Graduate real estate education is the study of

real estate development Real estate development, or property development, is a business process, encompassing activities that range from the renovation and re- lease of existing buildings to the purchase of raw land and the sale of developed land or parcels to other ...

at the graduate school level. It has taken many forms, giving rise to various educational models in different countries. The decision for individuals pursuing higher education in this field often comes down to choosing between a traditional degree with a focus on

real estate Real estate is property consisting of land and the buildings on it, along with its natural resources such as crops, minerals or water; immovable property of this nature; an interest vested in this (also) an item of real property, (more genera ...

finance (e.g., Master in Science with concentration in real estate) or an interdisciplinary, comprehensive degree (e.g., Master of Real Estate Development) focused wholly on real estate studies. While there are many real estate programs available to students around the country, there are only a handful of real estate ''development'' graduate programs that tackle the broader educational task of engaging the full range of real estate development (e.g., Master of Real Estate Development) -- from property acquisition to planning and permitting, law and finance, design and construction, and culminating in marketing, commercial leasing, property, portfolio and asset management.

History

Historically, graduate level coursework in real estate was limited to a major or minor in business, or training in architecture and urban planning schools. While

Business school A business school is a university-level institution that confers degrees in business administration or management. A business school may also be referred to as school of management, management school, school of business administration, or ...

(MBA) programs might emphasize the business side of real estate, MBA students typically lack adequate understanding of real estate principles and processes. Over the last several decades, the real estate industry has matured to one with great complexity and an increasingly institutional ownership structure. The increased complexity of the industry created a demand for practitioners who possessed a comprehensive knowledge of real estate beyond that of traditional MBA generalists. One and two-year graduate level real estate degree programs originated with the founding of the

New York University New York University (NYU) is a private research university in New York City. Chartered in 1831 by the New York State Legislature, NYU was founded by a group of New Yorkers led by then- Secretary of the Treasury Albert Gallatin. In 1832, th ...

Real Estate Institute in (1967) (now known as the NYU Schack Institute of Real Estate) and in 1983 with the formation of the

MIT The Massachusetts Institute of Technology (MIT) is a private land-grant research university in Cambridge, Massachusetts. Established in 1861, MIT has played a key role in the development of modern technology and science, and is one of the m ...

Center for Real Estate. Soon after, other schools followed with

Texas A&M University Texas A&M University (Texas A&M, A&M, or TAMU) is a public university, public, Land-grant university, land-grant, research university in College Station, Texas. It was founded in 1876 and became the flagship institution of the Texas A&M Unive ...

(1984),

Columbia University Columbia University (also known as Columbia, and officially as Columbia University in the City of New York) is a private research university in New York City. Established in 1754 as King's College on the grounds of Trinity Church in Manhatt ...

(1985), the

University of Southern California , mottoeng = "Let whoever earns the palm bear it" , religious_affiliation = Nonsectarian—historically Methodist , established = , accreditation = WSCUC , type = Private research university , academic_affiliations = , endowment = $8.1 ...

(1986),

Johns Hopkins University Johns Hopkins University (Johns Hopkins, Hopkins, or JHU) is a private research university in Baltimore, Maryland. Founded in 1876, Johns Hopkins is the oldest research university in the United States and in the western hemisphere. It consi ...

(1989), and

Cornell University Cornell University is a private statutory land-grant research university based in Ithaca, New York. It is a member of the Ivy League. Founded in 1865 by Ezra Cornell and Andrew Dickson White, Cornell was founded with the intention to tea ...

(1996) all forming professional graduate programs focused solely on real estate education. According to the

Urban Land Institute The Urban Land Institute, or ULI, is a nonprofit research and education organization with regional offices in Washington, D.C., Hong Kong, and London. ULI advocates progressive development, conducting research, and education in topics such as s ...

, during the mid-1990s strong academic interest in real estate "was never greater, whether for repositioning products, redeveloping inner cities, or developing more affordable housing. Students seemed to be acting on the notion that it's a temporary downturn and graduate school is a good place for the moment." As enrollment grew, real estate programs responded by adding more course offerings to satisfy the demand. In the early 2000s, prior to the

Great Recession The Great Recession was a period of marked general decline, i.e. a recession, observed in national economies globally that occurred from late 2007 into 2009. The scale and timing of the recession varied from country to country (see map). At ...

