tag:blogger.com,1999:blog-77837697712162168182024-03-14T01:16:42.055-05:00Wisconsin Real Estate ViewpointGraaskamp Center Staffhttp://www.blogger.com/profile/03298666173882379325noreply@blogger.comBlogger294125tag:blogger.com,1999:blog-7783769771216216818.post-1786750570331791002013-04-08T09:08:00.000-05:002013-04-12T10:58:58.113-05:00Meet the GREM Students<!--[if !mso]>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhiJOAwABx4BIl7cWDweqxdllfIX1pJchjT0tD04ErITcvAWAf01SOvBQLVRnjPkMXrcabo_KwqNCbeSYJxgQceJbNsCZMu9R_EPx9GhLCTmtD2kel_yLiqBQw2S1WT3l2bcLoe3jxxsfM/s1600/GREM.jpg" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" height="310" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhiJOAwABx4BIl7cWDweqxdllfIX1pJchjT0tD04ErITcvAWAf01SOvBQLVRnjPkMXrcabo_KwqNCbeSYJxgQceJbNsCZMu9R_EPx9GhLCTmtD2kel_yLiqBQw2S1WT3l2bcLoe3jxxsfM/s400/GREM.jpg" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Pictured from left:
Wentao Cai, Jue Shen, Fares Bou Atme, Thomas Sukno</td></tr>
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Now in its third year, the Global Real Estate
Masters program partners the <a href="http://bus.wisc.edu/mba/real-estate">Wisconsin
School of Business</a> real estate program with <a href="http://www.hec.edu/">HEC
Paris</a>, <a href="http://www.bm.ust.hk/web/en-US/">Hong Kong UST</a>, <a href="http://www.incae.edu/en/">INCAE</a>, and <a href="http://www.saif.sjtu.edu.cn/en/">Shanghai Advanced Institute of Finance
(SAIF)</a>, to provide top ranked international business schools access to
Wisconsin’s renowned real estate expertise. Currently, <a href="http://bus.wisc.edu/degrees-programs/msmacc/grem/students">four students</a>
are living and studying here in Madison. <span style="mso-spacerun: yes;"> </span>I sat down with them to learn more about why
they pursued the GREM program and see how they are enjoying their time in Madison.</div>
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<b>What did you choose
the GREM program and what do you hope to get out of it?</b></div>
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<br /></div>
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Jue Shen (SAIF): With eight years of experience in various
capacities in corporate finance at the Industrial and Commercial Bank of China,
I wanted to obtain top notch real estate education as the industry becomes
increasingly important in China. Also, gaining understanding between China and
the United States markets is a passion of mine, as I wish to help U.S.
investors access the Chinese real estate market more effectively.</div>
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<br /></div>
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Wentao Cai (SAIF): Given my current job as an advisor to a firm
specializing in new project developments and urban planning in China, I needed a
real estate-based educational framework to effectively apply my knowledge on
the ground.</div>
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<br /></div>
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Fares Bou Atme (HEC Paris): After graduating from the American
University in Beirut with a degree in civil and environmental engineering, and
several years working in sustainable structural design, I knew I wanted to
pursue a career in real estate. I found HEC Paris attractive, especially when
paired with the real estate coursework at Wisconsin. GREM provides a
comprehensive global view of real estate, much more than any other program that
I researched.</div>
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<br /></div>
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Thomas Sukno (HEC Paris): I was initially attracted by an advertisement
at HEC Paris and after a bit of research realized that this was such a highly
rated program. My hope for the program is that it will broaden my horizons into
real estate finance. So far so good!</div>
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<br /></div>
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<b style="mso-bidi-font-weight: normal;">What do you like most
about the real estate profession?</b></div>
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<br /></div>
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Jue: I like the finance side of the business, specifically
helping small investors gain access to real estate capital. The
GREM program has also opened my eyes to the REIT structure and I find it quite
interesting.</div>
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<br /></div>
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Fares: I have a passion for the built environment, and a
career in real estate provides the best combination of my various interests in
architecture, civil engineering, urban planning, finance, entrepreneurship,
among others.</div>
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<br /></div>
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Thomas: I appreciate its multi-functional diversity. In real
