Graduate real estate education
Encyclopedia
The study of real estate
and real estate development
at the graduate school level has taken many forms, giving rise to various educational models in the United States and abroad. The decision for individuals pursing higher education in this field often comes down to choosing between a traditional degree with a specialization in real estate or an interdisciplinary degree focused wholly on real estate studies.
programs usually emphasize the business side of real estate; financing, marketing or company management and students lack adequate understanding of real estate principles and processes. Architecture and urban planning degrees typically lack adequate training in finance. As education needs have changed, business schools such as the University of Wisconsin, University of Pennsylvania
, and University of California, Berkeley
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 the mid-1980s real estate academic programs flourished as the industry 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 real estate education. One and two-year graduate level real estate degree programs originated with the founding of the MIT Center for Real Estate in 1983. Columbia University
(1985), Texas A&M University
(1985) and University of Southern California
(1986) soon offered graduate level educations. When these real estate programs were starting around the United States, it was clear that professionals must learn real estate finance and development in the classroom.
During the mid-1990s strong academic interest in real estate development "was never greater, whether it's 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." During this period, one out of two real estate programs were adding new courses as a result of increased enrollment.
In the early 2000s, prior to the Great Recession, 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. Programs such as the University of Maryland
(2006) and Johns Hopkins University
were benefactors of developer donations that raised the bar for real estate education nationally.
The late 2000s saw significant expansion of real estate programs to second and third tier universities, 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.
Today it is a general acceptance that a good education in real estate is needed to succeed in the industry. Real estate programs continue in the future to provide an excellent training ground for professionals. Graduate education is commonly a prerequisite to advancing in many aspects of real estate. Real estate programs have reflected a commitment to creating a conceptual framework for dealing with real estate development issues in a professional forum.
All students considering a career in real estate and development are advised to talk with developers, real estate lawyers, architects, asset managers, corporate real estate
directors and city planners to gain a full picture of the career options open to them and all of the educational requirements for those careers. Typically, real estate professionals in the fields of appraisal, residential or commercial sales, property management or leasing do not require graduate education. Real estate is an increasingly complex, highly competitive, fast-paced industry, and its practitioners are often finding that they need to further their knowledge and skills to advance. A graduate degree can open doors to greater job and career opportunities and command a higher salary in the marketplace.
: design, finance, and policy. Students are generally exposed to the full range of development functions - design, construction management, market analysis, finance, site planning
, and project management and operations, in addition to all real estate product types - residential, retail, office, hospitality, and industrial. Whether in the context of urban redevelopment, historic preservation, or suburban growth, MRED students learn from the developer's perspective the importance of relevant issues in law, economics, finance, market analysis, negotiation, architecture, urban history, planning, and construction project management.
The programs are a full-immersion focusing on the entire real estate
and development process-from dirt-to-deal, finance to façade-and include industry topics presented by leading local and national developers. The typical MRED student is a highly motivated individual who seeks to radically alter or enhance their career paths and join the real estate development industry. Students who graduate from the programs are committed to a career in real estate development with skills to also enter asset management, institutional investment or property management. They enter the real estate development industry with a keen awareness of developing projects that are financially viable, economically desirable, politically acceptable, environmentally respectful, socially responsible, and contextually and artfully designed.
:
In addition to the core curriculum, Master of Real Estate Development programs typically offer electives in the following areas, such as those offered at University of Southern California
and University of Maryland
:
In the final semester a candidate may have to pass a final comprehensive examination, complete a thesis for publication, or a prepare development project. A final project is most common at programs like Auburn University
, and emphasizes the analysis and solution of a real-world development case. Based upon information provided about a particular development site, students prepare a market analysis, a financial feasibility study, and a site plan. The student submits a written development proposal which is graded by his or her peers, the faculty, and more often industry professionals.
into a separate degree. Master of Science in Real Estate programs focus on topics of real estate finance, development and planning, management, investment, economics, and accounting. Some universities offer a variation on this degree, with special focus in finance, valuation or analysis.
or Business Week, but are not relative to the depth of the real estate industry studied in a MBA concentration compared with a specialized master's degree in real estate development. Real estate education has increased in recent years to fill the demand for well-educated practitioners in the industry. However, there has been a great deal of debate on what elements should be an essential part of a graduate program in order to help students succeed in the industry. Rankings have been conducted by editorial board representation of faculty members at university real estate departments, however, these results prove to be ineffective in judging the program as a whole. Many graduate programs utilize adjunct professors or guest speakers from the industry, which do not sit on editorial boards of scholarly real estate journals.
Currently there are no rankings of masters degree programs in real estate. The best method to evaluate the various degree programs is through due diligence by individual applicants, including a review of each program's curriculum and how it applies to the students academic and career goals. While there are no formal rankings for graduate real estate education, and programs are subject to greater locational impact factors than are MBA programs (due to regional and local policy influence).
