real estate development and f ound them responding to evolving real estate processes that require f resh approaches and ideas. Increasingly, successf ul real estate development demands practitioners who possess a broad spectrum of talents and skills f or dealing with evolving trends in development products and processes. Changes in f inancing techniques, market opportunities, project and building design, environmental f actors, and other concerns are reshaping approaches to planning and developing real estate. Many universities are acknowledging these trends by establishing or ref ormulating courses in real estate development, aiming at increasing student understanding of the process and knowledge requirements. Frequently, real estate development programs now blend program coursework with broad access to courses in the university s other schools and programs. This survey of 17 real estate programs is intended to expand the understanding and awareness of these trends. Survey f indings indicate that most university real estate development curriculums have constructed interdisciplinary programs, many in collaboration with allied schools of the university. Indeed, some universities also have worked out cooperative relationships with programs of other universities to expand the reach of their real estate development curriculums. T hree striking conclusions can be drawn f rom this year s evaluation of real estate programs: Although the New York Times reported September 28 that new enrollment in U.S. graduate schools is declining, most university graduate-level real estate programs across America appear to be holding steady on enrollment or gaining students. This trend may ref lect the growing revival of the real estate market in many communities, recognition of the increased complexities of the development process, or both. But it also may ref lect the attraction that U.S. educational opportunities in real estate development holds f or f oreign students. This review of 15 programs not previously covered in Urban Land, plus updates on two programs described in 2011, indicates that learning about real estate development remains an attractive opportunity f or many students. T he review, now in its third year, also reveals an increasing diversity of courses and on-the-ground education. Many programs are involving students in hands-on case studies in this country and abroad, and encouraging students f acility with the latest computer programs. Also, though the majority of real estate programs are administered by business schools, other programs are f ound within or allied to architecture and planning departments, and a number f eature joint programs between university schools. Most, if not all, allow substantial student access to a wide range of coursework in other schools within the universities. Another evident trend, which recognizes complexities in the marketplace and regulatory requirements, is attention in the curriculums to sustainability, mixed-use development and redevelopment, multiple transportation modes, and new-urbanist design ideas. The university programs described here include f ive initiated within the past two or three years, f ive others established f our to eight years ago with a substantial track record, and seven highly respected but varied programs established 20 to 52 years ago. All of the programs strongly ref lect their intention to build on regional strengths and opportunities in real estate development past, present, and f uture.

2 Recently Established Programs and Approaches Five programs established within the past f our years illustrate the increasing interest universities have in broadening the scope of traditional real estate development programs to recognize current trends in urban markets and policy concerns. T hese relatively new programs exemplif y the exciting variety of educational approaches to real estate development being pursued by many universities across the nation. Tulane University s Master of Sustainable Real Estate Development Above, Chuck Perry, partner at Perry Rose Development, talks to Tulane students at Highland s Village Garden in Denver, which was developed on the former site of the Elitch Gardens amusement park. The students are standing under the historic carousel building that was kept for use as an outdoor pavilion. Tulane s real estate development curriculum in New Orleans was established by its School of Architecture in T he program requires 43 credit hours f eaturing courses in sustainable urban design, along with instruction in the f undamentals of real estate development. Alexandra Stroud, the program s director, emphasizes that the Tulane curriculum requires students to start with a six-week introductory summer session. They spend two weeks getting a grounding in basic f inancial and economic aspects of real estate development, f ollowed by two weeks f ocused on the aims of sustainable development, and f inishing with two weeks devoted to learning about development challenges and market f orces in New Orleans. The f ull curriculum then requires 12 courses covering a mix of real estate, design, and hands-on study. T he city of f ers extraordinary opportunities f or hands-on case studies in the rebuilding of housing, neighborhoods, and businesses, and f or boosting