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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. A full list of available classes can be found in the Course Catalog. A minimum of 12 elective credit hours is required for each 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

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

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

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

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.

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.