Changing and emerging patterns in American + European RE education

1. Changing and emerging patterns in American + European RE education Trends and a case study of two M. Gordon Brown Rianne Appel-Meulenbroek

2. Introduction • RE education • In USA: mostly in business school (finance dep’t); a few new in architecture/planning schools • San Diego (USA), 12 month graduate MSRE (3 yrs) • In Europe: more diverse  business, geography, law, architecture/planning • Eindhoven (NL), 2 yr MSC + BSC courses (20 yrs) • Program comparison  future RE educ. & research • Student characteristics • Programmatic structure • Body of knowledge • Disciplinarity: place vs. property

3. Eindhoven MSc students very early 20s, little full-time work experience likely to have broader social and international perspectives (student organisations) undergraduate education is likely to have greater technical depth  deeper awareness of the impacts of design and construction on real estate decision-making some are less socially skilled or confident (because of age/technical orientation) San Diego MSRE students Early to late 20s; most with work experience including real estate Likely to have more entrepreneurial orientation undergraduate education is likely to have greater business depth and liberal arts breadth more likely to be socially skilled and assertive Student characteristics

4. Europe mostly graduate, longer programs lectures, projects, research skills, thesis Eindhoven projects use live cases and integrate and apply knowledge from lectures, role-playing Focus on multi-disciplinary knowledge internships with companies USA undergraduate level: mostly 3-4 courses, not full program (although increasing) Graduate level: 12 month programs; mostly lecture courses, involvement of professionals (cases) San Diego Core, specialized, capstone courses – MBA model Focus on skills Programmatic structures

5. Body of knowledge (1) • knowledge gap - academic research vs. needs of professionals [Souza, 2000; Anikeef, 2005] • education is separate from research programs • curriculum driven by faculty availability • Areas of real estate knowledge: DCF ; risk/return; yield calculation & forecasting; property market modeling; property market cycles & forecasting  • practitioners place the following higher : [Black and Rabianski, 2003] • commercial property location requirements • ethics • forecasting of financial market cycles • forecasting of macroeconomic cycles

6. Body of knowledge (2)

7. Europe RE = multi-disciplinary as a result of historic circumstances More defined by national characteristics rather than by specific knowledge domains Role of financial economics is increasing New programs in economics schools real estate: financial and place assets that generate wealth USA RE = discipline defined by relation with economics/ finance [Liano & Chan, 2006] Seldin [2005] erosion of interdisciplinarity RE education in past 20 years decline of multidisciplinary land economics approach dominance of financial economics real estate: financial asset that generates wealth Disciplinarity (1)

8. Disciplinarity (2) • Place = spatio-material conditions, qualities and inter-relationships of real estate objects embedded in a complex of spatial/ geographic/ cultural contexts, on which are mapped social/ economic/ technical features. • Property = various financial, legal, agency and other conditions and rights inherent in ownership of land and buildings.

9. Conclusions It is by developing propositional knowledge about place and juxtaposing it with propositional knowledge about property that a deep interdisciplinary perspective on real estate can become possible! • Mokyr [2002] • Propositional knowledge: know what • Prescriptive knowledge: know how (procedural knowledge)