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 (3 or more credits):

  • CRP 6504 - Comparative Urban Development or NBA 5841 - Global Business Strategy

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

  • Emerging Markets (AEM 4420)
  • Emerging Markets Finance (NBA 5510)
  • Globalization and Human Resource Strategies (ILRHR 6616)
  • Intercultural Communication in Global Business International Management (HADM 4620)
  • International Competitive Strategy (NBA 5840)
  • International Entrepreneurship (NBA 5930)
  • International Finance (NBA 5540)
  • International Management (HADM 6160)
  • International Marketing (HADM 6405)
  • International Mergers and Acquisitions (NBA 5870)
  • International Planning and Development Workshop (CRP 5076)
  • Macroeconomics and International Trade (NBA 5240)
  • Seminar in International Planning (CRP 6710)
  • Seminar on Issues in African Development (CRP 6770)
  • Sustainable Global Enterprise (NBA 6030)
  • The Global Enterprise (NBA 6310)

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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 (3 or more credits):

  • HADM 6010 - Data Driven Analytics

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

  • Advanced Financial Statement Analysis (NBA 5090)
  • Advanced Private Equity: Negotiations and Structuring (NBA 6780)
  • Applied Econometrics (AEM 6120)
  • Data Driven Marketing (NBA 6390)
  • Econometrics (ECON 6190 and ECON 6200)
  • Financial Markets and Institutions (NBA 5430)
  • Financial Statement Analysis (NBA 5060)
  • Game Theory and Business Strategy (NBA 6950)
  • Geographic Information Systems (CRP 5080)
  • Investment Portfolio Management (NBA 5420)
  • Management of Financial Institutions (NBA 6590)
  • Marketing Research (NBA 6200)
  • Organizing for Strategic Advantage (NBA 6760)
  • Statistical Methods (ILRST 6100)
  • Urban Economics (CRP 4040)
  • Valuation Principles (NBA 6560)

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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

Total credits: 10 minimum, 12 recommended

Required course (3 or more credits):

  • HADM 6220 - Hospitality Asset 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:

  • Accounting and Financial Decision Making (NBA 5530)
  • Revenue Management (HAM 6000)
  • Facility Planning and Management (DEA 6540)
  • Hospitality Facilities Design (HADM 3510)
  • Building Technology (DEA 2040)
  • Casino Operations (HADM 4080)
  • Investment and Portfolio Management (NBA 5420)
  • Operations and Planning of Senior Living and Related Facilities (HADM 6033)
  • Planning and Managing the Workplace (DEA 3530)
  • Programming Methods in Design (DEA 6500)
  • Restaurant Revenue Management (HADM 6060)
  • Spa and Resort Development and Management (HADM 6020)
  • Alpha (NBA 5450 and NBA 5470)

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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 (3 credits):

  • HADM 6255 - Real Estate Development

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

  • Green Real Estate (CRP 6593)
  • Affordable Housing Policy and Programs (CRP 6430)
  • Project Management (NBA 5410)
  • Site Construction (LA 6180)
  • Urban Design and Planning (LA 7010)
  • Land Use, Environmental Planning, and Urban Design Workshop (CRP 5072)
  • Entrepreneurship in the Emerging Sustainable Economy (NBA 5190)
  • Project Management for Hospitality Real Estate Development (HADM 6580)

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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 (3 or more credits):

  • HADM 6210 - Hospitality Real Estate Finance

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

  • Financial Statements Analysis (HADM 6240)
  • Investment in Real Estate Securities (HADM 6271)
  • Securitization and Structured Financial Products (HADM 6250)
  • Fixed Income Analysis (HADM 6270)
  • Investment Analysis and Portfolio Management (HADM 6290)
  • International Finance (NBA 5540)
  • Valuation Principles (NBA 6560)
  • Due Diligence in Private Equity Investments (NBA 5320)
  • Entrepreneurship and Private Equity (NBA 5640)

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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.