students understanding of key f actors such as density and environmental values. T he curriculum is enriched by seminars and lectures by industry practitioners f rom across the nation, including a Sustainability and Globalization lecture series sponsored by several organizations in New Orleans in addition to the School of Architecture. Also, the program has established an outreach component to support community assistance through the UrbanBuild, Regional Urban Development Center, and City Center programs that were established in response to damage in the city and region f rom Hurricane Katrina. In 2011, the Tulane program organized a trip to Washington, D.C., and New York City so students could experience f irsthand the scale of and approaches to sustainability in those cities, with presentations by developers, planners, and architects involved in specif ic projects. T he planners of this relatively new curriculum say that a strong mix of basic coursework and learning about current practices in New Orleans and other cities provides an unusually broad understanding of the development process. In May 2012, 16 students graduated, and soon af terward a new class of 12 students

3 had begun studies. University of Washington s Master of Science in Real Estate T he University of Washington, a state-supported school in Seattle, began organizing a real estate studies program in 2006 and initiated a master of science in real estate (MSRE) curriculum in T he program is administered by the Runstad Center f or Real Estate Studies, which was established in 2001 through an initial gif t f rom Judy and Jon Runstad and attracted additional endowed f unds f rom 250 individuals and other sources. The MSRE curriculum of f ers a two-year academic degree f or students earning 72 graduate credits. In 2012, 17 students received the MSRE degree, and 16 are expected to receive it in Prof essor George Rolf e says the MSRE program has admitted about 13 new students to begin this f all, and he expects the program to continue to attract students f rom other programs f or specif ic classes. Generally, the MSRE courses attract about 20 students f rom the urban planning school, plus other students in business, engineering, and architecture curriculums. T he MSRE curriculum provides a "heavy dose of f undamental principles in developing real estate," Rolf e says, and the Runstad Center continues to expand course of f erings. First-year students in the program are assigned in groups of f our to work with mentors prof essional developers who introduce them to local and national real estate organizations and arrange visits to real estate projects in the Seattle area. Mentors are rotated among the groups f or the program s second year. The Runstad Center also provides f or a specialization in real estate (SRE) f or students pursuing a master of urban planning degree. The SRE requires a minimum of 18 credits in real estate subjects. The specialization program is also extended to students accepted to other master s degree programs at the university. Rolf e notes that students in the schools of engineering and architecture are especially responsive to this opportunity. Curriculums f or the MSRE and SRE are integrated, accommodating a diverse group of students with common interests in real estate but dif f erent career objectives. The Runstad Center also takes on research projects f ocused on real estate issues and problems, and organizes nondegree programs. For 23 years the center has sponsored a nondegree certif icate in commercial real estate; classes taught twice weekly by skilled real estate prof essionals typically draw 20 to 30 students, generating hundreds of graduates over the years. Also, in 2011 the center initiated the Runstad Real Estate Research Fellows Program, which selects a mix of academics, prof essionals, and students to pursue research on a variety of development issues. T he 2012 group, including two prof essors, two prof essional real estate practitioners, and two students just awarded their MSRE degrees, traveled to Istanbul to examine the development implications of its projected urban growth. Update on the Evolution of Georgetown University s Program In Washington, D.C., Georgetown University continues to expand its robust real estate program initiated just three years ago and highlighted in the 2011 report in Urban Land. According to Charles Schilke, associate dean, the program is attracting more students 310 have signed up f or the f all semester and they can choose among 50 courses. Schilke says the program is graduating 120 to 130 students a year with master s degrees in prof essional studies in real estate. He maintains that real estate education, sometimes treated by business schools as a minor subject, is increasingly understood as a challenging and evolving f ield. T his is due to a "revolution in construction methods, mounting environmental concerns, and increasingly complex f unding mechanisms," he says. In the Washington, D.C., region, real estate development has continued throughout the national downturn in project construction, although at a somewhat slower pace than bef ore the recession. As developers in the region continue to build, many are using green development practices that call f or up-to-date expertise.