, the industry again acknowledged increasing need for graduates with superior qualifications — providing the research-based expertise necessary to solve complex problems in contemporary real estate development. The real estate graduate programs were in response to overwhelming support by alumni from the fields of real estate, construction and development to bring a specialized academic offering and from a many of universities provided limited number of non-MBA degree programs. The late 2000s saw significant expansion of real estate programs to universities such as

George Mason University George Mason University (George Mason, Mason, or GMU) is a public research university in Fairfax County, Virginia with an independent City of Fairfax, Virginia postal address in the Washington, D.C. Metropolitan Area. The university was origin ...

Auburn University Auburn University (AU or Auburn) is a public land-grant research university in Auburn, Alabama. With more than 24,600 undergraduate students and a total enrollment of more than 30,000 with 1,330 faculty members, Auburn is the second largest ...

, as well as additional coursework added by

MBA A Master of Business Administration (MBA; also Master's in Business Administration) is a postgraduate degree focused on business administration. The core courses in an MBA program cover various areas of business administration such as accounti ...

programs that commonly did not have an emphasis on real estate. To deal with the complexity of the field and its far-reaching effects, today's industry professionals require advanced training to prepare them to operate in increasingly technical and interrelated areas. As education needs have changed, business schools such as the

University of Wisconsin A university () is an institution of higher (or tertiary) education and research which awards academic degrees in several academic disciplines. Universities typically offer both undergraduate and postgraduate programs. In the United Stat ...

University of Pennsylvania The University of Pennsylvania (also known as Penn or UPenn) is a Private university, private research university in Philadelphia. It is the fourth-oldest institution of higher education in the United States and is ranked among the highest- ...

, and

University of California, Berkeley The University of California, Berkeley (UC Berkeley, Berkeley, Cal, or California) is a public land-grant research university in Berkeley, California. Established in 1868 as the University of California, it is the state's first land-grant un ...

continue to cater to students interested in the flexibility of an MBA. Wharton's real estate program, for example, takes advantage of being housed in one of the top business schools in the United States and having some of the top real estate professionals in the world as advisers. In Canada, many MBA programs, including those at the

University of Toronto The University of Toronto (UToronto or U of T) is a public research university in Toronto, Ontario, Canada, located on the grounds that surround Queen's Park. It was founded by royal charter in 1827 as King's College, the first institution ...

and

University of Alberta The University of Alberta, also known as U of A or UAlberta, is a Public university, public research university located in Edmonton, Alberta, Canada. It was founded in 1908 by Alexander Cameron Rutherford,"A Gentleman of Strathcona – Alexande ...

have also began to offer increased real estate program offerings and specialization. At the

Schulich School of Business The Schulich School of Business is the business school of York University located in Toronto, Ontario, Canada. The institution provides undergraduate and graduate degree and diploma programs in business administration, finance, accounting, busine ...

York University York University (french: Université York), also known as YorkU or simply YU, is a public research university in Toronto, Ontario, Canada. It is Canada's fourth-largest university, and it has approximately 55,700 students, 7,000 faculty and sta ...

, what was formerly an MBA specialisation in real estate has evolved in to its own distinct program, the Master of Real Estate and Infrastructure, which houses various research institutes including the Brookfield Centre for Real Estate and Infrastructure. The academic offering in Canada reflect the trends in the United States. In the United Kingdom, many real estate programs are folded into MBA programs or more commonly specialized masters such as the

University of Reading The University of Reading is a public university in Reading, Berkshire, England. It was founded in 1892 as University College, Reading, a University of Oxford extension college. The institution received the power to grant its own degrees in 192 ...

Master of Science in Real Estate.

Undergraduate real estate education

As with many

programs, undergraduate real estate education is commonly offered as a concentration, or focused area of study. Very few universities with varying academic reputation offer a bachelor's degree with a concentration in real estate (typically two courses during the senior year). An undergraduate degree in real estate is not a prerequisite for admission to a graduate real estate development program. Students from diverse backgrounds in

geography Geography (from Greek: , ''geographia''. Combination of Greek words ‘Geo’ (The Earth) and ‘Graphien’ (to describe), literally "earth description") is a field of science devoted to the study of the lands, features, inhabitants, an ...

urban planning Urban planning, also known as town planning, city planning, regional planning, or rural planning, is a technical and political process that is focused on the development and design of land use and the built environment, including air, water, ...

, business, economics,

liberal arts Liberal arts education (from Latin Latin (, or , ) is a classical language belonging to the Italic languages, Italic branch of the Indo-European languages. Latin was originally a dialect spoken in the lower Tiber area (then known as La ...

