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: 10 minimum, 12 recommended

Required courses (Minimum of 3 credit hours):

  •  NBA 5840 - International Finance

Select a minimum of 9 credit hours from the following list of topical areas; other areas by approval from faculty advisor or director of graduate studies:

  • Globalization and Human Resource Strategies (ILRHR 6616)
  • International Planning and Development Workshop (CRP 5076)
  • Sustainable Global Enterprise (NBA 6030)

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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: 10 minimum, 12 recommended

Required course (minimum of 3 credit hours):

  • HADM 6010 - Data Driven Analytics
  • NBA 6200 - Marketing Research
  • NBA 6920 - Advanced Data Analytics Applications and Methods

Select a minimum of 9 credit hours from the following list of topical areas; other areas by approval from faculty advisor or director of graduate studies:

  • Applied Econometrics (AEM 6120)
  • Geographic Information Systems (CRP 5080)
  • Hospitality Operations and Consulting (HADM 6070)
  • Financial Statement Analysis (NBA 5060)
  • Advanced Financial Statement Analysis (NBA 5090)
  • Management Consulting Essentials (NBA 5690)
  • Problem Solving Project Process for Consultants (NBA 5780)
  • Advanced Private Equity: Negotiations and Structuring (NBA 6780)
  • Game Theory and Business Strategy (NBA 6950)

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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

Required course (minimum of 3 credit hours):

  • HADM 6290 - Investment Analysis & Portfolio Management
  • NBA 5420 - Investment and Portfolio Management

Select 7 to 9 credits from the following list of topical areas; other areas by approval from faculty advisor or director of graduate studies:

  • Real Estate Technology and Innovation (BPRE 6281)
  • Real Estate Project Workshop (CRP 5563)
  • Problem-seeking through Programing (DEA 6500)
  • Wellness and Spas (HADM 6020)
  • Operations and Planning of Senior Living and Related Facilities (HADM 6033)
  • Real Estate Development (HADM 6255)
  • The Search for Alpha (NBA 5450)

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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

Required course (Minimum of 3 credit hours):

  • HADM 6255 - Real Estate Development

Select  9 credits from the following list of topical areas; other areas by approval from faculty advisor or director of graduate studies:

  • Land Use, Environmental Planning, and Urban Design Workshop (CRP 5072)
  • International Planning and Development Workshop (CRP 5076)
  • Zoning, Entitlements and Subdivision Regulations (CRP 5562)
  • Real Estate Project Workshop (CRP 5563)
  • Green Cities (CRP 5840)
  • Affordable Housing Policy and Programs (CRP 6430)
  • Real Estate Transactions and Deal Structuring (CRP 6560)
  • Urban Design and Planning (LA 7010)

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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.

Required course (minimum of 3 credit hours):

  • HADM 6210 - Hospitality Real Estate Finance

Select a minimum of 9 credit hours from the following list of topical areas; other areas by approval from faculty advisor or director of graduate studies:

  • Hospitality Strategic Financial Management (HADM 6225)
  • Securitization and Structured Financial Products (HADM 6250)
  • Investment in Real Estate Securities and Funds (HADM 6271)
  • Investment Analysis and Portfolio Management (HADM 6290)
  • International Finance (NBA 5540)
  • Entrepreneurship and Business Owners (NBA 5640)
  • Valuation Principles (NBA 6560)

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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.