4 Schilke notes that Georgetown was able to create a successf ul and expansive program relatively quickly due to the drawing power of the university s national reputation, its central location in the booming Washington area, and the increasingly demanding complexities of real estate practice. Also, he points out that the school has benef ited f rom the availability of a large cadre of skilled prof essionals willing to teach courses at the university s central location near downtown Washington. University of Utah s Master of Real Estate Development Program Developer Mica Peters shows University of Utah students special f eatures of Broadway Park Lof ts, a new six-story mixed-use development in Salt Lake City. In 2007, the David Eccles School of Business at the University of Utah established the Ivory-Boyer Real Estate Center to promote real estate education and research in Utah. As one outcome of the center s establishment, ef f orts were undertaken in cooperation with the College of Architecture and Planning to create a master of real estate development (MRED) curriculum. Arthur C. Nelson, the college s presidential chair, worked with the Ivory-Boyer center to f ashion the MRED program, which was approved in 2009 by the Utah State Board of Regents. The new program was designed to unite the real estate development process with the ideals of sustainability, while remaining mindf ul of the demands of real estate f inance. T he program was designed f or working prof essionals drawn to improving their expertise and who are attracted to courses in the late af ternoon or evening. The degree requirement calls f or completion of 42 semester credit hours. Students take 33 hours of core courses f ive in f inance and seven in real estate development subjects plus nine credits in electives ranging f rom f inance, design, and entrepreneurship to historic preservation, transportation, and sustainability. In 2009, 23 students signed up f or the program bef ore it was of f icially approved. A year later, 15 students were accepted f or the f all semester and ten f or the spring. In 2011, 20 students began the program, and f ive more entered this past spring. Buzz W. Welch, who codirects the program with Nelson, says this level of interest is quite satisf actory on a yearly basis. He notes that until recently most students had been residents of Utah, but the current class has a more diverse geographic base. Portland State University s New Real Estate Program Founded in 1946, Portland State University moved three times bef ore settling in 1952 on a 50-acre (20 ha) campus in downtown Portland. A state school with nearly 30,000 students, it has the largest undergraduate and graduate enrollment of any university in Oregon and has attracted 1,700 international students f rom 91 countries. Its 60 undergraduate and 40 graduate programs conf er 226 types of degrees. Real estate degrees at Portland State range f rom an undergraduate real estate major or minor within the business administration program to an MRED initiated in 2012 as a joint program of the School of Business Administration and the School of Urban Studies and Planning. (Students can also opt f or a real estate f inance f ocus in the business school.) Most courses are taught in the evenings by adjunct prof essional experts in the f ield. The MRED degree requires 68 credit hours in urban theory, f inance, policy, and project development. The program aims to develop students skills needed to evaluate, create, implement, and manage real estate development and is designed to make extensive use of community and regional examples of sustainabilitybased development. To that end, students in the MRED program will participate in a real estate development

5 workshop, working in teams to create a comprehensive development plan f or a selected site. Though it is nominally a two-year program, part-time students can complete the curriculum in two and a half years. For the f all 2012 semester, the MRED program attracted 14 students. In addition, the university of f ers a real estate development certif icate requiring 29 credits at the graduate level, which may count toward requirements f or master s and PhD programs. Courses are also available to qualif y f or a prof essional license. Evolving Programs Drawing Attention Five university programs in real estate development established f rom 2004 to 2008 are f ocusing on small classes and a variety of courses and activities to generate broadly knowledgeable graduates. Clemson University s MRED Executives of East West Partners show Clemson students salient aspects of recent projects in downtown Denver, including the "big picture" of Denver s downtown development process.clemson University is located near the Blue Ridge Mountains in Clemson, South Carolina. To the town s nearly 14,000 year-round inhabitants, the university adds almost 19,000 students during the school year. Its MRED program was established in 2004 as a joint degree venture by the architecture and business schools. Such pairings of university resources are increasingly attractive because they af f ord students access to an impressive range of courses and opportunities to study development in action. Prof essor Robert Benedict describes the two-year f ull-time program as a "f ull-immersion, hands-on experience" f or yearly classes currently limited to 20 students. T he curriculum is f ashioned to encourage students to "become champions of responsible development and sustainable growth within the context of economic f easibility and value creation." Students must complete at least 54 credit hours, including basic courses in