MBA Course Descriptions

REAL705 - GLOBAL REAL ESTATE (Course Syllabus)

This is an introductory course to global real estate markets, with a focus on income-producing real estate assets. Globally, estimates suggest the value of investable real estate assets in the world exceeds $60 trillion. We will discuss the basics of valuation and risk management, emphasizing concepts that are salient in the global context, including political risk, currency risk, property rights, and culture. The course will cover markets outside the United States, except for one special topic on international investors in the United States. We will focus more on the qualitative aspects of real estate investment analysis and less on the quantitative aspects. As firms expand their ventures across borders, there is a growing emphasis on the ability to assess and manage risk in a global business environment. Many of these decisions have implications on real estate assets. In this class, we will discuss the real estate business decisions of global firms, such as Blackstone, Hilton, AirBNB, WeWork, Prologis, Walmart and Amazon. This is a full semester course, open to undergraduates and MBA's.

Prerequisites: There is no pre-requisite for the course. No prior real estate experience is needed and no prior financial modelling experience is needed.

Other Information: Lecture with discussion required.

REAL708 - HOUSING MARKETS (Course Syllabus)

This course is designed for students interested in the economics and operations of housing markets. It is primarily a U.S. focused course, but does include a limited amount of international material for comparative purposes. The class is divided into four sections: (1) supply and demand for housing, including the operations of homebuilders and rental landlords; (2) house prices, including cycles and price dynamics; (3) international comparisons; and (4) public policy and analysis applied to a current housing markets-related issue. This course presumes knowledge of intermediate economics, as we will apply that knowledge throughout the semester. For Wharton students, this means you must have passed BEPP 250 (undergrads) or MGEC 611 and 612 for MBA's. Non-Wharton students should have taken the equivalent course in the College.

Prerequisites: Microeconomics for Managers (MGEC 611) and Microeconomics for Managers (Advanced) (MGEC 612) or equivalent.

Other Information: Lecture with discussion required.


This course provides an introduction to real estate with a focus on investment and financing issues. Project evaluation, financing strategies, investment decision making and capital markets are covered. No prior knowledge of the industry is required, but students are expected to rapidly acquire a working knowledge of real estate markets. Classes are conducted in a standard lecture format with discussion required. The course contains cases that help students evaluate the impact of more complex financing and capital markets tools used in real estate. There are case studies and two mid-terms, (depending on instructor). Cross-listed with FNCE 721.

Prerequisites: FNCE 611 or FNCE 612

Other Information: Lecture with discussion required.

REAL723 - INTRO TO REAL ESTATE (Course Syllabus)

The goal of this class is to help students become informed consumers of real estate advice. The class material breaks down into four major sections: 1) The financial risk and return of property level real estate investments. Be able to interpret, understand and evaluate a real estate property investment pro forma. 2) The legal landscape for investing in real estate and using legal structures to manage risk. 3) The economics of commercial real estate markets. Understanding the forces that will determine the value and income-producing potential of a real estate investment. 4) Important real estate issues of the day.

Other Information: WEMBA COURSE

REAL724 - URBAN REAL ESTATE ECON (Course Syllabus)

Urban Real Estate Economics uses economic concepts to analyze real estate markets, values, and trends. The course focuses on market dynamics in the U.S. and internationally, with an emphasis on how urban growth and local and federal government policies impact urban development and real estate pricing. A group development project gives hands on experience, and invited guest speakers bring industry knowledge. Besides the group project and presentation, problem sets are required along with a midterm and optional second exam.

Prerequisites: MGEC 621, Managerial Economics

Other Information: Lecture.

REAL730 - URBAN FISCAL POLICY (Course Syllabus)

This course will examine the provision of services through cities and other local governments. Why cities exist, whether urban public finance matters, investments in infrastructure, realities of local governments such as inequality, poverty, crime, corruption, high cost of living and gentrification, will be covered. We will pay special attention to recent topics, such as partnerships with the private sector, enterprise zones, and other subsidies to businesses, the role of technology, and real estate policies that promote affordability and sustainable city development.

REAL804 - REAL ESTATE LAW (Course Syllabus)

This course examines the fundamentals of real estate finance and development from a legal perspective. The course serves as a foundation course for real estate majors and provides an introduction to real estate for other students. It attempts to develop skills in using legal concepts in a real estate transactional setting. The course will be of interest to students contemplating careers in accounting, real estate development, real estate finance, city planning, or banking. The main topics covered may include the following: land acquisition, finance; choice of entity; tax aspects; management (leasing, environmental); disposition of real property (sale of mortgaged property, foreclosures, wraparound mortgages, sale-leasebacks); and recent legal developments. Format: Although some of the material is presented by lecture, the instructor expects considerable class participation. Cross- listed with LGST 804.

Other Information: Although some of the material is presented by lecture, the instructor expects considerable class participation.


