Foundations of Commercial Real Estate

Online: On-Demand Course

Foundations of Commercial Real Estate

In this introduction to commercial real estate, you will learn about the factors that affect multifamily and office sector valuation. In addition, you will walk through a basic decision-making process that investors and developers go through in selecting an investment strategy and identifying and acquiring a commercial real estate asset.

Overview

In this introduction to commercial real estate, you will learn about product types in commercial real estate, especially multifamily, retail, and office assets. You will learn about how leases are structured in multifamily and office properties, how income and debt are structured, and what counts in each category. You will also learn about macro issues such as the way in which supply and demand and other market factors affect the valuation of these assets.   

In this course, you will be invited to put yourself in the shoes of an analyst to understand the factors that affect multifamily and office sector valuation. In addition, you will walk through a basic decision-making process that investors and developers go through in selecting an investment strategy and identifying and acquiring a commercial real estate asset, working through case studies to see how this is done.

You will adopt the perspective of an investor in commercial real estate assets to think through the factors that enter into good decision-making in investment decisions. You will learn about how specific factors such as market comparables or historical vacancy rates or human factors such as management practices and the interests of tenants are taken into account in making sound investment decisions.


This course counts toward the Foundations of Real Estate Certificate.

Learning Objectives

At the conclusion of this course, you will be able to:

  • Understand and apply basic terms in multifamily, office, and retail investments.
  • Interpret a multifamily or office income statement.
  • Identify the aspects of good decision-making in multifamily and office investments.
  • Appreciate the differences in multifamily and office leases.
  • Consider how specific features of a property such as location and uniqueness can affect value.
  • Understand how macro-economic factors can affect value.


All content is available for 90 days from first access. For extension inquiries, please email learning@uli.org.

ULI Learning is provided by the Urban Land Institute.

Topics

Development 

Experience Level

  • Foundational

This course is designed for beginning-level participants looking for foundational information and insights.


Career Stage

  • Undergraduate Students
  • Universities
  • Beginning Real Estate Professionals

This course is perfect for you if you are a student without a business background considering a career in commercial real estate or a professional working in the industry who would benefit from a comprehensive overview created by faculty and practitioners committed to creating a better built environment.

Course Format

This course is available on demand online at your convenience.

Matt Cypher

Professor of the Practice and Director of the Real Estate Finance Initiative, Georgetown University’s McDonough School of Business

“Underwriting Office and Multi-Family”

Matt Cypher is Atara Kaufman Professor of Real Estate and Director of the Steers Center for Global Real Estate at Georgetown University’s McDonough School of Business.  

Prior to joining Georgetown, Cypher was a member of Invesco’s real estate acquisitions group in 2005. While at Invesco, he was responsible for oversight of the Underwriting Group, which acquired $10.2 billion worth of institutional real estate during his leadership tenure. Cypher has personally underwritten $1.5 billion of acquisitions culminating with the purchase of 230 Park Avenue in New York, which Invesco acquired on behalf of its client capital in June 2011. Additionally, he was responsible for the Valuations group, which marks to market Invesco’s more than $13 billion North American portfolio. Cypher also was a member of Invesco’s Investment Committee and Investment Strategy Committee. He served as an adjunct professor at Southern Methodist University teaching courses in the real estate concentration of the university’s MBA program while at Invesco. 

Cypher has published in several peer-reviewed journals, including the Journal of Real Estate Research, Journal of Property Research, and Urban Affairs Review. He also has written for trade-level publications including Urban Land and The Institutional Real Estate Letter.

Cypher holds a Ph.D. and M.S. from Texas A&M and a B.S from The Pennsylvania State University.

Gwyneth Jones Cote

ULI Americas President

Gywneth, who served as Bell Partners chief operating officer from 2013 until the end of 2017, was responsible for a team of more than 1,400 employees and approximately 60,000 multifamily units. Prior to her service at Bell Partners, she consulted for several years to private real estate companies. Cote began her real estate career in 1989, joining the mid-Atlantic division of Trammell Crow Residential after receiving her Master of Business Administration degree from the University of Pennsylvania’s Wharton School of Business. She remained with Trammell Crow as it evolved into Avalon Properties and AvalonBay Communities. She served 15 years with AvalonBay Communities (and its predecessor companies), concluding her career as a senior vice president, responsible for property operations of 19,000 apartment units located east of the Mississippi River. She is a graduate of Swarthmore College.

Pricing

  • ULI Members: $295.00
  • ULI Members (Government/NonProfit/Academic): $235.00
  • Non-Members: $395.00
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