business, law, and real estate f inance, plus courses f ocusing on critical aspects of development such as human settlement patterns, new construction technologies f or design and construction, strategic planning f or development, and principles of real estate practice. (Students who have taken undergraduate courses in some of these subjects may substitute electives in a variety of disciplines.) At the end of the f irst year, students set out on a "development tour" to cities such as Atlanta, Charlotte, and Savannah even as f ar away as Denver to learn f irsthand about development projects f rom the developers. Instead of ending the second year with a f inal exam, students work together through a supervised practicum f ocused on a specif ic development opportunity in a nearby city. According to Benedict, the combination of "book learning" and access to practical, on-the-ground experiences is the key to understanding the development process. University of Illinois at Chicago In 2004, the Keller Graduate School of the University of Illinois at Chicago launched a collaborative master of arts in real estate (MRE) program supported by the College of Business Administration and the College of Urban Planning and Public Af f airs. The curriculum of f ers courses in economics, f inance, and urban planning. MRE students can major in either business or planning. T he university s location in Chicago allows students to use the city as a laboratory f or learning about urban real estate markets. Obtaining the MRE

6 degree requires at least 36 semester hours of graduate credit. Seven courses totaling 27 hours (in economics, f inance, urban development, land use law, and prof essional topics) are required. In addition, students choose two courses totaling eight hours f rom either the business concentration of f our courses or the urban planning concentration of f ive courses. Teaching occurs in evening classes intended to serve prof essionals working in either public or private sectors of urban real estate. In 2006, 41 students completed the two-year program and graduated with MRE degrees. More recently, the program has graduated about 15 students per year, and T homas Bothen, director of the MRE program, could conf irm only eight students entering the program in f all The College of Urban Planning also of f ers a PhD program f or advanced study of urban development, blending urban planning and public policy concerns with the practice of real estate development. Currently including 31 students, it requires at least 96 semester hours of graduate credit beyond the baccalaureate, or generally 64 additional hours af ter receipt of the MRE degree. In addition, urban planning f aculty and students can conduct both theoretical and applied research through the college s seven research centers, institutes, and laboratories, such as the Great Cities Institute and the Voorhees Center f or Neighborhood and Community Improvement. T he Great Cities Institute, f or example, attracts 15 to 20 students every year to conduct research concerning urban development issues in the Chicago region and elsewhere. University of Miami s Variety of Options in Real Estate Education T he University of Miami, a private research university, has 12 schools and colleges serving more than 15,000 undergraduate and graduate students in more than 180 majors and programs. Perhaps because the university was f ounded in 1925 during the region s early real estate boom, it has had a strong interest in educating students in the science and art of real estate development. The School of Business of f ers several options f or obtaining a master of business administration (MBA) degree in real estate development: a two-year concentration in real estate within the business curriculum that requires a basic real estate f inance course and three additional courses, two of which may be in the School of Architecture; a joint program with the schools of Architecture and Law that culminates in a master of real estate development and urbanism degree (MRED+U); and a partnership with the School of Architecture that allows students to earn a bachelor of architecture degree while obtaining a master of business administration degree. With two internship opportunities, it requires six years to complete both degree programs. T he business school s two-year real estate concentration generally attracts about ten students a year, and requires a real estate f inance course and three electives in real estate law, investment and appraisal, and project management and modeling. In 2008, the one-year interdisciplinary program that leads to the MRED+U was initiated by the schools of Business, Architecture, and Law. Now attracting an average of 20 students and administered by the School of Architecture, the program combines f undamental aspects of real estate development with livable community planning and design. T he curriculum incorporates case studies of mixed-use development, urban inf ill development, redevelopment, historic preservation, and the integration of design, policy, management, and decision making in shaping communities built environments. Charles Bohl, who oversees the MRED-U program, highlights the value of a culminating charrette in which students apply their skills in design and development to a prospective, real-world project. The MRED+U program is also the host of executive education training programs and of f ers a variety of short courses, such as classes f or nondevelopers and training in use of MS Excel and in conducting charrettes. In addition, it of f ers an online, 55-hour course in the principles and practice of new urbanism.