, architecture or seeking a career change are encouraged to apply.

Graduate real estate programs

There are twenty-one multi-disciplinary real estate programs which focus on the academic study of real estate primarily, the Master of Real Estate Development, while the majority of the other programs typically housed as part of a business school offer a more focused degree on finance and investment. Graduate real estate programs may award any number of degrees (e.g. Master of Real Estate Development, Master of Science in Real Estate, Master of Professional Studies in Real Estate, Master of Design Studies in Real Estate), however, the key is to review each degree curricula independent of their respective naming conventions, as there are broad differences in their content and foci that may not necessarily be reflected in the degree's name. Two examples of graduate real estate degree naming conventions include:

Master in Real Estate Development (MRED or MSRED)

The Master of Real Estate Development degree (MRED) (or sometimes called the Master of Science in Real Estate Development (MSRED)) largely focuses on specific areas within real estate rather than taking a more generalist approach. Areas of concentration may include:

finance Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline of f ...

and

investment Investment is the dedication of money to purchase of an asset to attain an increase in value over a period of time. Investment requires a sacrifice of some present asset, such as time, money, or effort. In finance, the purpose of investing is ...

planning Planning is the process of thinking regarding the activities required to achieve a desired goal. Planning is based on foresight, the fundamental capacity for mental time travel. The evolution of forethought, the capacity to think ahead, is c ...

and

policy Policy is a deliberate system of guidelines to guide decisions and achieve rational outcomes. A policy is a statement of intent and is implemented as a procedure or protocol. Policies are generally adopted by a governance body within an orga ...

infrastructure Infrastructure is the set of facilities and systems that serve a country, city, or other area, and encompasses the services and facilities necessary for its economy, households and firms to function. Infrastructure is composed of public and priv ...

and

construction Construction is a general term meaning the art and science to form objects, systems, or organizations,"Construction" def. 1.a. 1.b. and 1.c. ''Oxford English Dictionary'' Second Edition on CD-ROM (v. 4.0) Oxford University Press 2009 and ...

market analysis A market analysis studies the attractiveness and the dynamics of a special market within a special industry. It is part of the industry analysis and thus in turn of the global environmental analysis. Through all of these analyses the strengths, w ...

, and

real estate law Real estate is property consisting of land and the buildings on it, along with its natural resources such as crops, minerals or water; immovable property of this nature; an interest vested in this (also) an item of real property, (more general ...

. Students are generally exposed to the full range of functions and most real estate product types (e.g. residential, retail, office, hospitality, and industrial). MRED programs typically teach the subject matter through case studies and field experiences and by way of traditional class lectures. Whether in the context of urban redevelopment, historic preservation, or suburban growth, MRED students learn from both the investor's and developer's perspective, the importance of relevant issues in law, economics, finance, market analysis, negotiation, lease analysis, architecture, planning, and management. Many focus on the entire spectrum of the real estate development process-from dirt-to-deal, finance to façade-and include industry topics presented by leading local and national developers, financiers, and other players in the market. Included in this is the analysis of existing real estate assets and partnership structures.

Master of Science in Real Estate (MSRE)

The Master of Science in Real Estate degree (MSRE) often combines learning comprehensive business management skills with the understanding of how real estate markets work. Graduate programs that award a Master of Science in Real Estate degree are sometimes the expansion of real estate courses in a

into a degree of increased specialty or they are organically formed real estate centers within a larger college. Students who complete Master of Science in Real Estate degrees oftentimes go on to careers as real estate "project managers, asset management advisors, analysts, planners, and others." Most Master of Science in Real Estate degrees are completed in one year though two year options with the opportunity to complete a summer internship between the first and second year are available (e.g. the

University of Washington The University of Washington (UW, simply Washington, or informally U-Dub) is a public research university in Seattle, Washington. Founded in 1861, Washington is one of the oldest universities on the West Coast; it was established in Seatt ...

