Course Descriptions

 

MSRE Core Courses

Introduction to Real Estate

Provides a basic overview of the participants, processes, workings of different components of the real estate industry (including a variety of uses spanning from residential, office, retail and industrial to specialized) as well as the quantitative components of the real estate decision-making. Additionally, students are introduced to an overview of construction management, sustainability, corporate services, property law and ethics.

Real Estate Appraisal

This course discusses valuation theory and the mechanisms underlying real estate appraisal practices. The course explores the unique market within which property interests are created, allocated or transferred, the dynamic nature of real estate values, and the valuation impacts of various external factors.

Real Estate Finance and Investment

Introduces students to basic real estate finance and institutional analysis which allows them to quantify the financial implications of various real estate decisions. Among the topics covered are: basic time value of money, mortgage markets, financial leverage, discounted cash flow analysis, assessment of estate investment.

Real Estate Economics & Market Analysis

The course introduces students to urban economies, land markets, locational decision making, and provides an in-depth examination of urban spatial structure and the economic, political, social, technological, and historical forces that shape it. It exposes students to the market analysis process and various tools and techniques that can be used to analyze and forecast supply, demand, and rental rates.

Asset Management

Focuses on the fundamentals and structure of asset management from a value improvement perspective. Students are educated on the proactive manner asset managers need to respond to changing tenant needs and competitive market conditions, while focusing on the asset appreciation throughout the ownership cycle (acquisition, leasing and disposition).

Leadership in the Built Environment

Focuses on leadership principles applicable to the real estate and the built environment and helps students conduct self-assessments to understand their strengths and ways they can apply them. Addresses both organizational leadership and leadership of construction processes.

Negotiations & Conflict Resolution

Overview of negotiation theories, approaches and tactics. Application of deal making procedures for various aspects of real estate decision making processes and audiences (e.g. government, community groups, real estate organizations and partners). Analysis of conflict resolution techniques, mediation, arbitration etc.

Best Practices in Sustainable Real Estate

The course discusses the application of the triple bottom line from a macro and micro level. At a macro level, the course analyzes the importance of sustainability in urban areas while introducing best practices for a variety of environmentally friendly and financially feasible interventions in the US and abroad. At a micro level the course focuses on the adoption of environmentally friendly improvements at a building level with various pay-back periods but long-lasting economic benefits.

Financial Modeling for Real Estate I (EXCEL)

Introduces students to commercial real estate modeling, use of Excel and handheld financial calculators. The course allows students to gain mastery and confidence in setting up and using pro-formas and models to analyze real estate investment, asset management, and development.

Financial Modeling for Real Estate II (ARGUS)

Introduces students to the software used by asset management and real estate investment companies, which is increasingly required by employers.

Real Estate Law I

Focuses on the legal principles and issues essential to understanding the workings of the real estate industry including development, production, marketing, operation and transfer of real estate interests. Legal issues of real estate are explored from a macro level (e.g., growth management, real estate taxation) as well as at the micro level (e.g., entitlements, contracts, leases, financing, ownership, and transaction fundamentals).

 

Corporate Real Estate Stream: Specialism Cores

Corporate Real Estate – Gateway

Focuses on basic principles of corporate real estate, structure, key activities and internal relationships. Additional emphasis is given to: customer motivation, drivers, coherent client based strategic approaches as well as the industry evaluation process, reporting and client deliverables. This course has been pre-approved as eligible for 25 CEUs towards CoreNet Global MCR Professional Designation renewal credits.  The course is offered every autumn quarter and CoreNet professionals register as non-matriculated students through non-degree enrollment: http://www.nondegree.washington.edu/nondegree/

Facilities Management

Focuses on major issues involved in facilities management including: facilities planning, financial planning, real estate management, interior space planning and management, facilities operation and maintenance, and emergency preparedness.

Risk and Portfolio Management

The course highlights the differences between asset and portfolio management, the existing theories and practices behind the development of mixed asset portfolio investment vehicles, risk profile differentiation, strategic approaches, tools (e.g. derivatives, secondary market etc.), benchmarks, performance measurement and market dynamics.

Real Estate Law II

In depth analysis of lease and acquisition administration, transaction management, lease negotiation. Analysis of underwriting, legal entity choices and title insurance

Real Estate Project Management

The course focuses on real estate and construction project management with the variety of elements and techniques students need to be knowledgeable on before entering the profession. It analyzes the types of project managers, sources of conflicts and ways to succeed in project management as well as organizational structures, delivery methods and construction schedule development. Students are also taught the significant of SWOT analysis and ways to mitigate potential threats to their project. The course uses real life examples offered by guest speakers, hands on exercises and the introduction of MS Project which is used by construction managers to schedule project tasks and performance. By the end of the course the students should have accomplished the following goals: (i) Understand construction project management fundamental concepts and basics of blueprints; (ii) learn how to apply techniques which enhance project efficiency and effectiveness; (iii) develop a basic project schedule; and (iv) prepare for a worst case scenario.