A separate metric to evaluate the success of graduate real estate programs is the review of past winner's in the Urban Land Institute
Gerald D. Hines
Student Competition. Each year graduate-level students form their own multidisciplinary teams (from real estate, urban planning and business schools) and have two weeks to devise a comprehensive design and development program for a real, large-scale site full of challenges and opportunities. Submissions will consist of boards that include drawings, site plans, tables, and market-feasible financial data.
degree, perhaps with the option of concentration in real estate, and usually with a focus in finance. These MBA programs typically only include one or two courses focused in real estate. Many MBA programs do not specialize in real estate.
For those considering an MBA, there are some issues to consider:
A limited number of MBA programs provide courses in real estate as part of the typical study in business.
, with participation by the university's College of Business. It features strategic solution techniques and best practices for resolving issues in the current troubled property environment. Participants in this graduate-level certification course learn how to reposition distressed properties and participate in workout teams in four months of concentrated sessions and is structured to require minimal time away from the office. The program features thirteen credit hours offered in intensive one-and-a-half day weekly sessions.
The Certificate in Real Estate Design & Development is a certificate offered by the University of Pennsylvania School of Design
, with participation by the Wharton School of the University of Pennsylvania
.
The Certificate in Real Estate Development is a certificate offered by The Catholic University of America
.
The Graduate Certificate in Real Estate Development is a certificate offered by the Taubman College of Architecture and Urban Planning
at the University of Michigan
.
The Certificates in Commercial Real Estate and Real Estate and Finance are two certificates offered by the Boston University
.
Real estate
In general use, esp. North American, 'real estate' is taken to mean "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; an item of real property; buildings or...
and real estate development
Real estate development
Real estate development, or Property Development, is a multifaceted business, encompassing activities that range from the renovation and re-lease of existing buildings to the purchase of raw land and the sale of improved land or parcels to others...
at the graduate school level has taken many forms, giving rise to various educational models in the United States and abroad. The decision for individuals pursing higher education in this field often comes down to choosing between a traditional degree with a specialization in real estate or an interdisciplinary degree focused wholly on real estate studies.
History
Historically, real estate studies were limited to major or minor in business, such as an MBA, or training in architecture and urban planning schools. Business schoolBusiness school
A business school is a university-level institution that confers degrees in Business Administration. It teaches topics such as accounting, administration, economics, entrepreneurship, finance, information systems, marketing, organizational behavior, public relations, strategy, human resource...
programs usually emphasize the business side of real estate; financing, marketing or company management and students lack adequate understanding of real estate principles and processes. Architecture and urban planning degrees typically lack adequate training in finance. As education needs have changed, business schools such as the University of Wisconsin, University of Pennsylvania
University of Pennsylvania
The University of Pennsylvania is a private, Ivy League university located in Philadelphia, Pennsylvania, United States. Penn is the fourth-oldest institution of higher education in the United States,Penn is the fourth-oldest using the founding dates claimed by each institution...
, and University of California, Berkeley
University of California, Berkeley
The University of California, Berkeley , is a teaching and research university established in 1868 and located in Berkeley, California, USA...
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 the mid-1980s real estate academic programs flourished as the industry 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 real estate education. One and two-year graduate level real estate degree programs originated with the founding of the MIT Center for Real Estate in 1983. Columbia University
Columbia University
Columbia University in the City of New York is a private, Ivy League university in Manhattan, New York City. Columbia is the oldest institution of higher learning in the state of New York, the fifth oldest in the United States, and one of the country's nine Colonial Colleges founded before the...
(1985), Texas A&M University
Texas A&M University
Texas A&M University is a coeducational public research university located in College Station, Texas . It is the flagship institution of the Texas A&M University System. The sixth-largest university in the United States, A&M's enrollment for Fall 2011 was over 50,000 for the first time in school...
(1985) and University of Southern California
University of Southern California
The University of Southern California is a private, not-for-profit, nonsectarian, research university located in Los Angeles, California, United States. USC was founded in 1880, making it California's oldest private research university...
(1986) soon offered graduate level educations. When these real estate programs were starting around the United States, it was clear that professionals must learn real estate finance and development in the classroom.
During the mid-1990s strong academic interest in real estate development "was never greater, whether it's 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." During this period, one out of two real estate programs were adding new courses as a result of increased enrollment.
In the early 2000s, prior to the Great Recession, 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. Programs such as the University of Maryland
University of Maryland
When the term "University of Maryland" is used without any qualification, it generally refers to the University of Maryland, College Park.University of Maryland may refer to the following:...
(2006) and Johns Hopkins University
Johns Hopkins University
The Johns Hopkins University, commonly referred to as Johns Hopkins, JHU, or simply Hopkins, is a private research university based in Baltimore, Maryland, United States...
were benefactors of developer donations that raised the bar for real estate education nationally.