This course evaluates "ground-up" development as well as re-hab, re-development, and acquisition investments. We examine raw and developed land and the similarities and differences of traditional real estate product types including office, R & D, retail, warehouses, single family and multi-family residential, mixed use, and land as well as "specialty" uses like golf courses, assisted living, and fractional share ownership. Emphasis is on concise analysis and decision making. We discuss the development process with topics including market analysis, site acquisition, due diligence, zoning, entitlements, approvals, site planning, building design, construction, financing, leasing, and ongoing management and disposition. Special topics like workouts and running a development company are also discussed. Course lessons apply to all markets but the class discusses U.S. markets only. Throughout the course, we focus on risk management and leadership issues. Numerous guest lecturers who are leaders in the real estate industry participate in the learning process. Format: predominately case analysis and discussion, some lectures, project visits.

Prerequisites: REAL 721 OR FNCE 721. The prerequisite is STRICTLY enforced for this class unless it is undersubscribed.

Other Information: Predominately case analysis, discussion, some lectures, and project visits.


This course analyzes housing finance systems and housing market outcomes across the globe. In the US, the course focuses on development of securitization markets and addresses current challenges of housing finance reform, including the future of Fannie Mae and Freddie Mac. Internationally, the course covers issues of access to housing and housing informality in developing countries, financial crises arising out of the housing sector, and potential market-oriented and public policy solutions. The course features a wide array of speakers in finance, government and academia who contribute their perspectives to pressing issues of mortgage market design.

Prerequisites: FNCE 613 Macroeconomics and the Global Economic Environment

REAL840 - ADV REAL EST INV, ANALYS (Course Syllabus)

This course, is designed for majors in Real Estate, but is also open to finance-oriented students who wish a deeper analysis of real estate investment and investment analysis issues than that offered in REAL/FNCE 721. The class will contain a mixture of lectures, guest speakers and case discussions. Academic research is paired with recent industry analysis of key issues in order to marry sound theory and empirical results with current events and practices. Several classes will include lectures outlining what economics and finance tell us about a number of topics. Generally, these will be followed by guest lectures from industry professionals who will focus on a specific application of the principles introduced in the lectures. Format: Lecture, industry speakers.

Prerequisites: REAL 721 OR FNCE 721


Real Estate is changing dramatically for the first time in perhaps one hundred years. This class will examine how technology is changing in many facets (all) of the industry.This course will address how technology has already changed the demand for real estate, how it will likely change in the future the way real estate is used, designed, developed, constructed, managed, leased, maintained and financed. Among many questions to be considered: Can you crowd fund real estate development? Will the office business become a part of hospitality? Can we build new buildings like we assemble legos? How will autonomous vehicles affect the demand for space and property values? What is the future of new data analytics services? This is a team taught mini, half-credit course that will bring together a recognized industry leader and Wharton faculty. Included will be abroad set of guest lecturers (Start-up entrepreneurs, incumbents, VC's, non RE technology specialists, etc). We believe there is no one single approach to gain insight into disruptions and change under uncertainty so we will propose a mix of approaches including, in-depth case-studies, interactions with guest lecturers who handle those issues daily, learning from economic history and other industries, and drawing from core economic concepts.

Prerequisites: Students are responsible for knowing the material covered in Real Estate Investments (REAL/FNCE 209 AND 721). This pre-requisite is STRICTLY enforced unless the class is under-subscribed.

REAL890 - INT'L REAL EST COMPARISN (Course Syllabus)

As a truly non-U.S. focused course, we explore the world of cross-border real estate development, with a focus on fast growing emerging market economies. Topics will emphasize the importance of strategy and implementation in cross-border real estate investment and include: the rationale, opportunities and risks of international real estate investing; the macro factors that influence the performance of real estate markets across countries; market specific factors that impact RE investment performance (property rights, taxes, transparency, planning procedures); the qualitative aspects of identifying and achieving successful projects; and the growing market for international RE securities and strategies for portfolio management. Classes will combine a lecture on specific aspects of global cross-border RE in the first half of the class and international case presentations in the second half. Cases will be presented by leading executives in charge of major international RE projects or funds. Cases have been selected to cover different types of RE development-residential, office, retail, hospitality and logistics- important emerging market countries/continents (East/South Asia, Latin America, Sub-Saharan Africa, the Middle East) and different development and investment strategies.

Prerequisites: REAL 721 OR FNCE 721 or comparable knowledge/work experience.

Other Information: This class is offered in the second half of the semester.


What makes a successful entrepreneur in the real estate industry? This half semester mini-course exposes undergraduates and MBA students to the broad entrepreneurial aspects of creating and executing real estate investments. The course consists of lectures by the professor, case discussions and guest lectures by leading entrepreneurs. Lectures and discussions will emphasize real estate entrepreneurship, leadership and challenges often encountered in creating successful real estate investments rather than development processes. Cases will be used to illustrate investment decision-making and financial evaluations. Short written responses to questions raised in each case will be assigned. Class members are expected to engage the speakers with questions and discussion as well as explain their views on cases. Class participation and writings will each represent 50% of the grade.

Other Information: Offered in the first half of the semester.


All independent studies must be arranged and approved by a Real Estate Department faculty member.