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ARCHITECTURE

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1996<br />

Stephen E. Roulac, Roulac Global and University of<br />

Ulster, Northern Ireland: “By the 1980s real estate<br />

had overcome its earlier second-class status to assume<br />

an important, primary role in society and the<br />

political economy. Real estate classes of universities<br />

often attracted record enrollments. Real estate<br />

was a primary career choice for many and a favored<br />

investment for pensions funds. Real estate securitization<br />

represented both a significant individual<br />

investment vehicle and also a major contributor<br />

to the profits of Wall Street investment firms. . . .<br />

Real estate in the early 1980s was robust, dynamic,<br />

significant. . . . Over the last decade or so . . . real<br />

estate has sunk into an apparent malaise. . . . Declining<br />

enrollments in university real estate courses<br />

are stark testimony to real estate’s less than favored<br />

status.” 31<br />

2002<br />

tions exist in the United States “dedicated to virtually<br />

every area of the profession and all property types.” 35<br />

real estate education<br />

Stephen E. Roulac, Roulac Global and University of<br />

Ulster: “The evolution of the property discipline embraces<br />

multiple perspectives of licensing, professional<br />

designations, university-based education, adult continuing<br />

education, applied ‘how to’ courses, theoretical<br />

research, applied research, multi-faceted application of<br />

theory and learning as well as multiple public interest<br />

concerns. The contemporary orientation of the discipline<br />

is reflected in the different paradigms employed<br />

for considering property, including economics, finance,<br />

geography, engineering, highest and best use, city planning,<br />

brokerage, legal, corporate decisions, the consumer<br />

transaction, and multi-disciplinary approach.” 36<br />

“Unfortunately, the real estate discipline currently<br />

lacks coherence and consensus about what the essence<br />

of real estate is and what the operative paradigms<br />

are for comprehending and making order of the<br />

discipline.” 32<br />

2002<br />

developments in the field<br />

Approximately 200 universities offer real estate<br />

classes “usually as an area of specialization in the<br />

finance department of a College of Business,” or in<br />

planning or urban economics. 37<br />

1996<br />

Roy T. Black, Neil G. Carn, Julian Diaz III, and Joseph<br />

S. Rabianski, all of Georgia State University:<br />

“[The] field of real property exists today because an<br />

academic group has chosen to study the significant<br />

amount of human energy expended in producing and<br />

extending the artificial environment. The focus on<br />

human activity is fateful, for it places real property<br />

among the applied disciplines and dictates its purpose.<br />

. . . A field does not need a generally accepted, unifying<br />

theory to be an academic discipline.” 33<br />

2004<br />

2005<br />

2005<br />

Clemson University establishes the MRED program<br />

in the College of Architecture, Arts, and Humanities.<br />

Woodbury University founds its Masters of Science<br />

in Architecture (MSArch) in Real Estate Development<br />

in the School of Architecture.<br />

Georgetown University establishes a Masters of Professional<br />

Studies in Real Estate in its School of Continuing<br />

Studies.<br />

2002<br />

2002<br />

James R. Webb, Cleveland State University, and Halbert<br />

C. Smith, University of Florida: “Virtually all<br />

real estate research is done at universities. Some professional<br />

organizations claim to do some research, but<br />

it is mostly just data gathering and no statistical tests<br />

or hypotheses tested. A very few professional organizations<br />

fund academic research in their area.” 34<br />

developments in the field<br />

About 25 different professional real estate organiza-<br />

2009<br />

2011<br />

real estate education<br />

Stephen Malpezzi, University of Wisconsin: “Real<br />

estate as such is not a discipline. There is no theory<br />

of real estate, but real estate is an important field of<br />

study.” 38<br />

developments in the field<br />

Tulane University founds MSRED focusing on Sustainable<br />

Real Estate Development in its School of<br />

Architecture.<br />

174 175

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