Mastering the complexity of office and industrial development takes years of trial and error. The Baker Program in Real Estate provides students with a unique introduction to these complexities in the complimentary course Commercial Development in Real Estate. Dr. David Funk, Baker Program Director, leads this practitioner-as-lecturer course every other fall. The lecture series returns this semester with an enhanced lineup of industry professionals. The course is uniquely structured to provide students with a fundamental background in office and industrial development while presenting an opportunity for students to gain firsthand knowledge from industry experts.
Students are eager to attend Commercial Development in Real Estate because it affords them the opportunity to network and learn from the best in the development sector of the industry. “This is the only course I have taken that provides a new real world perspective every week from a different industry expert,” expressed Annamaria Lookman (Baker ’16). Students are exposed to all phases of the development process and are encouraged to engage in open discussions with lecturers on real life case studies.
The course commenced this semester with a presentation from Andrea Foertsch (BS ’82), the Principal and Founder of Melrose Real Estate Strategies. In Foertsch’s introductory lecture she provided an in-depth overview of the multiple stages of development, the multifaceted role of the developer, and the complex nature of the permitting and approval process. The lecture concluded with a question and answer session regarding several of Foertsch’s large-scale development deals. When asked about the course’s structure unique Foertsch shared that she thought it “provides an opportunity for students to hear directly from people in the field. It is extremely important to hear that perspective for trends and influences in the industry in order to understand what it is like to be a developer.”
In the course’s second session Byrnam Wood LLC’s Co-Chairman, Joe Thanhauser, and Principal, Gordon Ogden lectured students about commercial brokerage, marketing, and leasing. Thanhauser and Ogden focused on the economics of the brokerage world and provided students with an inside view on the stress of negotiating a transaction when a hefty commission. Students had great takeaways from the lecture. “I learned how difficult the brokerage negotiation process is and how much effort goes into getting paid for a deal,” shared Martin Moser (Baker ’16).
Future speakers for Commercial Development in Real Estate include Gary Lapera, Senior VP and Division Manager of L.R. Kimball on planning and design; John Caldwell, President of Paradigm Properties on operations, property and asset management; David Rupert, President of Griffin Capital on project financing; and Alex Klatskin, Partner of Forsgate Industrial Partners on industrial real estate.