The late 2000s saw significant expansion of real estate programs to second and third tier universities, 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.
Today it is a general acceptance that a good education in real estate is needed to succeed in the industry. Real estate programs continue in the future to provide an excellent training ground for professionals. Graduate education is commonly a prerequisite to advancing in many aspects of real estate. Real estate programs have reflected a commitment to creating a conceptual framework for dealing with real estate development issues in a professional forum.
All students considering a career in real estate and development are advised to talk with developers, real estate lawyers, architects, asset managers, corporate real estate
Corporate Real Estate
Corporate real estate is a term used to describe the real property held or used by a business enterprise or organization for its own operational purposes...
directors and city planners to gain a full picture of the career options open to them and all of the educational requirements for those careers. Typically, real estate professionals in the fields of appraisal, residential or commercial sales, property management or leasing do not require graduate education. Real estate is an increasingly complex, highly competitive, fast-paced industry, and its practitioners are often finding that they need to further their knowledge and skills to advance. A graduate degree can open doors to greater job and career opportunities and command a higher salary in the marketplace.
Graduate real estate programs
The study of real estate can be categorized by programs offering an interdisciplinary approach, the Master of Real Estate Development programs or universities that offer a traditional degree Master of Science in Real Estate. Programs may award a Master of Science, Master, or Master of Arts, however, the key indicator is to review each degree curriculum requirements.Master of Real Estate Development
The Master of Real Estate Development (MRED) programs generally focus on the three main elements of real estate developmentReal estate development
Real estate development, or Property Development, is a multifaceted business, encompassing activities that range from the renovation and re-lease of existing buildings to the purchase of raw land and the sale of improved land or parcels to others...
: design, finance, and policy. Students are generally exposed to the full range of development functions - design, construction management, market analysis, finance, site planning
Site planning
Site planning in landscape architecture and architecture refers to the organizational stage of the landscape design process. It involves the organization of land use zoning, access, circulation, privacy, security, shelter, land drainage, and other factors...
, and project management and operations, in addition to all real estate product types - residential, retail, office, hospitality, and industrial. Whether in the context of urban redevelopment, historic preservation, or suburban growth, MRED students learn from the developer's perspective the importance of relevant issues in law, economics, finance, market analysis, negotiation, architecture, urban history, planning, and construction project management.
The programs are a full-immersion focusing on the entire real estate
Real estate
In general use, esp. North American, 'real estate' is taken to mean "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; an item of real property; buildings or...
and development process-from dirt-to-deal, finance to façade-and include industry topics presented by leading local and national developers. The typical MRED student is a highly motivated individual who seeks to radically alter or enhance their career paths and join the real estate development industry. Students who graduate from the programs are committed to a career in real estate development with skills to also enter asset management, institutional investment or property management. They enter the real estate development industry with a keen awareness of developing projects that are financially viable, economically desirable, politically acceptable, environmentally respectful, socially responsible, and contextually and artfully designed.
Curriculum
The curriculum of a Master of Real Estate Development program varies slightly between universities, but is generally consistent. Many programs utilize actual case studies and complex projects to heighten the student's knowledge and strategic decision-making skills. Credit hours are typically between 30 and 40 hours. Programs that have more than 33 hours typically include additional study in business or finance. A core curriculum of 5 to 7 classes is typical at Arizona State UniversityArizona State University
Arizona State University is a public research university located in the Phoenix Metropolitan Area of the State of Arizona...
:
- 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 EntitlementEntitlementAn entitlement is a guarantee of access to benefits based on established rights or by legislation. A "right" is itself an entitlement associated with a moral or social principle, such that an "entitlement" is a provision made in accordance with legal framework of a society...
Process
In addition to the core curriculum, Master of Real Estate Development programs typically offer electives in the following areas, such as those offered at University of Southern California
University of Southern California
The University of Southern California is a private, not-for-profit, nonsectarian, research university located in Los Angeles, California, United States. USC was founded in 1880, making it California's oldest private research university...
and University of Maryland
University of Maryland
When the term "University of Maryland" is used without any qualification, it generally refers to the University of Maryland, College Park.University of Maryland may refer to the following:...
:
- Affordable housingAffordable housingAffordable housing is a term used to describe dwelling units whose total housing costs are deemed "affordable" to those that have a median income. Although the term is often applied to rental housing that is within the financial means of those in the lower income ranges of a geographical area, the...
- Multi-family development
- Public-private partnerships
- Sustainable developmentSustainable developmentSustainable development is a pattern of resource use, that aims to meet human needs while preserving the environment so that these needs can be met not only in the present, but also for generations to come...
- Urban infill
In the final semester a candidate may have to pass a final comprehensive examination, complete a thesis for publication, or a prepare development project. A final project is most common at programs like Auburn University
Auburn University
Auburn University is a public university located in Auburn, Alabama, United States. With more than 25,000 students and 1,200 faculty members, it is one of the largest universities in the state. Auburn was chartered on February 7, 1856, as the East Alabama Male College, a private liberal arts...
