The PRE Broadens its Offerings with New Real Estate Electives
During this Fall 2009 semester, the Program in Real Estate (PRE) is supplementing its curriculum with two new real estate electives. The two new courses, Introduction to Green Real Estate and Commercial Development in Real Estate, leverage the industry experience and expertise of practitioners affiliated with the PRE. Green Real Estate is being taught by Mark Vorreuter, a Class of 2009 PRE graduate, and being offered through the College of Architecture, Art, and Planning. Commercial Development in Real Estate is being taught by Andrea Foertsch and is being offered by the Department of City and Regional Planning. Foertsch, who has previously guest lectured for the PRE, has more than twenty-five years experience in real estate including positions in development, investment and asset management. “It’s nice having a professor with real industry experience because they teach in a practical manner,” stated Robert Booth, a 2nd year Program in Real Estate student taking the Commercial Development course.
Introduction to Green Real provides a discussion-based introduction into what is currently considered to be “green real estate.” The course aims to contextualize existing green real estate certification systems, compare and contrast what is “green” versus “green wash,” and review green trends and achievements in various real estate sectors. Students will discuss the social and financial merits of “going green,” propose green certifications that are suitable for real estate projects, and identify resources that can be used for further investigation. The class will provide the introductory education to become a LEED Green Associate, the precursor to becoming an Accredited Professional. “The most valuable part of the class is that we will be discussing current issues in green real estate and sustainable development and will be looking at issues relevant in today’s real estate industry,” stated Wylie Gibbins, a 1st year PRE student.
Commercial Development in Real Estate provides an in-depth investigation of both the art and the science of the commercial real estate development process, with a focus on office buildings. Students investigate each aspect of a project’s evolution, from land acquisition to building completion and occupancy. As students progress through the class, they will quantify and qualify site acquisition and due diligence, market and feasibility analysis, zoning and permitting, architectural and engineering design facilitation, financing, construction, leasing and property operations. Students will also develop project management skills, such as contract review, loan packaging, pro forma tailoring, timeline development and due diligence coordination. Leadership, negotiation, team selection, team building, community involvement, and public relations will also be discussed throughout the course.
In addition to the previously mentioned electives, the PRE will offer a new elective course on Retail Development. The course will be offered during the second eight weeks of the semester. As the title indicates, the course focuses on the development of real estate for retail businesses. The course will be led by Andrea Foertsch, but will include numerous guest speakers. More details on the course will be available later in the semester.