estate, you are not pigeonholed into one function, but can find a job you like
whether it be in capital markets, construction, appraisal, development, and so
on.</div>
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<br /></div>
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<b style="mso-bidi-font-weight: normal;">Where do you see
yourself in five years?</b></div>
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<br /></div>
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Jue: I picture myself working with an asset management
company, along with having a family with a cute kid hopefully!</div>
<div class="MsoNormal">
<br /></div>
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Fares: Short term, I want to work for a development firm in
the Middle East given the region has huge room for growth, and eventually I
would like to start my own real estate firm.</div>
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<br /></div>
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Thomas: I will work for a Parisian investment banking firm starting
in July that specializes in equity capital markets mainly in Western Europe with
some global reach. I hope to leverage that experience with my entrepreneurial spirit
to start my own company.</div>
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<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;">What is your
impression of Madison?</b></div>
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<br /></div>
<div class="MsoNormal">
Wentao: Madison is the only city I have visited in America
so it’s tough to compare to other cities, but I can say that it is very
livable.</div>
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<br /></div>
<div class="MsoNormal">
Thomas: It was different than how I pictured a typical American
city. The sense of community is striking and really sets it apart from other
cities.</div>
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<br /></div>
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Jue: The people and community here are great. Madison is a
very suitable place to live. The winter months are interesting to say the
least. I am amazed by both the amount of snow and the fact that people sit in the
middle of a frozen lake to ice fish!</div>
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<br /></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Thank you to each student for answering our questions and it certainly has been great getting to know them this semester!</div>
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<br /></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<span style="mso-no-proof: yes;"></span> </div>
<div class="MsoNormal">
<i><span style="background: white; border: none windowtext 1.0pt; color: #493f38; font-family: "Arial","sans-serif"; font-size: 9.0pt; line-height: 115%; mso-border-alt: none windowtext 0in; padding: 0in;"><span style="color: red;">Jonathan Brown</span> comes to
Madison from Washington, DC, where he managed downtown Class A office buildings
for Tishman Speyer. Jonathan plans to leverage his prior experience with
financial and analytic tools gained during the MBA program to
eventually start his own real estate investment firm.</span></i></div>
Graaskamp Center Staffhttp://www.blogger.com/profile/03298666173882379325noreply@blogger.com44tag:blogger.com,1999:blog-7783769771216216818.post-12201920273857275042013-04-03T15:41:00.000-05:002013-04-03T15:41:07.386-05:00À Bientôt, MIPIM<!--[if gte mso 9]><xml>
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<br />
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Here’s to the real estate MBA Class of 2014 knowing much
more about international real estate and global capital flow than we did
before! The 2013 MIPIM trip was a whirlwind of meetings with diversely talented
individuals, panel sessions about the real estate environment across the globe,
debrief sessions with Dean Fran<span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">ç</span>ois Ortalo-Magn<span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">é</span>, and the occasional yacht
party. Overall, we were able to derive a comprehensive snapshot of the global
real estate market in time, and better understand how macroeconomic events
steer capital markets within the real estate industry.</div>
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<br /></div>
<div class="MsoNormal">
Key <a href="http://www.mipim.com/">MIPIM 2013</a> Themes:</div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;">1.<span style="font: 7.0pt "Times New Roman";">
</span></span></span>An unprecedented and growing yield gap between
core and perceived non-core assets</div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;">2.<span style="font: 7.0pt "Times New Roman";">
</span></span></span>Institutional investors are seeking managerial
control through direct investments</div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;">3.<span style="font: 7.0pt "Times New Roman";">