, and emphasizes the analysis and solution of a real-world development case. Based upon information provided about a particular development site, students prepare a market analysis, a financial feasibility study, and a site plan. The student submits a written development proposal which is graded by his or her peers, the faculty, and more often industry professionals.
List of United States graduate real estate development programs
| University | Degree granted | Since | Credits | Location |
|---|---|---|---|---|
| Arizona State University Arizona State University Arizona State University is a public research university located in the Phoenix Metropolitan Area of the State of Arizona... |
Master of Real Estate Development | 2006 | 33 | Tempe, AZ |
| Auburn University Auburn University Auburn University is a public university located in Auburn, Alabama, United States. With more than 25,000 students and 1,200 faculty members, it is one of the largest universities in the state. Auburn was chartered on February 7, 1856, as the East Alabama Male College, a private liberal arts... |
Executive Master of Real Estate Development | 2009 | 40 | Auburn, AL |
| Clemson University Clemson University Clemson University is an American public, coeducational, land-grant, sea-grant, research university located in Clemson, South Carolina, United States.... |
Master of Real Estate Development | 2004 | 54 | Clemson, SC |
| Columbia University Columbia University Columbia University in the City of New York is a private, Ivy League university in Manhattan, New York City. Columbia is the oldest institution of higher learning in the state of New York, the fifth oldest in the United States, and one of the country's nine Colonial Colleges founded before the... |
Master of Science in Real Estate Development | 1985 | 45 | New York City, NY |
| George Mason University George Mason University George Mason University is a public university based in unincorporated Fairfax County, Virginia, United States, south of and adjacent to the city of Fairfax. Additional campuses are located nearby in Arlington County, Prince William County, and Loudoun County... |
Master of Science in Real Estate Development | 2010 | 36 | Fairfax, VA |
| Massachusetts Institute of Technology Massachusetts Institute of Technology The Massachusetts Institute of Technology is a private research university located in Cambridge, Massachusetts. MIT has five schools and one college, containing a total of 32 academic departments, with a strong emphasis on scientific and technological education and research.Founded in 1861 in... |
Master of Science in Real Estate Development | 1983 | 27 | Cambridge, MA |
| New York University New York University New York University is a private, nonsectarian research university based in New York City. NYU's main campus is situated in the Greenwich Village section of Manhattan... |
Master of Science in Real Estate Development | 2010 | 42 | New York City, NY |
| Nova Southeastern University Nova Southeastern University Nova Southeastern University, commonly referred to as NSU or Nova, is a private, coeducational, nonsectarian, research university located in Broward County, Florida, with its main campus in the town of Davie... |
Master of Science in Real Estate Development | 40 | Fort Lauderdale, FL | |
| Portland State University Portland State University Portland State University is a public state urban university located in downtown Portland, Oregon, United States. Founded in 1946, it has the largest overall enrollment of any university in the state of Oregon, including undergraduate and graduate students. It is also the only public university in... |
Master of Real Estate Development | 2012 | Portland, OR | |
| Texas A&M University Texas A&M University Texas A&M University is a coeducational public research university located in College Station, Texas . It is the flagship institution of the Texas A&M University System. The sixth-largest university in the United States, A&M's enrollment for Fall 2011 was over 50,000 for the first time in school... |
Master of Science in Land Development | 1985 | 45 | College Station, TX |
| University of Maryland University of Maryland, College Park The University of Maryland, College Park is a top-ranked public research university located in the city of College Park in Prince George's County, Maryland, just outside Washington, D.C... |
Master of Real Estate Development | 2006 | 33 | College Park, MD |
| University of Miami University of Miami The University of Miami is a private, non-sectarian university founded in 1925 with its main campus in Coral Gables, Florida, a medical campus in Miami city proper at Civic Center, and an oceanographic research facility on Virginia Key., the university currently enrolls 15,629 students in 12... |
Master of Real Estate Development and Urbanism | 2009 | 36 | Coral Gables, FL |
| University of Southern California University of Southern California The University of Southern California is a private, not-for-profit, nonsectarian, research university located in Los Angeles, California, United States. USC was founded in 1880, making it California's oldest private research university... |
Master of Real Estate Development | 1986 | 44 | Los Angeles, CA |
| University of Utah University of Utah The University of Utah, also known as the U or the U of U, is a public, coeducational research university in Salt Lake City, Utah, United States. The university was established in 1850 as the University of Deseret by the General Assembly of the provisional State of Deseret, making it Utah's oldest... |
Master of Real Estate Development | 2010 | 39 | Salt Lake City, UT |
Master of Science in Real Estate
Graduate programs that award a degree of a Master of Real Estate or Master of Science in Real Estate is typically the expansion of real estate courses in a MBA program or Business schoolBusiness school
A business school is a university-level institution that confers degrees in Business Administration. It teaches topics such as accounting, administration, economics, entrepreneurship, finance, information systems, marketing, organizational behavior, public relations, strategy, human resource...
into a separate degree. Master of Science in Real Estate programs focus on topics of real estate finance, development and planning, management, investment, economics, and accounting. Some universities offer a variation on this degree, with special focus in finance, valuation or analysis.
