The greater Charleston commercial real estate market is heating up with a 290 percent increase in commercial transactions, according to Colliers International 2012 Year End Investment Market Report. With the market turnaround, the timing is ideal to introduce a new commercial real estate minor for students at the College of Charleston.
Beginning this fall, students will begin enrolling in real estate courses to earn a cross-disciplinary minor. Students will come from a number of different majors including finance, historic preservation, urban studies, political science, communications hospitality and tourism management, and other disciplines.
“The commercial real estate minor comes at a time when downtown Charleston continues to thrive with economic development and building renovation, and our region attracts businesses that require development and office space,” says Alan T. Shao, dean of the School of Business. “Charleston’s commercial real estate industry is not only on the rise, but exceeding national trends, so the timing is perfect for a student to explore this minor.”
The commercial real estate minor is offered to students who have met all prerequisites for business and economics courses. The minor requires two courses, Principles of Real Estate and Real Estate Finance, as well as elective courses on topics such as market analysis, investment analysis, urban economics, urbanization and urban geography, and architectural design studio.
The real estate curriculum is built around the framework of the “commercial real estate system” which consists of three integrated markets and functions: real estate use markets, the real estate asset market, and the real estate development industry. Students will gain an understanding of these three components of the commercial real estate system and how the participants in each component make their business decisions.
“Our students will be equipped with the latest tools to calculate property values and help drive investment decisions,” says Elaine Worzala, director of the Carter Real Estate Center. “Through our Center, students will also have access to internship and job opportunities, networking with industry leaders, and professional development events. The potential for these students to succeed in the commercial real estate industry is extremely high.”
Students will use commercial real estate software by ARGUS Software, Inc., which is considered the industry standard for analyzing an existing or potential real estate investment and its value. Read more about the software and its use in the School of Business.
For more information about the real estate program, students are encouraged to attend the Real Estate Kickoff Event on Thursday, September 5 at 7 p.m. in the Tate Center, Room 202.