7 T he School of Business is now working with the School of Architecture to launch an accelerated program in 2013 to be f ocused on commercial development. It will begin with an internship, and another internship will f ollow between the f irst and second semesters; it also will provide consulting opportunities with nonprof it real estate organizations. University of St. T homas s MSRE Curriculum T he University of St. T homas, established in 1885, maintains campuses in downtown Minneapolis and St. Paul, Minnesota. Most of its 13,000 students reside within the extensive Twin Cities metropolitan area, which has a population of 3.2 million and an active market f or development. Founded as a Roman Catholic institution, the school considers its mission to be inspired by the Catholic intellectual tradition. T he university established an undergraduate real estate program in 1995, which currently has 37 students aiming to obtain a bachelor of science degree in real estate in the Opus College of Business. In 2002, the university initiated a program f or obtaining an MSRE degree, which currently has 34 students, most already working in real estate. The university says the MSRE can be completed in 24 months f or students working f ull time, or an accelerated 16-month program can be completed by taking classes in summer and January terms, as well as f all and spring semesters. T he MSRE curriculum calls f or completion of ten three-credit core courses and a six-credit capstone option either to complete a thesis course or two elective courses such as corporate or international real estate or business courses of f ered by the Opus College of Business graduate programs. Students take part in group exercises and case studies, and because many students are already working in the industry, they learn f rom each other as well. The Shenehon Center f or Real Estate holds conf erences dealing with real estate issues and publishes a monthly report on the housing market in the Twin Cities. Marquette University s Undergraduate Real Estate Program Marquette University is an institution of 13,000 students located in Milwaukee. In 2002, it brought PhD Mark Eppli to occupy the Bell Chair in Real Estate, with the primary mission of organizing and overseeing an undergraduate real estate curriculum. T he program began in 2003, graduates about 25 students each year, and currently has 60 students taking courses. It of f ers a broad education mindf ul of ethical ideals. All students at Marquette must complete 12 core courses (36 credit hours) that range f rom such subjects as rhetoric and mathematical reasoning to diverse cultures, literature/perf orming arts, and theology. Upon completion of these courses, students can turn to meeting course requirements f or the undergraduate major in commercial real estate in the College of Business Administration. T he curriculum requires two core courses in real estate principles and f inance, plus three electives f rom 13 specialized courses in real estate and f inance (including an internship possibility) and f our business electives, f or a total of 39 credits. Courses are taught by prof essionals in the real estate f ield and take advantage of classroom, on-site, and of f -site experiences. Students can participate in an on-campus real estate organization, as well as other industry organizations. T he program sponsors quarterly lectures in cooperation with regional organizations. An advisory group made up of 180 real estate and related prof essionals meets semiannually, and members assist with curriculum, placement, f inancial, and teaching needs. Long-Established Schools Continuing to Break New Ground T he f ollowing seven university programs f eature a variety of approaches f or educating students about real estate. T hey range f rom the ten-month, highly intensive program at the Massachusetts Institute of Technology (MIT) limited to 25 students, to the University of Calif ornia, Berkeley s two-year MBA program that attracts about 70 students per year and f eatures substantial interaction with the community. Rutgers s master of city and regional planning combines a variety of programs bearing on development, while Portland State University s MRED program is a joint venture of its Business School and College of Urban Studies and

8 Planning. MIT s Center for Urban Real Estate Above, MIT students visit the 88th f loor of One World Trade Center as higher f loors are being completed.established in 1984, the intensive one-year program at MIT leading to a master of science in real estate development (MSRED) degree quickly became one of the most respected curriculums in real estate education. Rather than insist on an initial year of general business coursework, MIT s Center f or Urban Real Estate f ocuses directly on the "real estate asset and its related disciplines," drawing on many MIT resources, including the schools of architecture and planning, engineering, economics, and management. In 2012, the school moved into new and renovated spaces in a central location at the university. Prof essor David Geltner says the program tends to attract students with previous experience in the business of development who have "a practical mindset" and are committed to building better living and working environments. T he curriculum was designed f or 25 students; typically about one-third have already earned master s degrees. About one-third come f rom outside the United States. The curriculum begins in the f all with a two-week orientation, f ollowed by 11 months of intensive f ull-time study and ending with a thesis altogether taking the equivalent of about two and a half semesters. Core courses scheduled f or weekly