List of United States graduate real estate programs
| University | Degree granted | Since | Credits | Location |
|---|---|---|---|---|
| American University American University American University is a private, Methodist, liberal arts, and research university in Washington, D.C. The university was chartered by an Act of Congress on December 5, 1892 as "The American University", which was approved by President Benjamin Harrison on February 24, 1893... |
Master of Science in Real Estate | Washington, D.C. | ||
| Baruch College Baruch College Bernard M. Baruch College, more commonly known as Baruch College, is a constituent college of the City University of New York, located in the Flatiron district of Manhattan, New York City. With an acceptance rate of just 23%, Baruch is among the most competitive and diverse colleges in the nation... |
Master of Professional Studies in Real Estate | New York City, NY | ||
| Cornell University Cornell University Cornell University is an Ivy League university located in Ithaca, New York, United States. It is a private land-grant university, receiving annual funding from the State of New York for certain educational missions... |
Master of Professional Studies in Real Estate | Ithaca, NY | ||
| DePaul University DePaul University DePaul University is a private institution of higher education and research in Chicago, Illinois. Founded by the Vincentians in 1898, the university takes its name from the 17th century French priest Saint Vincent de Paul... |
Master of Science in Real Estate | Chicago, IL | ||
| Florida International University Florida International University Florida International University is an American public research university in metropolitan Miami, Florida, in the United States, with its main campus in University Park... |
Master of Science in International Real Estate | Miami, FL | ||
| Georgetown University Georgetown University Georgetown University is a private, Jesuit, research university whose main campus is in the Georgetown neighborhood of Washington, D.C. Founded in 1789, it is the oldest Catholic university in the United States... |
Master of Professional Studies in Real Estate | 2010 | 30 | Washington, D.C. |
| Georgia State University Georgia State University Georgia State University is a research university in downtown Atlanta, Georgia, USA. Founded in 1913, it serves about 30,000 students and is one of the University System of Georgia's four research universities... |
Master of Science in Real Estate | Atlanta, GA | ||
| Harvard University Harvard University Harvard University is a private Ivy League university located in Cambridge, Massachusetts, United States, established in 1636 by the Massachusetts legislature. Harvard is the oldest institution of higher learning in the United States and the first corporation chartered in the country... |
Master of Design Studies in Real Estate | Cambridge, MA | ||
| Johns Hopkins University Johns Hopkins University The Johns Hopkins University, commonly referred to as Johns Hopkins, JHU, or simply Hopkins, is a private research university based in Baltimore, Maryland, United States... |
Master of Science in Real Estate | 36 | Baltimore, MD | |
| New York University New York University New York University is a private, nonsectarian research university based in New York City. NYU's main campus is situated in the Greenwich Village section of Manhattan... |
Master of Science in Real Estate | 42 | New York City, NY | |
| Roosevelt University Roosevelt University Roosevelt University is a coeducational, private university with campuses in Chicago, Illinois and Schaumburg, Illinois. Founded in 1945, the university is named in honor of both former President Franklin Delano Roosevelt and First Lady Eleanor Roosevelt. The university's curriculum is based on... |
Master of Science in Real Estate | 2002 | Chicago, IL | |
| Texas A&M University Texas A&M University Texas A&M University is a coeducational public research university located in College Station, Texas . It is the flagship institution of the Texas A&M University System. The sixth-largest university in the United States, A&M's enrollment for Fall 2011 was over 50,000 for the first time in school... |
Master of Real Estate | College Station, TX | ||
| Tulane University Tulane University Tulane University is a private, nonsectarian research university located in New Orleans, Louisiana, United States... |
Master of Sustainable Real Estate Development | 2010 | 43 | New Orleans, LA |
| University of Central Florida University of Central Florida The University of Central Florida, commonly referred to as UCF, is a metropolitan public research university located in Orlando, Florida, United States... |
Master of Science in Real Estate | 2011 | Orlando, FL | |
| University of Denver University of Denver The University of Denver is currently ranked 82nd among all public and private "National Universities" by U.S. News & World Report in the 2012 rankings.... |
Master of Real Estate and Construction Management | 1938 | Denver, CO | |
| University of Florida University of Florida The University of Florida is an American public land-grant, sea-grant, and space-grant research university located on a campus in Gainesville, Florida. The university traces its historical origins to 1853, and has operated continuously on its present Gainesville campus since September 1906... |
Master of Science in Real Estate | Gainesville, FL | ||
| University of Illinois at Chicago University of Illinois at Chicago The University of Illinois at Chicago, or UIC, is a state-funded public research university located in Chicago, Illinois, United States. Its campus is in the Near West Side community area, near the Chicago Loop... |
