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Concentrations

Choose your path

The real estate industry covers a broad spectrum of specialties. With the largest full-time faculty in real estate education, the Cornell Baker Program in Real Estate is uniquely positioned to help students identify and craft an area of expertise that is entirely their own.

At the end of the first semester of the master’s program, you work with your advisor to select from one of five predefined areas of study or design your own concentration.

International Real Estate

Real estate opportunities exist around the world for those with a master’s degree and advanced knowledge of the industry; keen understanding of the international environment including management, communication, trade, financial, and legal strategies; and the willingness to work across borders.

Key areas of interest:

  • International finance
  • International marketing
  • Cross-cultural management
  • International economics

Total credit hours: 12 minimum, chosen from the following list:

• CRP 5076 – International Planning and Development Workshop.
• NBA 5130 – International Finance Cases
• NBA 5540 – International Finance
• NBA 6380 – Finance and Sustainable Global Enterprise Colloquium
• AEM 6960 – Perspectives in International Development
• AEM 7670 – Topics in International Finance
• DSOC 6070 – Principles of Demography

Real Estate Consulting and Market Analysis

Consulting, advisory services, and real estate market analysis rely on quantitative and analytical skills. The services span a wide diversity of activities within real estate, ranging from brokerage services to acquisitions and valuation services to financial advising. The growth of advisory services, notably through large companies such as Jones Lang LaSalle, CBRE, and others, illustrates the trend toward outsourcing activities in the increasingly complex real estate industry. Advisory services provide a diversity of opportunity, and demand a commitment to working in a variety of contexts and the ability to collaborate simultaneously with a large number of groups.

Key areas of interest:

  • Statistics
  • Econometrics
  • Database management
  • Financial analysis
  • Marketing
  • Geographic Information Systems (GIS)
  • Graphical and presentation skills

Total credits: 12 minimum, chosen from the following list:

• CRP 5080 – Introduction to GIS for Planners
• CRP 5555 – Environmental Impact Review
• CRP 6270 – Regional Economic Impact Analysis
• CRP 6560 – Real Estate Transactions and Deal Structuring
• NBA 5090 – Advanced Financial Statement Analysis
• NBA 5690 – Management Consulting Essentials
• NBA 5780 – Problem Solving Process for Consultants
• NBA 5940 – Mergers and Acquisitions – Accounting, Modeling and Evaluation of deals
• NBA 6060 – Evaluating Capital Investment Projects
• NBA 6200 – Marketing Research

Property, Asset, and Portfolio Management

Property managers, asset managers, and portfolio managers have the responsibility for maximizing the performance and value of both individual assets and the behavior of these assets in a portfolio. They are responsible for formulating and implementing long-range portfolio strategies from which individual asset management strategies devolve. While asset managers typically focus on single properties within the real estate portfolio, portfolio managers are responsible for the fund as a whole or the real estate fund within a larger mixed asset portfolio. Property managers narrow their focus to operation and management of specific assets.

Key areas of interest:

  • Asset management
  • Facility management
  • Negotiations
  • Unit-level property finance
  • Human resource management
  • Leadership

Total credits: 12 minimum, chosen from the following list:

• HADM 6255 – Real Estate Development
• HADM 6271 – Investment in Real Estate Securities and Funds
• HADM 6470 – Consumer Behavior
• HADM 6520 – Hospitality Asset Management
• HADM 7510 – Properties Development and Planning
• HADM 6055 – Hospitality, Health and Design Industry Immersion Seminar
• NBA 5120 – Applied Portfolio Management
• NBA 6950 – Game Theory and Business Strategy
• AEM 6580 – The Economics and Psychology of Sustainable Business
• AEM 5280 – Valuation of Capital Investment
• AEM 6440 – Consumer Behavior
• CRP 6560 – Real Estate Transactions and Deal Structuring

Development and Sustainability

Developing real estate is among the most entrepreneurial and rewarding activities undertaken by real estate professionals. To be a successful developer, individuals and firms must be able to read market behavior to properly time completion of projects, manage financial risks, negotiate contracts, integrate new spaces into the existing environment, and follow land-use regulations. Most real estate developers are local businesses, but some very successful international firms such as Hines Property Group and Related create large and highly complex spaces.

Key areas of interest:

  • Development process
  • Finance
  • Negotiations
  • Physical asset planning
  • Construction management
  • Sustainable building

Total credits: 12 minimum, chosen from the following list:

• HADM 6255 – RE Development
• HADM 7510 – Properties Development and Planning
• CRP 5072 – Land Use, Environmental Planning and Urban Design Workshop.
• CRP 5076 – International Planning and Development Workshop.
• CRP 5080 – Introduction to GIS for Planners
• CRP 5555 – Environmental Impact Review
• CRP 5660 – Planning and Preservation Practice: Urban Field Trip
• CRP 5840 – Green Cities
• CRP 6430 – Affordable Housing Policy and Programs.
• CRP 6560 – RE Transactions and Deal Structuring.
• CRP 6630 – Historic Preservation Law
• CRP 6860 – Planning for Sustainable Transportation
• LA 7010 – Urban Design and Planning
• NTRES 6240 – Sustainable Water Resource Management in the Face of Climate Change
• HADM 6470 – Consumer Behavior
• HADM 6570 – Project Management for Hospitality RE Development
• CRP 5563 – RE Project Workshop.
• CRP 5861 – Graphic Communications

Real Estate Finance and Investments

Debt and equity capital flows are essential for a well-functioning real estate market. Banks, life companies, and other institutions underwrite real estate loans involving existing property transaction, renovations, and ground-up development. Equity investors from individuals to multi-billion dollar REITs go through meticulous due-diligence processes to ensure that money allocated to real estate produces returns greater than or commensurate with the risks.

Total credits: 12 minimum, chosen from the following list:

• HADM 6210 – Hospitality Real Estate Finance
• HADM 6250 – Securitization and Structured Financial Products
• NBA 5040 – Federal Income Taxation of Real Estate Ventures
• NBA 5540 – International Finance
• NBA 5060 – Financial Statement Analysis
• NBA 5120 – Applied Portfolio Management
• NBA 5130 – International Finance Cases
• NBA 5245 – Introduction to Macroeconomics
• NBA 5305 – Entrepreneurial Finance: Valuation and Term Sheet Design
• NBA 5370 – Intensive Private Equity Practicum
• NBA 5420 – Investment and Portfolio Management
• NBA 5531 – Federal Income Taxation
• NBA 5540 – International Finance
• NBA 5580 – Corporate Financial Policy
• NBA 5980 – Behavioral Finance
• NBA 6460 – Financial Institutions
• NBA 5590 – The Venture Capital Industry and Private Equity Markets
• NBA 6380 – Finance and Sustainable Global Enterprise Colloquium
• REAL 6560 – Real Estate Transactions and Deal Making
• REAL 6596 – Private Equity Real Estate

Independent Concentrations

Recent independent concentrations have covered specialties including:

  • Senior housing development
  • International hospitality investment
  • International corporate real estate
  • Private real estate investment trust (REIT) consulting
  • Health care office real estate
  • Sustainable urban infill development financing

Required course(s) and elective courses needed to fulfill the requirements of an independent concentration come from discussions between the student, faculty advisor, and the director of graduate studies.