) The Master of Professional Studies in Real Estate is also similarly found here, as it is simply a naming convention at

Georgetown University Georgetown University is a private research university in the Georgetown neighborhood of Washington, D.C. Founded by Bishop John Carroll in 1789 as Georgetown College, the university has grown to comprise eleven undergraduate and graduate ...

and

Coursework

The course work in real estate programs varies among universities. Many programs utilize HBS-style

case studies A case study is an in-depth, detailed examination of a particular case (or cases) within a real-world context. For example, case studies in medicine may focus on an individual patient or ailment; case studies in business might cover a particular f ...

of complex real estate scenarios to heighten the student's knowledge and strategic decision-making skills. Program lengths range from 30 to 72 credit hours. Programs that have more than 33 hours will sometimes allow its students to add a concentration. A required core curriculum is typical with the core curriculum's size and makeup being largely dependent on the length and focus of the program. Example core curriculum: *Real Estate Development Principles *

Market Segmentation In marketing, market segmentation is the process of dividing a broad consumer or business market, normally consisting of existing and potential customers, into sub-groups of consumers (known as ''segments'') based on some type of shared charact ...

and Analysis *Real Estate Finance and Analysis *Real Estate Development Project Management *Advanced Real Estate Finance *Real Estate Site Analysis and Design *Public

Entitlement An entitlement is a provision made in accordance with a legal framework of a society. Typically, entitlements are based on concepts of principle ("rights") which are themselves based in concepts of social equality or enfranchisement. In psycholo ...

Process In addition to the core curriculum, most two-year programs and some one-year programs offer students the opportunity to pursue a concentration, a focus on a specialized area of interest within the real estate industry. Concentrations differ between programs and universities. Example areas of concentration: *Development *Finance *Investments *Consulting *Sustainable Development *Property and asset management *Real estate marketing and market analysis *International real estate concentrations *Affordable housing *Public-private partnerships *Urban infill Some programs, such as the MS in Real Estate Development at

, offer students the opportunity to combine elective coursework from several disciplines including business management, public policy and civil engineering.

Design education related to real estate development

The practice of real estate development requires practitioners to work with selecting building types and designs, determining appropriate dimensions, programming internal spaces, shaping the site, and appropriately fitting the project to surrounding contexts. Some programs, including Columbia University MSRED include design education in the study of real estate development. A new program established at the University at Buffalo, State University of New York, in 2015 emphasizes a capstone studio-workshop in which a multidisciplinary group of students under faculty supervision engage an actual real estate development problem for organizations acting as clients.

Executive programs in real estate

Executive degree programs in real estate offer practicing professionals the opportunity to learn while they are working. These programs are distinguished from distance programs through their uniquely blended model of residency classroom experience, distance education modules, and executive field study courses. Classes meet at the beginning of every semester, usually from five to seven days, and then complete the coursework through synchronous webinars, asynchronous discussion boards, and video lectures. Executive education in real estate is taught at numerous accredited institutions such as

Nationally recognized research centers

Real estate programs and alumni donors sponsor research by real estate faculty in numerous areas of real estate including the economics of property markets, the impacts of regulation, and the sources of equity and debt financing. Additional research, in the form of faculty-supervised student thesis work, contributes to a growing inventory of new information. The research program is essential to promoting new knowledge, advancing teaching techniques, and bridging the gap between theory and practice. Not all graduate real estate programs conduct research.

Related graduate program offerings

Professionals in real estate often hold degrees in related fields such as

city planning Urban planning, also known as town planning, city planning, regional planning, or rural planning, is a technical and political process that is focused on the development and design of land use and the built environment, including air, water, ...

, construction management, accounting, property management, architecture or law. One of the most common programs continues to be a

Master of City Planning Urban planning education is a practice of teaching and learning urban theory, studies, and professional practices. The interaction between public officials, professional planners and the public involves a continuous education on planning process. ...

, regional planning, or urban planning degree with a real estate emphasis. Planning programs tend to emphasize land use planning, transportation or infrastructure development, land use law and policy and other planning topics; students who take a concentration in real estate development will learn how it relates to planning.

Career opportunities

A sample of careers include large public real estate companies; small private entrepreneurial organizations; regional investors; companies that specialize in a single product (e.g. office/retail/multi-family); non-profits involved in areas such as affordable housing; corporations that own real estate; companies that finance real estate; and companies that provide services such as design and architecture firms, brokerage companies, investment banks, REITs, and various consultancies. Careers in the public sector at the city, county, state, federal or military level offer interesting and rewarding career opportunities related to real estate.Ross, Stan. The Inside Track to Careers in Real Estate. Urban Land Institute, Washington, D.C. 2006. The skill sets are also transferable to other industries and sectors of the economy.

References

External links

The Urban Land Institute
- A professional association for real estate developers and related professions

{{DEFAULTSORT:Real Estate Development . University programs