Course Descriptions

 

MSRE Core Courses

Introduction to Real Estate

The course does not assume previous knowledge of real estate and covers: a) the participants and processes; b) the workings of different components of the real estate industry; and c) the quantitative components of basic real estate decision-making. Additionally, students are introduced to an overview of construction management, sustainability, corporate services, property law and ethics. Offered: jointly with URBDP 552

Real Estate Appraisal

Introduces students to the valuation of income-producing properties. The course examines real property interests, the economic foundations to value, and the market in which real property interests are traded. Students learn professional valuation techniques as well as strengths and weaknesses of appraisal methodology. Valuation foundations are used to explore different real estate strategies including development and investment. Offered: jointly with URBDP 555

Real Estate Finance and Investment

Introduces students to basic real estate finance and institutional analysis allowing them to quantify the financial implications of real estate decisions. Topics include: basic time value of money, financial leverage, discounted cash flow analysis (properties and institutional portfolios), assessment of various real estate investment classes and distribution of proceeds to investors. Prerequisite: R E 552/URBDP 552. Offered: jointly with URBDP 554

Real Estate Economics & Market Analysis

This course is designed to introduce students to the urban land market and the economic, spatial, and institutional contexts in which sites and properties are embedded. The course culminates with a team project that entails the preparation of a comprehensive market study. Offered: jointly with URBDP 516

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 condition, while focusing on the asset appreciation throughout the ownership cycle (acquisition, leasing and disposition). Offered: jointly with URBDP 551

Leadership in the Built Environment

Focuses on leadership principles applicable to real estate and the built environment.  Helps students articulate their career goals and understand how to apply their strengths for a successful career. Examines many Leadership styles with a focus on Authentic Leadership. Uses a diverse group of RE leaders and guest speakers to supplement readings and class exercises.

Negotiations & Conflict Resolution

Overview of negotiation theories, strategy and tactics. Heavy emphasis on negotiation simulations and role-playing exercises that grow in complexity throughout the quarter. Application of deal making procedures for various aspects of real estate decision making situations and audiences (e.g. government, community groups, real estate investors and partners). Analysis of conflict resolution techniques including negotiation, mediation, and arbitration.

Best Practices in Sustainable Real Estate

The course explores sustainability at a micro and macro level. At a macro level, the course analyzes the importance of sustainability in urban areas worldwide. At a micro level the course focuses on the adoption of environmentally friendly improvements at a building level.

Financial Modeling for Real Estate I (EXCEL)

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

Financial Modeling for Real Estate II (ARGUS)

Introduces students to commercial real estate modeling, using advanced and sophisticated software utilized by real estate professionals. The students gain mystery and confidence in setting up and using pro-formas and models to analyze real estate investment, asset management, and development.

Real Estate Law I

Focuses on the legal principles and issues essential to understanding the real estate industry, including creation of different ownership interests in real estate, legal requirements for enforceable agreements, legal remedies, regulatory framework for real estate development and investment and legal issues arising in management of real estate assets. Offered: jointly with URBDP 557

 

Corporate Real Estate Stream: Specialism Cores

Corporate Real Estate – Gateway

Emphasizes the understanding of ways real estate footprint can be a factor in attaining the vision/mission of a corporation. Analyzes principles of corporate real estate, key activities and internal relationships, customer motivation, drivers, client based strategic approaches as well as the industry evaluation process including reporting and client deliverables. 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 focuses on the development and implementation of active and passive portfolio management strategies for corporate and institutional quality real estate investment portfolios. Students will develop formal portfolio management strategies drawing upon their in-depth understanding of real estate fundamentals, portfolio theory and implementation techniques/tools for strategic and tactical planning, across public and private, primary and secondary, real estate markets.

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 project management fundamentals of both managerial concepts and technical skills. The managerial concepts include organizational structures, successful components of managing teams and SWOT analysis, while the technical skills focus on construction document review, delivery methods and the MS Project software.

 

Real Estate Development Stream: Specialism Cores

Real Estate Development – Gateway

A survey of the real estate development process, including issues of site control, public/private approvals, project design/construction, marketing, and disposition focusing on extensive MS Excel-based project pro forma modeling to test project financial feasibility and measure the creation of economic value. Prerequisite: R E 552/URBDP 552. Offered: jointly with URBDP 578

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 Dev Studio

MSRE students apply what they have learned to an actual development site(s). Working as a team, with industry mentors, neighborhood and governmental officials in developing a Business Plan reflecting highest and best use. The course focuses in commercial competitions (NAIOP) and projects in the autumn quarter or affordable housing (Bank of America’s affordable Housing Challenge) in the winter and spring quarter. Offered: jointly with URBDP 513

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

This course provides exposure to theory and analytical methods used for underwriting residential and commercial mortgages, pricing mortgage-backed securities, and estimating returns. The course also incorporates discussions of recent institutional and market changes including the implementation of Dodd-Frank and the growth in shadow banking as well as the rise of FinTech and its impact on real estate finance.

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

Analyses capital flows (global and national) and emerging capital market trends that affect the industry. Pays special attention to securitized real estate, including Real Estate Investment Trusts, and Commercial Mortgage-Backed Securities. Offered: jointly with URBDP 579

Private-Public Project Finance

Exploration of public-private partnerships and public financing methods for real estate development (e.g. CFD, IRS 63-20, LID, MFTE, LIHTC, TIF) offered via governmental jurisdictions throughout the USA. Students learn to identify and qualitatively and quantitatively evaluate appropriate financing techniques based on a project’s parameters. Offered: A.

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 covers 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.

Risk and Reward in Sustainable Development

This practical, multi-disciplinary course focuses on the intersection of sustainable building design, construction, and operations, with the law.  Students will learn to identify the risks presented by high-performing buildings and analyze frameworks and strategies to manage these challenges.  Topics include:  standards for defining “green,” market drivers, legal claims, regulatory landscape, contracts, building materials, insurance, leases, resilience, and social justice. Offered: jointly with LAW E 534

Affordable Housing & Development

This course is an introduction to the field of affordable housing. The course guides the students through the affordable housing development process and the policy issues that must be addressed to successfully plan, finance, design, construct, and manage affordable housing in the United States. The role of federal, state, local, non-profit and private sector agencies and participants will be examined.

Housing Markets and Policy

Provides students with the tools to understand housing markets, the policies in place to support housing production and remaining frictions. Emphasizes the link between housing finance systems and housing market outcomes with a focus on the US mortgage system and products. Incorporates international components to analyze factors that underlay differences and similarities in housing markets in selected countries.

Advanced Housing Studies

Offers students an advanced survey of housing studies. The course has two primary elements. First, students will select a housing-related topic that will serve as the basis of a quarter-long project. Second, students will read key texts and articles on a range of housing-related topics and participate in seminar discussions on these readings.

Spatial Analysis of Real Estate and Housing Markets

This course covers spatial analysis of real estate and housing market data. The course teaches students methods in quantitative analysis of spatial data. These methods will be applied to a variety of housing and real estate data sets to inform business decisions and policy making. Exploratory data analysis, spatial interpolation, and spatial regression will be covered in the course.