↑ top

Graduate Certificate in Real Estate Development

The quality of metropolitan development is an issue of growing public concern, particularly as a result of the housing finance crisis and rising energy costs.

Important Dates:

  • Current UM students: March 1 recommended for fall term, but applications will be considered through June 30; December 1 for winter term. Note that admissions decisions will not be made until final grades from at least one term of study at UM are recorded.
  • Non-UM applicants: January 15 for fall term. Applications may be accepted for winter term depending on availability of space; please contact the program at realestate@umich.edu to determine whether the program is accepting applications. If admissions are open, the due date for applications is December 1 for winter term admission.
  • Visit the Graduate Certificate in Real Estate Development admissions page to apply

 

Debates over land use regulation, sustainable development, sprawl, community design, and the municipal finance implications of these occupy virtually every local government in this nation and abroad. The Obama Administration is emphasizing making communities sustainable. The revival of many American downtowns, the urbanization of selective suburban places, and the high rates of mortgage foreclosure on the fringe of some growing metro areas are testament to profound changes in real estate development after decades of building only drivable suburban development. However, just as the United States is adjusting to changed market demands, much of the developing world is emulating the drivable suburban American model of the twentieth century

Few planners, lawyers, business leaders, and designers who influence metropolitan development understand the complexity of real estate development. They are not as effective as they could be in improving the way development occurs. Many of those trained in a single field, such as business, law, or urban planning, could be more effective in creating places that contribute to a positive quality of life for people of all incomes and preserve the natural environment if they had an education that spanned several professional fields.

The certificate in real estate development offers graduate students in many fields the opportunity to supplement their major areas of study with broad knowledge about making substantially better metropolitan developments. The program is also a stand-alone certificate for those full-time and part-time students who just want to focus on real estate development. The program aims to guide students in integrating disciplines that shape the built environment and enhance the quality of life for all people while conserving the natural environment. Upon graduation, students are professionals equipped to become the place-makers of the next generation.

About the Certificate

It also directly or indirectly affects energy consumption, global climate change, social relations and equity, public finance, foreign policy, capital markets, and personal and corporate wealth creation. Long a consumer of locally generated finance, it became the newest global financial asset class in the 1990s, joining stocks, bonds, and cash. And as recent experience has shown, the collapse of a real estate bubble can cause a severe recession.

Most real estate development of the last half century has taken the form of standard products built in a low-density, sprawling fashion. These standard product types are generally exclusively served by automobile, and their form is largely determined by parking and access by the car. Most zoning ordinances in the United States legally mandate this form of development. The actors in the real estate industry, including developers, bankers, investors, and consultants, have all been trained in this type of development. However, it has spawned many unintended negative social, economic, fiscal, and environmental consequences.

The University of Michigan real estate development program is committed to a different way, a progressive approach to developing real estate and the built environment in the U.S. and world-wide.

The University of Michigan program recognizes the demand for drivable suburban development, the predominate approach to development over the past half century. However, the focus of the UM program is on creating places that offer alternatives to this type of development and that reduce the environmental impact, enhance choices for people of all incomes, and have many uses within walking distance of one another – walkable urbanism. The Michigan real estate development program teaches students about building sustainable places that minimize the ecological footprint of the built environment. We explore how to build a sense of place that also encourages housing for all income levels while creating long-term wealth to motivate investors to care about the quality of the built environment. Ultimately, the program encourages building places that we can feel proud of our role in creating.