Master of Arts in Real Estate | Chicago, IL | ||
| UNC Charlotte | Master of Science in Real Estate | 2012 | Charlotte, NC | |
| University of North Texas University of North Texas The University of North Texas is a public institution of higher education and research in Denton. Founded in 1890, UNT is part of the University of North Texas System. As of the fall of 2010, the University of North Texas, Denton campus, had a certified enrollment of 36,067... |
Master of Science in Real Estate Analysis | Denton, TX | ||
| University of Saint Thomas University of St. Thomas (Minnesota) The University of St. Thomas is a private, Catholic, liberal arts, and archdiocesan university located in St. Paul and Minneapolis, Minnesota, United States... |
Master of Science in Real Estate | St. Paul, MO | ||
| University of San Diego University of San Diego The University of San Diego is a Roman Catholic university in San Diego, California. USD offers more than sixty bachelor's, master’s, and doctoral programs... |
Master of Science in Real Estate | 2003 | 32 | San Diego, CA |
| University of South Florida University of South Florida The University of South Florida, also known as USF, is a member institution of the State University System of Florida, one of the state's three flagship universities for public research, and is located in Tampa, Florida, USA... |
Master of Science in Real Estate | 2010 | Tampa, FL | |
| University of Texas at Arlington University of Texas at Arlington The University of Texas at Arlington is a public research university located in Arlington, Texas, United States. The campus is situated southwest of downtown Arlington, and is located in the Dallas–Fort Worth metropolitan area. The university was founded in 1895 and served primarily a military... |
Master of Science in Real Estate | Arlington, TX | ||
| University of Washington University of Washington University of Washington is a public research university, founded in 1861 in Seattle, Washington, United States. The UW is the largest university in the Northwest and the oldest public university on the West Coast. The university has three campuses, with its largest campus in the University... |
Master of Science in Real Estate | 2010 | Seattle, WA | |
| University of Wisconsin-Madison | Global Real Estate Masters | 2010 | Madison, WI | |
| Virginia Commonwealth University Virginia Commonwealth University Virginia Commonwealth University is a public university located in Richmond, Virginia. It comprises two campuses in the Downtown Richmond area, the product of a merger between the Richmond Professional Institute and the Medical College of Virginia in 1968... |
Master of Science in Real Estate Valuation | 0 | 0 | Richmond, VA |
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.| Name | University |
|---|---|
| The Richard H. Pennell Center for Real Estate | Clemson University Clemson University Clemson University is an American public, coeducational, land-grant, sea-grant, research university located in Clemson, South Carolina, United States.... |
| MIT Center for Real Estate | MIT |
| The Graaskamp Center for Real Estate | University of Wisconsin-Madison |
| Lusk Center for Real Estate | University of Southern California University of Southern California The University of Southern California is a private, not-for-profit, nonsectarian, research university located in Los Angeles, California, United States. USC was founded in 1880, making it California's oldest private research university... |
| Colvin Institute of Real Estate Development | University of Maryland University of Maryland When the term "University of Maryland" is used without any qualification, it generally refers to the University of Maryland, College Park.University of Maryland may refer to the following:... |
| Bergstrom Center for Real Estate Studies | University of Florida University of Florida The University of Florida is an American public land-grant, sea-grant, and space-grant research university located on a campus in Gainesville, Florida. The university traces its historical origins to 1853, and has operated continuously on its present Gainesville campus since September 1906... |
Graduate-level education rankings in the US
Rankings for graduate level education are not specifically formal as other professional disciplines. MBA programs with concentrations in real estate may be ranked according to organizations such as U.S. News & World ReportU.S. News & World Report
U.S. News & World Report is an American news magazine published from Washington, D.C. Along with Time and Newsweek it was for many years a leading news weekly, focusing more than its counterparts on political, economic, health and education stories...
or Business Week, but are not relative to the depth of the real estate industry studied in a MBA concentration compared with a specialized master's degree in real estate development. Real estate education has increased in recent years to fill the demand for well-educated practitioners in the industry. However, there has been a great deal of debate on what elements should be an essential part of a graduate program in order to help students succeed in the industry. Rankings have been conducted by editorial board representation of faculty members at university real estate departments, however, these results prove to be ineffective in judging the program as a whole. Many graduate programs utilize adjunct professors or guest speakers from the industry, which do not sit on editorial boards of scholarly real estate journals.
