Teaching, Research and Outreach
The Center for Real Estate is educating the next generation of industry leaders through
rigorous coursework and applied learning.
The cornerstone of the Commercial Real Estate major, established in 2003, is an applied
undergraduate experience that includes classroom, on-site and in-the-office experiences
that lead to internships, job placement and lifelong learning.
While embracing applied learning, the curriculum builds on strong theoretical and
conceptual foundations which creates a context for sound and sustainable real estate
Commercial Real Estate Major
The Commercial Real Estate Major emphasizes theory and practical applications. Students
learn how to apply principles of market analysis, financing and development with respect
to commercial real estate.
Academic criteria for the College of Business Administration Real Estate Major
Innovative problem solving requires a deep appreciation for conceptual and theoretical
foundations and the ability to apply them to a broad range of complex commercial real
Theoretically grounded applied research is critical to address today’s complex economic
and built environments. Real Estate faculty’s research includes the following areas
of commercial, residential and mortgage finance:
- Market acceptance of new urbanist and smart growth designed communities;
- Determinants of retail sales and rents in planned shopping centers;
- Pricing of commercial mortgage-backed securities;
- The impact of tax incremental financing districts on surrounding property values;
- Predatory lending and credit availability in single family and residential real estate.
Dr. Mark Eppli's Statement of Research Programs
Dr. Eppli was on sabbatical for the 2008-2009 academic year. He took this opportunity
to work on a number of research projects within the areas of: analyzing cost benefit
of tax incremental financing, estimating commercial property values for the City of
Washington, D.C., determining tenant leasing behavior in regional shopping centers,
and assessing the stability of house prices in new urbanist communities.
In the spring of 2009, Dr. Eppli headed to Melbourne, Australia to work with Ph.D.
students and junior faculty on a series of research initiatives at the University
of Melbourne, one of the top universities in Australia. This unique experience gave
Dr. Eppli the opportunity to build relationships with University of Melbourne for
Dr. Anthony Pennington-Cross's Statement of Research Programs
At its broadest, Dr. Pennington-Cross’s research focus examines how households interact
with credit markets. In particular, he had devoted much of his research to studying
real estate markets and mortgage markets. The financing of home ownership offers a
unique opportunity to a typical person: it is one of the few occasions when you can
buy something worth a great deal more than the amount of money you have saved. Indeed,
most homeowners borrow at least 80 percent of the value of a home to buy it; and many
then leverage off the home as it gains value, taking out even larger loans through
refinancing and credit lines in order to put money in their pockets (at least, until
they spend it). In many cases the equity in the house reflects almost all of a homeowner’s
wealth. As has been seen recently, crises in the housing and mortgage markets can
erode consumer and business confidence at all levels and potentially bring an economy
to its knees. Therefore, it is important to understand how households use credit secured
by real estate to purchase a home or finance the purchase of other goods. It is also
important to understand the conditions (economic, financial, and personal) under which
the credit will be repaid and not be repaid.
Relationships are the cornerstone of the commercial real estate industry.
The Center for Real Estate is a resource to students, industry and communities through:
- A Web site that provides timely dissemination of information including faculty research,
presentations and student resumes;
- An online directory of students, alumni and industry professionals;
- Seminars and statewide presentations highlighting industry and market trends; and
- Networking events that connect Founding Members and other industry professionals with
the Center for Real Estate and each other.
The CRE was the founding educational partner for the Associates in Commercial Real
Estate (ACRE) program, a minority outreach program that provides commercial real estate
training, networking and mentoring opportunities. Now spun off as The ACRE Network
(TAN), ACRE graduates are carrying on the successful program, which has served more
than 125 individuals since 2004.