Course Overview:
A hands-on introductory seminar designed to allow students to understand and interact with all aspects of the real estate investment process, including property development, local government interplay, value creation, asset management, and capital markets.
The primary objective of the course is for students to understand (1) the individuals/institutions/stakeholders that make up the real estate investment ecosystem, (2) the interests, incentives, and goals that motivate their decision-making, and (3) the forces their interactions exert on the physical, economic, and demographic nature of cities.
During each class, we will focus on a different real estate concept/area - exploring the concept from the perspectives of different stakeholder groups to understand the motivations, analytical tools, and opportunities that underpin their consideration of real estate deals in that given arena, and thus create the balance of the real estate investment value chain overall.
To demonstrate understanding of the social and economic drivers of the real estate investment system, students will participate in debate/negotiation role play and position paper exercises to highlight the interaction of investment incentives.
This class is intended for all students looking to better understand real estate as an investment asset class and a critical part of the modern global economy. Course material will be appropriate for students interested in a variety of disciplines, including Urban Studies - history, design, government, or community interests; institutional investment, investment banking/consulting, construction/engineering, and general finance/economics.
Course Objectives:
By the end of the course, students will have an understanding of the practical fundamentals of real estate and the interplay of motivations and incentives that define its role in the modern economy :
- The impact of institutional real estate investment on cities globally and the economy at large
- The process of designing real estate user/cityscape experience
- Basic real estate math, principles, and vocabulary
- The fundamentals of real estate capital markets, investment funds, and debt
- The real estate development and acquisitions process
- Valuation and asset management basics