Using a highly effective, interactive approach, the Master of Science in Real Estate (MSRE) program develops the specialized skills needed by real estate professionals to be leaders in their field. Completion of the program requires 32 credits.
The MSRE program will provide you with the leadership, technical and interpersonal skills you need to compete for real estate careers at the middle- to upper-management levels, or to become a real estate entrepreneur.
We pay special attention to the importance of corporate social responsibility, ethics and all forms of sustainability.
MSRE 500 The Real Estate Process (2)
This course is an intensive week-long introduction to real estate fundamentals to help students establish a solid foundation. It covers the major property types and the key players/institutions in the commercial real estate business. It highlights the crucial role of being a socially responsible, ethical real estate professional in shaping communities for future generations. A number of workshops are offered to help students review/improve important skills. This course is the start of team-building and networking within the student cohort. Prominent real estate professionals serve as guest speakers and highlight the many different disciplines comprising the real estate process.
MSRE 502 Real Estate Law and Public Policy (3)
This course covers the fundamental legal principles affecting real estate. It uses case studies and current events to explore critical issues in real estate law and public policy. Special emphasis is given to transactions, investments and development of real estate as related to contracts, ownership, transfer land use and environmental issues. Readings, document reviews, class discussions, presentations and outside speakers enable a practical understanding of legal issues that impact real estate.
MSRE 503 Commercial Real Estate Finance and Investment (3)
This course introduces core concepts, principles, analytical methods and tools useful for making investment and financing decisions regarding commercial real estate assets. It studies the key parameters an investor takes into consideration when analyzing the financial feasibility of a commercial real estate investment opportunity, including property characteristics, market conditions, leverage, taxation and the tradeoff between risk and return. The course also examines the traditional capital sources that provide financing for real estate investment and development projects.
MSRE 506 Property Management (1)
This course provides an overview of property management from the perspective of a real estate owner/investor. It examines a manager's responsibilities and functions, as well as the skills needed to be successful. Using real-life cases, the course demonstrates how effective property management may help an owner achieve his/her goals and enhance the value of the investment. Specific topics include owner/tenant relations, marketing and leasing strategies, budgeting and reporting, staff management, maintenance, compliances and risk management. This course also compares the management of various types of real estate, e.g. multifamily, office, industrial, retail and others.
MSRE 507 Real Estate Development (3)
This course provides a step-by-step analysis of the phases involved in the real estate development process, including original product conceptualization based on market research, site acquisition, entitlement process and strategies, financing and marketing (lease-up or sale) of the property with the goal of creating net positive value. Leadership, management and control of the development teams are highlighted along with emphasis on overcoming the myriad land use regulations and hurdles in a given location. Metropolitan development patterns and planning agencies, transportation and environmental issues are also discussed. The course culminates in a real-life project and its presentation.
MSRE 508 Commercial Real Estate Valuation (2)
This course focuses on the theory and practice of real property valuation beginning with fundamental concepts of real estate appraisal, then gaining practical experience by completing various appraisal projects. All modern methods of appraisal are considered, including investment perspectives and risk considerations. Land residual valuation is explicitly reviewed.
MSRE 509 Commercial Real Estate Capital Markets (3)
This course examines the major capital sources for commercial real estate investment and highlights the recent trends in the capital markets. It compares and contrasts the four categories of real estate capital—private debt, private equity, public debt and public equity. Students will learn to arrange the capital stack for a real estate transaction and how different structures allocate investment risk and return to various parties. Topics in this course include mezzanine financing, real estate syndication, private real estate funds, real estate investment trusts (REITs), commercial mortgage-backed securities (CMBS) and global real estate capital markets.
MSRE 510 Real Estate Capstone (2)
This course helps refine problem-solving, career and business planning skills. It integrates the lessons learned from all prior coursework with life experiences. Speakers will address topics on leadership and provide general advice for young professionals. Each student develops a business plan focused on either adding value to an existing firm or starting a new business in the real estate industry. Teams also work on real projects in the San Diego region providing a professional presentation and a report at the end of the term. Projects will vary so that the class will be exposed to different kinds of real estate challenges.
MSRE 511 Real Estate Seminar (1)
This course bridges the academic to practitioner gap by providing student interaction with practicing real estate experts on a current topic of special interest.
MSRE 512 Technology and Databases for Real Estate Analysis (1)
This course introduces students to software applications and data sources widely used in the commercial real estate business: ARGUS Valuation-DCF, CCIM’s Site to Do Business, CoStar’s COMPS Professional and Property Professional, among others. It also provides advanced training in financial modeling using Microsoft Excel. Hands-on projects will be used to facilitate student learning.
MSRE 513 Real Estate Market Analysis (3)
This course provides the foundation for the program’s development course and eventually the capstone course. It examines the sources of demand and supply for various property types, as well as the forces that drive rents; it covers transportation and land economics and examines how these influence land values; and it explores changes in transportation costs and the impact of public transit. It also looks at how regulations affect the real estate market. Experts on market and feasibility analysis present at various points in the course.
MSRE 515 Design and Construction Management (3)
This course provides an overview of planning and design considerations for the most productive use of a site, as well as exposure to the construction management process. It considers construction management from a developer’s point of view and includes direct student interaction with design professionals and the general contracting and construction management side of the real estate industry. Students are exposed to issues such as quality control, budgeting and scheduling. Alternative project procurement and construction delivery mechanisms will be identified and compared. Students take field trips to current construction projects and work on one or two real projects.
MSRE 517 Sustainable Real Estate (3)
This course investigates the economics of sustainable design, development and management and discusses net zero buildings and features that save resources or provide better environments. As the United States focus on carbon emissions, high energy prices and climate change, the real estate industry is responding with environmentally sensitive, “green” and sustainable development practices. Property owners are recognizing sustainable real estate as an economic opportunity to attract and retain tenants; tenants are demanding buildings that incorporate sustainable features and provide greater productivity, healthy environments and a reduced carbon footprint. Students also attend a LEED training workshop, followed by the opportunity to sit for LEED accreditation.
MSRE 594 Strategic Asset Management (2)
This course examines the long-term strategic decisions in managing real estate assets. It focuses on the financial implications of these decisions by assessing their impact on a real estate investment's future cash flow stream, the riskiness of these cash flows, and the asset's underlying value. Specific topics include identifying and analyzing refinancing and recapitalization opportunities, planning capital expenditures such as renovation and expansion, developing and implementing repositioning strategies and evaluating disposition options. This course will also consider the role of real estate in a corporation and in a multi-asset portfolio.