Currently there are no rankings of masters degree programs in real estate. The best method to evaluate the various degree programs is through due diligence by individual applicants, including a review of each program's curriculum and how it applies to the students academic and career goals. While there are no formal rankings for graduate real estate education, and programs are subject to greater locational impact factors than are MBA programs (due to regional and local policy influence).
A separate metric to evaluate the success of graduate real estate programs is the review of past winner's in the Urban Land Institute
Urban Land Institute
The Urban Land Institute, or ULI, is a non-profit research and education organization with offices in Washington, D.C., Hong Kong, and London...
Gerald D. Hines
Gerald D. Hines
Gerald D. Hines is the founder and chairman of Hines, a privately held real estate firm with its U.S. headquarters located in Houston, Texas, and its European headquarters located in London....
Student Competition. Each year graduate-level students form their own multidisciplinary teams (from real estate, urban planning and business schools) and have two weeks to devise a comprehensive design and development program for a real, large-scale site full of challenges and opportunities. Submissions will consist of boards that include drawings, site plans, tables, and market-feasible financial data.
| Year | Winner | First Runner-up | Second Runner-up |
|---|---|---|---|
| 2011 | University of Michigan University of Michigan The University of Michigan is a public research university located in Ann Arbor, Michigan in the United States. It is the state's oldest university and the flagship campus of the University of Michigan... |
University of Oklahoma University of Oklahoma The University of Oklahoma is a coeducational public research university located in Norman, Oklahoma. Founded in 1890, it existed in Oklahoma Territory near Indian Territory for 17 years before the two became the state of Oklahoma. the university had 29,931 students enrolled, most located at its... |
University of Maryland University of Maryland When the term "University of Maryland" is used without any qualification, it generally refers to the University of Maryland, College Park.University of Maryland may refer to the following:... |
| 2010 | University of North Carolina University of North Carolina Chartered in 1789, the University of North Carolina was one of the first public universities in the United States and the only one to graduate students in the eighteenth century... |
Harvard University Harvard University Harvard University is a private Ivy League university located in Cambridge, Massachusetts, United States, established in 1636 by the Massachusetts legislature. Harvard is the oldest institution of higher learning in the United States and the first corporation chartered in the country... |
University of Maryland University of Maryland When the term "University of Maryland" is used without any qualification, it generally refers to the University of Maryland, College Park.University of Maryland may refer to the following:... |
| 2009 | MIT | Columbia University Columbia University Columbia University in the City of New York is a private, Ivy League university in Manhattan, New York City. Columbia is the oldest institution of higher learning in the state of New York, the fifth oldest in the United States, and one of the country's nine Colonial Colleges founded before the... |
Kansas State University Kansas State University Kansas State University, commonly shortened to K-State, is an institution of higher learning located in Manhattan, Kansas, in the United States... |
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, 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.MBA with Real Estate Concentration
Business degrees with real estate concentrations generally provide students with the opportunity to pursue a general management degree, but to specialize in real estate development or some segment of the real estate industry through a sequence or group of electives. For a long time, those wishing to study real estate had to content themselves with primarily pursuing a Master of Business AdministrationMaster of Business Administration
The Master of Business Administration is a :master's degree in business administration, which attracts people from a wide range of academic disciplines. The MBA designation originated in the United States, emerging from the late 19th century as the country industrialized and companies sought out...
degree, perhaps with the option of concentration in real estate, and usually with a focus in finance. These MBA programs typically only include one or two courses focused in real estate. Many MBA programs do not specialize in real estate.
For those considering an MBA, there are some issues to consider:
| MBA | MSc Real Estate Development | |
|---|---|---|
| Timeframe | 2 years full-time | 1 year |
| Curriculum | 1st year - Business Basics; 2nd year - Specialization largely focused on finance-related areas | Real estate focus and specialization throughout |
| Specialization | Real Estate in MBA programs is very rare. Specialization tends to be finance focused | Broad-based real estate education in design, management, law, development, economics and signficant focus on finance, e.g., real estate finance, capital markets |
| Program size | Typically, the programs are large with real estate students representing a relatively small (2% - 3%) percentage | Small groups, with commonly 25 to 50 students |
| Industry Commitment | Students pursuing a MBA may not be committed to a real estate career; therefore they are seeking a broader base | All students are committed to the real estate industry and many have real-estate related experience prior to coming to the program. An important part of the programs are the learning between students. |
| Career opportunities | Varied but with a heavy concentration in finance-related areas of the real estate industry | Significant representation in project management, development, finance-related areas, acquisitions, entrepreneurship and government |
| Thesis | Generally, not required | Typically required, usually as a professional publication or a real-life capstone competition |
| Alumni network | Usually extensive, but predominantly outside of the real estate industry | Alumni are involved in all facets of the industry and located throughout the world |
| Recruitment | Limited recruitment by real estate companies | Many students seeking employment find opportunities through peers, professors or on-site recruitment |
A limited number of MBA programs provide courses in real estate as part of the typical study in business.