 

Real Estate Development Stream: Specialism Cores

Real Estate Development – Gateway

The real estate development process is one of the critical components of the real estate industry that addresses the actual production of new product, as well as the renovation and rehabilitation of existing product. Development is a generalist activity that places the developer in the role of the project coordinator or driver who must marshal the appropriate resources –spatial, physical, human and capital—to produce real estate.

Private-Public Project Finance

The course explores creative approaches to real estate project financing involving public financing and partnerships between public agencies and private developers as well as tax and regulatory incentives offered at various levels of government throughout the USA. This overview is designed to provide students with the ability to determine whether public-private financing and/or incentives can enhance the feasibility of a project and structure a deal package appropriate to specific ownership, jurisdictional and project circumstances.

Real Estate Studio

The course incorporates a real-world real estate development opportunity analyzed in a competitive market context. It offers students the opportunity to work in interdisciplinary teams to generate solutions to “real-world” problems. In addition to drawing on their real estate coursework, students are also encouraged to develop working relationships with industry mentors from specializations within real estate and related disciplines including development, urban design, architecture, construction, appraisal, and brokerage and investment management.

Real Estate Project Management

The course focuses on real estate and construction project management with the variety of elements and techniques students need to be knowledgeable on before entering the profession. It analyzes the types of project managers, sources of conflicts and ways to succeed in project management as well as organizational structures, delivery methods and construction schedule development. Students are also taught the significant of SWOT analysis and ways to mitigate potential threats to their project. The course uses real life examples offered by guest speakers, hands on exercises and the introduction of MS Project which is used by construction managers to schedule project tasks and performance. By the end of the course the students should have accomplished the following goals: (i) Understand construction project management fundamental concepts and basics of blueprints; (ii) learn how to apply techniques which enhance project efficiency and effectiveness; (iii) develop a basic project schedule; and (iv) prepare for a worst case scenario.

 

Finance and Investment Stream: Specialism Cores

Advanced Real Estate Finance and Investment – Gateway

The course covers both private and public forms of investment, along with debt and equity positions and introduces students to real estate investments and the risk/reward trade-offs associated with various deal structures and relationships with financial institutions. It also covers real estate indices and tools to assess transaction risks.

Risk and Portfolio Management

The course highlights the differences between asset and portfolio management, the existing theories and practices behind the development of mixed asset portfolio investment vehicles, risk profile differentiation, strategic approaches, tools (e.g. derivatives, secondary market etc.), benchmarks, performance measurement and market dynamics.

Capital Markets

The course analyses capital flows (global & national) and emerging capital market trends that affect the industry. Special attention is paid to securitized real estate, including Real Estate Investment Trusts, and Commercial Mortgage-Backed Securities.

Private-Public Project Finance

The course explores creative approaches to real estate project financing involving public financing and partnerships between public agencies and private developers as well as tax and regulatory incentives offered at various levels of government throughout the USA. This overview is designed to provide students with the ability to determine whether public-private financing and/or incentives can enhance the feasibility of a project and structure a deal package appropriate to specific ownership, jurisdictional and project circumstances.

Real Estate Law II

In depth analysis of lease and acquisition administration, transaction management, lease negotiation. Analysis of underwriting, legal entity choices and title insurance.

 

Electives

Sustainable Development and Regional Economics

This course will cover sustainable strategies related to land use, transportation, building construction and building operations. It examines the economic frameworks at the local and state level, as well as from the perspective of investors, developers and tenants. The course will draw on economic concepts such as income statement vs. balance sheet, value definition and value capture, public good and game theory and will make connections with analytical methods explored in other courses.

Built Environment Law and Risk Mitigation

This multidisciplinary course will focus on the intersection of green, high performing buildings and the law. Topics will include: systems and standards for defining “green.”, federal, state and local regulatory landscape, assessment of risks and risk mitigation tools, professional liability, financing, and insurance and environmental and social justice issues. Students learn to identify and analyze the risks and challenges presented by high-performing buildings, and discuss ways to overcome these challenges.

Affordable Housing & Development

This course is intended as a broad introduction to the field of affordable housing, which will guide the student through the affordable housing development process and the policy issues that must be addressed to successfully plan, finance, design, construct and manage affordable housing. Relationships of federal tax and budget policy, as well as the role of federal, state, local, non-profit and private sector agencies and participants will be examined.