meetings of ten meet again within the week to reach closure on dif f icult subjects. For the f irst semester in the school year, core courses included real estate f inance and investment, real estate economics, a special seminar on real estate products, and one of f our elective courses negotiating new ventures, introductory urban design, mixed-income housing, or land use policy. T he spring courses f ocus on complex urban projects and capital markets, plus two electives in negotiating techniques, innovative project delivery, or analytical tools f or making design decisions. During this period, students bond in a "tight cohort" promoting team building in an international context, notes Prof essor Tod McGrath. T he curriculum ends with individual thesis projects and presentations. T he center also sponsors lectures by well-known prof essionals in real estate. In 2012, the center joined with the Sloan Real Estate Club to sponsor a symposium that attracted nearly 160 researchers and practitioners f rom the Boston region. In addition, the center of f ers what it terms "f inance boot camps" two-day summer courses and a range of short courses f or real estate prof essionals. University of San Diego Programs in Real Estate Development

9 Above: Professor Norm Miller points out key features of downtown development in San Diego. The University of San Diego was created in 1979 by the union of two colleges established as Roman Catholic institutions. Today, the university draws more than 800 f aculty members and 7,800 students to its 180-acre (316 ha) campus. T he School of Business Administration provides an undergraduate real estate major that requires 15 units in real estate af ter completion of basic business courses. At the graduate level, the Burnham-Moores Center f or Real Estate f ocuses on teaching a ten-month concentration (or 22 months or less f or part-time students) f or an MSRE degree. Typically attracting 20 to 25 students, the graduate program this year has 17 students, two of whom are in a dual degree program. T he curriculum requires 32 units of coursework in areas that include real estate law and public policy, real estate market analysis, design and construction management, negotiations and ethical issues, and sustainable real estate. T he curriculum ends with a capstone project that typically involves the whole class in analyzing a development opportunity in the San Diego area and f raming a workable proposal. One recent project involved constructing a public/private parking f acility under a public park, and addressing design, economic implications (both public and private), and other issues. T he curriculum increasingly ref lects concerns about sustainability and green practices, including a three-day training period concerning the Leadership in Energy and Environmental Design (LEED) rating system. T he School of Business Administration also of f ers an MBA-MSRE dual degree program that requires 74 units of coursework and two practicums, which can be completed in two school years and a f all or summer session. T he program requires 14 hours of community service, a prof essional development course, leadership labs, and an internship or other work experience during the program. Also of f ered is an international MBA-MSRE program that makes some alterations to the dual degree program. Northwestern University s Kellogg School Real Estate Program Located in Evanston, Illinois, bordering Chicago, Northwestern University has of f ered a real estate program through the Kellogg School of Management f or 25 years. Students can choose a major in real estate among many options such as marketing and international business and receive their MBAs f rom the Kellogg School. In addition, students in the McCormick School of Engineering and Architecture can take real estate courses at Kellogg. About 300 students a year take real estate courses in the program, though the number of students working toward a major in the real estate program has f allen in recent years to about 30 f rom 60 earlier. Almost all classes are taught on weeknights so part-time students can work toward the master s degree. Real estate students gain considerably f rom Northwestern s location in the Chicago area, which, with its lively real estate scene, enables the school to work closely with local real estate companies. Some classes essentially serve as lab courses in which students interact with real estate companies to carry out research on specif ic investment and development issues and present their f indings to the companies. One course, the Real Estate Challenge, is organized as a competition with students at the University of Chicago Booth School of Business and f ocuses on evaluating a specif ic development or investment opportunity. In addition, Northwestern students plan a yearly Chicago-area real estate conf erence, and twice a year students organize visits to real estate companies in other cities to learn about their operations and local projects. Northwestern students benef it f rom support f rom the Guthrie Center f or Real Estate Research, created in T he Guthrie Center works with the Kellogg School s real estate f aculty and students on research projects that involve real estate markets, public and private f inance, project management, and the development process. T he center also helps students f ind summer and f ull-time employment. Georgia State University s MSRE and Other Programs