| University | Degree granted | Location |
|---|---|---|
| George Washington University George Washington University The George Washington University is a private, coeducational comprehensive university located in Washington, D.C. in the United States... |
MBA with Real Estate Concentration Valuation | Washington, D.C. |
| Hofstra University Hofstra University Hofstra University is a private, nonsectarian institution of higher learning located in the Village of Hempstead, New York, United States, about east of New York City: less than an hour away by train or car... |
MBA with Real Estate Concentration | Hempstead, NY |
| Pacific States University Pacific States University Pacific States University is a private university in Harvard Heights , Los Angeles California, U.S. and member of ACICS . Founded in 1928 as an independent private institution, it has provided a comprehensive education in the fields of business, and computer science to more than 10,000 graduates... |
MBA with Concentration in Real Estate Management | Los Angeles, CA |
| Roosevelt University Roosevelt University Roosevelt University is a coeducational, private university with campuses in Chicago, Illinois and Schaumburg, Illinois. Founded in 1945, the university is named in honor of both former President Franklin Delano Roosevelt and First Lady Eleanor Roosevelt. The university's curriculum is based on... |
MBA with Real Estate Concentration | Chicago, IL |
| University of Georgia University of Georgia The University of Georgia is a public research university located in Athens, Georgia, United States. Founded in 1785, it is the oldest and largest of the state's institutions of higher learning and is one of multiple schools to claim the title of the oldest public university in the United States... |
MBA with Real Estate Concentration | Athens, GA |
| University of North Carolina at Chapel Hill University of North Carolina at Chapel Hill The University of North Carolina at Chapel Hill is a public research university located in Chapel Hill, North Carolina, United States... |
MBA with Real Estate Concentration | Chapel Hill, NC |
| University of Pennsylvania University of Pennsylvania The University of Pennsylvania is a private, Ivy League university located in Philadelphia, Pennsylvania, United States. Penn is the fourth-oldest institution of higher education in the United States,Penn is the fourth-oldest using the founding dates claimed by each institution... |
MBA with Real Estate Concentration | Philadelphia, PA |
| University of Wisconsin | MBA with Real Estate Concentration | Madison, WI |
Non-degree programs
The Certificate in Property Repositioning and Turnaround Strategies is a unique program offered by the University of Texas at Arlington School of ArchitectureUniversity of Texas at Arlington School of Architecture
The University of Texas at Arlington School of Architecture is the school for Architecture, Interior Design, and Landscape Architecture at the University of Texas at Arlington....
, with participation by the university's College of Business. It features strategic solution techniques and best practices for resolving issues in the current troubled property environment. Participants in this graduate-level certification course learn how to reposition distressed properties and participate in workout teams in four months of concentrated sessions and is structured to require minimal time away from the office. The program features thirteen credit hours offered in intensive one-and-a-half day weekly sessions.
The Certificate in Real Estate Design & Development is a certificate offered by the University of Pennsylvania School of Design
University of Pennsylvania School of Design
The University of Pennsylvania School of Design is the design school of the University of Pennsylvania. It is currently ranked 3rd in urban planning by The Best Colleges, 10th in urban planning by Planetizen, and 8th in architecture by DesignIntelligence...
, with participation by the Wharton School of the University of Pennsylvania
Wharton School of the University of Pennsylvania
The Wharton School is the business school of the University of Pennsylvania, an Ivy League university in Philadelphia, Pennsylvania. Wharton was the world’s first collegiate business school and the first business school in the United States...
.
The Certificate in Real Estate Development is a certificate offered by The Catholic University of America
The Catholic University of America
The Catholic University of America is a private university located in Washington, D.C. in the United States. It is a pontifical university of the Catholic Church in the United States and the only institution of higher education founded by the U.S. Catholic bishops...
.
The Graduate Certificate in Real Estate Development is a certificate offered by the Taubman College of Architecture and Urban Planning
Taubman College of Architecture and Urban Planning
The A. Alfred Taubman College of Architecture and Urban Planning is an undergraduate and graduate institution for the built environment at the University of Michigan. Formerly known as the College of Architecture and Urban Planning, Taubman College gained the namesake of real estate developer and...
at the University of Michigan
University of Michigan
The University of Michigan is a public research university located in Ann Arbor, Michigan in the United States. It is the state's oldest university and the flagship campus of the University of Michigan...
.
The Certificates in Commercial Real Estate and Real Estate and Finance are two certificates offered by the Boston University
Boston University
Boston University is a private research university located in Boston, Massachusetts. With more than 4,000 faculty members and more than 31,000 students, Boston University is one of the largest private universities in the United States and one of Boston's largest employers...
.
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 degree with a concentration in real estate (typically two courses during the senior year).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.Graduate Real Estate Programs outside the US
External links
- The Urban Land Institute - A professional association for real estate developers and related professions