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 Real Estate, land and the sale of developed land or parce ...

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 finance (e.g., Master in Science with a 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 higher education institution or professional school that teaches courses leading to degrees in business administration or management. A business school may also be referred to as school of management, management school, s ...

(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 university, private research university in New York City, New York, United States. Chartered in 1831 by the New York State Legislature, NYU was founded in 1832 by Albert Gallatin as a Nondenominational ...

Real Estate Institute in (1967) (now known as the NYU Schack Institute of Real Estate) and in 1983 with the formation of the MIT Center for Real Estate. Soon after, other schools followed with

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

(1984),

Columbia University Columbia University in the City of New York, commonly referred to as Columbia University, is a Private university, private Ivy League research university in New York City. Established in 1754 as King's College on the grounds of Trinity Churc ...

(1985), the

University of Southern California The University of Southern California (USC, SC, or Southern Cal) is a Private university, private research university in Los Angeles, California, United States. Founded in 1880 by Robert M. Widney, it is the oldest private research university in ...

(1986),

Johns Hopkins University The Johns Hopkins University (often abbreviated as Johns Hopkins, Hopkins, or JHU) is a private university, private research university in Baltimore, Maryland, United States. Founded in 1876 based on the European research institution model, J ...

(1989), and

Cornell University Cornell University is a Private university, private Ivy League research university based in Ithaca, New York, United States. The university was co-founded by American philanthropist Ezra Cornell and historian and educator Andrew Dickson W ...

(1996) all forming professional graduate programs focused solely on real estate education. According to the Urban Land Institute, 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 market decline in economies around the world that occurred from late 2007 to mid-2009.

, 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 (GMU) is a Public university, public research university in Fairfax County, Virginia, United States. Located in Northern Virginia near Washington, D.C., the university is named in honor of George Mason, a Founding Father ...

Auburn University Auburn University (AU or Auburn) is a Public university, public Land-grant university, land-grant research university in Auburn, Alabama, United States. With more than 26,800 undergraduate students, over 6,100 post-graduate students, and a tota ...

, as well as additional coursework added by MBA 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 tertiary education and research which awards academic degrees in several academic disciplines. ''University'' is derived from the Latin phrase , which roughly means "community of teachers and scholars". Uni ...

University of Pennsylvania The University of Pennsylvania (Penn or UPenn) is a Private university, private Ivy League research university in Philadelphia, Pennsylvania, United States. One of nine colonial colleges, it was chartered in 1755 through the efforts of f ...

, and

University of California, Berkeley The University of California, Berkeley (UC Berkeley, Berkeley, Cal, or California), is a Public university, public Land-grant university, land-grant research university in Berkeley, California, United States. Founded in 1868 and named after t ...

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 university, public research university whose main campus is located on the grounds that surround Queen's Park (Toronto), Queen's Park in Toronto, Ontario, Canada. It was founded by ...

and University of Alberta 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, bus ...

York University York University (), also known as YorkU or simply YU), is a public university, public research university in Toronto, Ontario, Canada. It is Canada's third-largest university, and it has approximately 53,500 students, 7,000 faculty and staff, ...

, 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 research university in Reading, Berkshire, England. It was founded in 1892 as the University Extension College, Reading, an extension college of Christchurch College, Oxford, and became University College, ...

Master of Science in Real Estate.

Undergraduate real estate education

As with many MBA 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 Ancient Greek ; combining 'Earth' and 'write', literally 'Earth writing') is the study of the lands, features, inhabitants, and phenomena of Earth. Geography is an all-encompassing discipline that seeks an understanding o ...

urban planning Urban planning (also called city planning in some contexts) is the process of developing and designing land use and the built environment, including air, water, and the infrastructure passing into and out of urban areas, such as transportatio ...

, business, economics,

liberal arts Liberal arts education () is a traditional academic course in Western higher education. ''Liberal arts'' takes the term ''skill, art'' in the sense of a learned skill rather than specifically the fine arts. ''Liberal arts education'' can refe ...

, 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 refers to monetary resources and to the study and Academic discipline, discipline of money, currency, assets and Liability (financial accounting), liabilities. As a subject of study, is a field of Business administration, Business Admin ...

and

investment Investment is traditionally defined as the "commitment of resources into something expected to gain value over time". If an investment involves money, then it can be defined as a "commitment of money to receive more money later". From a broade ...

, planning and policy,

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 pri ...

and

construction Construction are processes involved in delivering buildings, infrastructure, industrial facilities, and associated activities through to the end of their life. It typically starts with planning, financing, and design that continues until the a ...

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, ...

, and real estate law. 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 and informally U-Dub or U Dub) is a public research university in Seattle, Washington, United States. Founded in 1861, the University of Washington is one of the oldest universities on the West Coast of the Uni ...

) 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 university, private Jesuit research university in Washington, D.C., United States. Founded by Bishop John Carroll (archbishop of Baltimore), John Carroll in 1789, it is the oldest Catholic higher education, Ca ...

and

Coursework

The course work in real estate programs varies among universities. Many programs utilize HBS-style case studies 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 and Analysis *Real Estate Finance and Analysis *Real Estate Development Project Management *Advanced Real Estate Finance *Real Estate Site Analysis and Design *Public Entitlement 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 Executive education (ExEd or Exec. Ed) refers to academic programs at graduate-level business schools for executives, business leaders and managers, globally. These programs are generally non-credit and non-degree-granting, but sometimes lead to ...

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, construction management, accounting, property management, architecture or law. One of the most common programs continues to be a Master of City Planning, regional planning, or urban planning degree with a real estate emphasis. Planning programs tend to emphasize

land use planning Land use planning or ''Land-use regulation'' is the process of regulating the Land use, use of land by a central authority. Usually, this is done to promote more desirable social and environmental outcomes as well as a more efficient resource u ...

, 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

{{Developments Real estate in the United States University programs