10 Georgia State University, f ounded in 1913, occupies a large campus in downtown Atlanta and of f ers 60 graduate and undergraduate programs f or about 30,000 students. In 2006, the university began a $1 billion campus expansion planned to include a new building f or the J. Mack Robinson College of Business. For 52 years, the Department of Real Estate within the business school has of f ered a broad range of programs to prepare students "to deal in land assets as investors, brokers, appraisers, analysts, f inanciers, or developers," according to the online program description. T he department administers an undergraduate program that currently attracts about 100 students to earn a bachelor of business administration degree in real estate or a minor in real estate development. Graduate students can work toward an MSRE, an MBA major or concentration in real estate, or a hotel real estate concentration in real estate. T he master s curriculum requires 27 semester hours in nine basic real estate courses and nine hours in three elective courses. According to Prof essor Jon Wiley, the master s programs are enrolling 25 to 30 graduate students a year f ewer during the current recession than was the case in previous years. Fif teen to 20 percent of students in the master s curriculums come f rom f oreign countries. Classes in real estate development are taught by accomplished researchers and experienced real estate prof essionals, Wiley says. T heir teaching combines theory with a practical orientation intended to encourage student participation in analytical, problem-solving approaches. A doctoral program also is of f ered, currently with seven students working toward a PhD in real estate. The college also sponsors a nondegree certif icate in real estate. Wiley credits the strength of the program to the pull of the Atlanta area. He estimates that a majority of the real estate graduates come f rom the Atlanta area and that as many as 80 to 90 percent will continue to live in Georgia. "There s so much going on in this region," he says, "with a relatively strong economy, an attractive airport, MARTA [Metropolitan Atlanta Rapid Transit Authority], the new greenbelt, and lots of room f or growth" all f actors that generate a strong real estate job market. Wiley also stresses the strong support of graduates who remain engaged in real estate in the state and region, many of whom lecture in the department s courses. Rutgers University Program in Urban Planning and Policy Development Rutgers Prof essor Anton Nelessen oversees student modeling of a suburban site in the New York City area. Founded in 1776, Rutgers University in New Jersey became a state university in 1945 and currently oversees three campuses and more than 175 academic departments that serve over 60,000 students. T he Rutgers program in urban planning and policy development, in the Edward J. Bloustein School of Planning and Public Policy, bridges the typical divides between public regulatory processes and market approaches to urban and suburban real estate development. T he master s planning program, established in 1967, is one of the largest in the country, with about 190 students. Robert Burchell, chair of urban planning and policy development and director of the Center f or Urban Policy Research at Rutgers, emphasizes that the program combines a f ocus on social concerns with analytic skills in diverse disciplines with the goal of meeting the needs of students with varying interests. Rutgers students learn about public regulatory aspects of development and how market f orces must be f actored into the equation to yield desirable and prof itable community development.

11 T he master of city and regional planning degree requires 24 credits provided by a planning history and theory class, an urban economic and special patterns class, three courses in methods of planning analysis, two planning studios, and a survey of planning law, plus 24 credits of electives, 12 of which are required in a specif ic concentration. Students wishing to f ocus on the housing and real estate concentration one of f ive concentrations available select three of seven three-credit courses of f ered on housing principles and land development practice, residential and commercial f inance and investment analysis, land use administration, historic preservation, and green building techniques. T hey must also take one course in urban redevelopment, economic redevelopment, housing analysis, or public f inance. T he school s other areas of concentration are transportation planning, environmental and physical planning, international development, and urban and community development. In addition, options f or students include a master s degree in public policy, undergraduate degrees in planning and public policy, and a doctoral degree in planning and public policy. Most students are given a stipend to support their studies, and employment opportunities are available to conduct hands-on research in one of the school s centers and institutes. Johns Hopkins University s Edward St. John Real Estate Program Johns Hopkins University s Carey Business School launched a real estate curriculum 22 years ago with evening classes in Baltimore and Washington, D.C. Like similar programs at other universities, the school intended to make it possible f or students to acquire an advanced degree while working in f ull-time jobs. The part-time MSRE curriculum is designed so that students can take evening courses and complete the program in two years. Michael Anikeef f, who heads the real estate program, says more than 720 students have graduated f rom the part-time program, and most continue to live and work in the Washington/Baltimore region. T he Hopkins program also has established an accelerated, f ull-time master of science degree with a 12- month course of study, taught by Johns Hopkins prof essors and practitioners drawn f rom experts in the region