</span></span></span>Employers desire real estate experts instead of merely
financial engineers</div>
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<span style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;">4.<span style="font: 7.0pt "Times New Roman";">
</span></span></span>Participants are largely bullish towards Asia
& America, and cautious towards Europe</div>
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<br /></div>
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Our special thanks to company representatives during the trip
who lent their time for the advancement of our students: Deustche Bank, Park
Hill Group, BNP Paribas, Lazard Freres, Real Capital Analytics, IPD, Atlantic
Partners, DTZ-UGL, USAA Real Estate Company, Heitman, DLA Piper, Metzler, DREA(m)
LLC, Amstar, Bjarke Ingels Group, and all others involved with us during our
time there.</div>
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<br /></div>
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One final thank you to the <a href="http://bus.wisc.edu/centers/james-a-graaskamp-center-for-real-estate">Graaskamp Center for Real Estate</a>,
for without it we would not have been able to partake in this wonderful
experience. I’m left with one lingering thought: how can I convince the organizers
of the need for a 2<sup>nd</sup> year MBA consultant on next year’s trip!</div>
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<br /></div>
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<span style="font-size: 8.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Real estate
MBA students and faculty pictured with Dean Ortalo-Magn</span><span style="font-size: 8.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-font-size: 11.0pt; mso-bidi-theme-font: minor-latin;">é</span><span style="font-size: 8.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> and Rose-No</span><span style="font-size: 8.0pt; line-height: 115%; mso-bidi-font-family: Calibri; mso-bidi-font-size: 11.0pt; mso-bidi-theme-font: minor-latin;">ë</span><span style="font-size: 8.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">lle Pritchard, Conference Manager
for Reed MIDEM </span></div>
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Graaskamp Center Staffhttp://www.blogger.com/profile/03298666173882379325noreply@blogger.com66tag:blogger.com,1999:blog-7783769771216216818.post-62035408976842741792013-03-19T11:45:00.000-05:002013-03-19T11:45:44.889-05:00A Day in the Life: A Wisconsin MBA at MIPIM <!--[if gte mso 9]><xml>
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<br />
<span style="font-family: "Calibri","sans-serif";">Real Estate MBAs took their
annual trip to the world’s largest property conference, <a href="http://www.mipim.com/">MIPIM</a>, during the week of March 11, 2013. The
group was led by faculty associate Joe Walsh and faculty member Erwan Quintin and
joined by <a href="http://bus.wisc.edu/">Wisconsin School of Business</a> Dean
François Ortalo-Magné. Situated along </span><span style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-bidi-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">the <span style="mso-bidi-font-weight: bold;">Côte d'Azur (or French
Riviera), the Palais des Festivals hosted over 20,000 real estate practitioners
from around the globe. This post will give you a flavor of a typical day in
Cannes, and hopefully will not inspire too much envy:</span></span><br />
<br />
<span style="font-family: "Calibri","sans-serif";">Wednesday morning started
with a bus ride from our hotel in Cannes La Bocca into the <a href="http://maps.google.com/maps?oe=utf-8&rls=org.mozilla:en-US:official&client=firefox-a&q=city+of+cannes&um=1&ie=UTF-8&hq=&hnear=0x12ce8180530cffff:0x40819a5fd979e20,Cannes,+France&gl=us&sa=X&ei=vpRIUbzRO4TS2QWWg4HgBQ&ved=0CJIBELYD">city
of Cannes</a> to meet with Hans Vrenson, Global Head of Research of <a href="http://www.dtz-ugl.com/">DTZ</a>. Hans met with MBA students via video
conference back in February, when he presented DTZ's 2013 economic forecast. On
the steps of the Grand Auditorium, Hans explained the European CMBS market and
how it differs from its American counterpart, mainly through the use of shorter
maturities and floating rates, and how maturity mismatches were an issue for
European borrowers. He also described the continued diversification of lending
from mainly European banks, which originally issued over 75% of total loans. </span><br />
<br />
<span style="font-family: "Calibri","sans-serif";">A debrief with our Dean Ortalo-Magné
followed in the Palais' Press Room, where he gathered information from our
participant surveys about the conference's overarching themes for his Friday
wrap-up speech. The survey results have revealed a recurring theme of higher
investment risk appetite through value-add, direct investments that provide
investors with a high degree of control. This is clearly a result of the
financial crisis when many investors were burned by more indirect investing in pooled