s investment, development, law, architecture, and planning f ields. T he program includes courses and workshops particularly oriented to the project development process. During the summer, students participate in internships to gain hands-on experience. Currently, 31 f ull-time students, two-thirds f rom other countries, are engaged in the program. The accelerated f ull-time MSRE curriculum, launched f ive years ago, has graduated 77 students. Hopkins also of f ers an MBA with a concentration in real estate, requiring f ive eight-week terms of core business courses, f ollowed by courses in real estate. T he MBA students may complete academic requirements in three years, or up to six years if necessary. Currently, the MBA curriculum is of f ered in Columbia and Rockville, Maryland, as well as Baltimore and Washington, D.C. University of California, Berkeley s Real Estate Program Competing with Stanf ord, the Berkeley Real Estate Club won NAIOP s Real Estate Challenge, allowing members yearlong possession of the Golden Shovel award. T he real estate curriculums at Berkeley are lodged within the Haas School of Business, which of f ers several real estate courses f or students working toward an MBA. T he Haas School also administers undergraduate programs f or a bachelor of science degree or a global management concentration, and of f ers a PhD program. The Haas School aims to enroll about 240 students in the MBA program every year. Each student enters a two-year f ull-time program with courses in development, f inance, law, and planning

12 that provide a f oundation in qualitative, quantitative, analytical, strategic, and problem-solving skills. Students can choose about 60 percent of their curriculum f rom elective courses, but each student must take at least one experiential course in innovative leader development. One such course quite popular is an introduction to real estate investment analysis, building on core classwork such as f inance and economics and f ocusing on real cases. Prof essor Nancy Wallace, Calif ornia Chair of Real Estate and Urban Economics, who oversees the course, organizes students into teams of f ive or six. Each team is challenged to propose development solutions f or an actual real estate investment property and its owner or client. Students undertake extensive f ace-to-f ace interactions with stakeholders, prof essional real estate and design experts, and capital providers to f rame the development problem, identif y opportunities, and apply innovative revenue models. Each team must manage ambiguity and conf lict, generate creative solutions, and pursue adaptive f orms of governance. Stakeholders of ten play an active role in determining a f inal proposal and presentation. Projects f or this class are identif ied in cooperation with the city of Berkeley departments of Economic Development and City Planning, a city council member, and the university s Berkeley Foundation. Each project proposal generated by the students is required to include a detailed f inancial package and meet all the land use requirements f or the site. In the spring 2012 course, students dealt with large parcels in the city suitable f or technology of f ice parks, startup of f ice space, housing, hotels, and retail uses; they also considered the economic merits of privatizing two proposed student housing developments on campus. Recognizing the dif f iculties of dealing with historic sites in need of seismic repairs, Wallace recruited student architects f rom the College of Environmental Design to work with the teams. Project examples included a proposal f or the condemned Old City Hall that requires $17 million in seismic upgrades. T he team proposed that the city f inance seismic improvements based on f uture income f rom the building s proposed redevelopment as a boutique hotel. Funding proposals f or the retrof it included subordinating room taxes and the ground lease to a note issued by the city. Another project involved residential zoning f or the historic stable f or f ire engine horses. The team retained the stable f or city of f ice use, but f or the surrounding acreage came up with the concept of locating container housing on small lots a f inancially innovative idea consistent with current market dynamics and the historic requirements of the site. Students also participate in activities sponsored by the Berkeley Real Estate Club, the Accelerating Careers in Real Estate Program, and the Fisher Center f or Real Estate & Urban Economics. Final T houghts Mark J. Reidy, head of the Burnham-Moores Center f or Real Estate, f ounded in 1983 at the University of San Diego, commented in a recent center newsletter that f or many years questions about "the need f or and academic legitimacy of real estate curricula haunted start-up programs and slowed their growth." He recalled that many successf ul executives who had learned their craf t through on-the-job training questioned the value of a f ormal education in their discipline. Now, he writes, "the benef its of f ormal academic studies in real estate have been widely recognized." Certainly the benef its of educating smart, knowledgeable, and capable real estate practitioners are becoming more evident as the goals and realities of urban development are changing with new lif estyles, technical advances, and concerns about sustainable f orms of development. T his sampling of current university real estate programs indicates that educational resources f or producing knowledgeable real estate prof essionals are widely available in a variety of f ormats. Moreover, such programs have gained respect as invaluable contributors to building exciting, livable urban places.

13