funds. </span><br />
<br />
<span style="font-family: "Calibri","sans-serif";">Back on the Palais steps,
the group met with Don Wise, CEO of <a href="http://www.metzlerna.com/metzlerre/servlet/segment/start_mre_us/">Metzler
Real Estate</a>, who described the acquisition and asset management services he
supplies for his German clients. Specifically, he spoke about the acquisition
of 555 Mission Street from Tishman Speyer, a gorgeous trophy office
building in San Francisco. Up next, several of us attended the best panel yet on
Private Equity Real Estate with representatives across the globe from Morgan
Stanley, AEW Europe, and GE Real Estate Asia Pacific. A special moment came
when I walked out with panelist Michael Levy, Managing Director of Morgan
Stanley, and discussed his global investment strategy and his aversion to
Africa. He noted the political uncertainty in Africa leads to concerns of
government expropriation of property during the hold period and a general lack
of regulatory transparency. </span><br />
<br />
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: left;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgK0q1hVFYLB-5pGCzkAdtK11aF6WeMuL4xsfDKrvcyO9rmwEuYI5oSQtQmMrgfU_YmHYhVq4R2oMDuaCZVsOTJb26xIKLNxBXa0K0CMLo87Xim7DazzsXTIeaDs49dsDP-8BBhocva8zI/s1600/Yacht.jpg" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgK0q1hVFYLB-5pGCzkAdtK11aF6WeMuL4xsfDKrvcyO9rmwEuYI5oSQtQmMrgfU_YmHYhVq4R2oMDuaCZVsOTJb26xIKLNxBXa0K0CMLo87Xim7DazzsXTIeaDs49dsDP-8BBhocva8zI/s320/Yacht.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Anthony Huerta and Conor McCahill (both MBA 2014)</td></tr>
</tbody></table>
<br />
<span style="font-family: "Calibri","sans-serif";">We headed over to the
Heitman yacht party for a cocktail, and met some interesting people including
Steve Williams, Executive Managing Director of <a href="https://www.rcanalytics.com/Default.aspx?SessionState=-1">Real Capital
Analytics</a>, who sits on the <a href="http://bus.wisc.edu/degrees-programs/msmacc/grem">Global Real Estate
Master</a> board of advisors. After catching up on work and attending a panel
on US real estate with representatives from USAA, AFIRE, and CBRE, we had a
great evening with cocktails and German fare at the Berlin stand overlooking a
lineup of luxury yachts. Several of us grabbed Kebob Frites at a local family
restaurant in Cannes La Bocca while watching the Arsenal/Bayern Munich soccer
match. Who could ever complain about a day like that?</span><br />
<br />
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: right;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiPHJZYwaKSYuI5my-grkjifA-_yYiKC1jTEpFfrc_2QjXpP2MF904x4Da7uLz4cn4jVQoN-QW-k2L2Ia8fjM00-suAFbFeO0xIFVo5Rajdo4vaBf12Hwnn2zfqQtMx0j09GN_FRWrno6w/s1600/Cannes.jpg" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiPHJZYwaKSYuI5my-grkjifA-_yYiKC1jTEpFfrc_2QjXpP2MF904x4Da7uLz4cn4jVQoN-QW-k2L2Ia8fjM00-suAFbFeO0xIFVo5Rajdo4vaBf12Hwnn2zfqQtMx0j09GN_FRWrno6w/s320/Cannes.jpg" width="239" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">View from the Berlin Party</td></tr>
</tbody></table>
<br />
<i style="background-color: white; border-width: 0px; margin: 0px; outline: 0px none; padding: 0px; vertical-align: baseline;"><a href="http://bus.wisc.edu/en/mba/Real-Estate/Student-Life/Student-Profiles.aspx" style="background-color: transparent; color: #c00000; font-family: sans-serif; font-size: 12px; line-height: 16px; margin: 0px; padding: 0px; text-decoration: none; vertical-align: baseline;"><i style="background-color: transparent; border-width: 0px; margin: 0px; outline: 0px none; padding: 0px; vertical-align: baseline;">Jonathan Brown </i></a><span style="color: #493f38; font-family: sans-serif;"><span style="font-size: 12px; line-height: 16px;">comes
to Madison from Washington, DC, where he managed downtown Class A
office buildings for Tishman Speyer. Jonathan plans to leverage his
prior experience with financial and analytic tools gained during the MBA
program to eventually start his own real estate investment firm.</span></span></i><span style="font-family: "Calibri","sans-serif";"> </span><br />
Graaskamp Center Staffhttp://www.blogger.com/profile/03298666173882379325noreply@blogger.com9tag:blogger.com,1999:blog-7783769771216216818.post-29033890253430565042013-03-14T15:00:00.000-05:002013-03-20T15:02:55.490-05:00Update from MIPIM<div class="postBody">
<div id="yui_3_5_1_1_1363288812117_128">
<div style="margin: 0in 0in 10pt;">
The class of 2014 arrived in Cannes,
France on Monday to attend MIPIM 2013. My fellow students and I have
already immersed ourselves in a variety of conference sessions and
networking events with industry experts from around the world. <br />
<br />
The Private Equity Real Estate session included a terrific conversation
about markets across the globe. As the biggest private equity player,
the United States was discussed first and throughout, mainly by Morgan
Stanley's Michael Levy. Levy cited strong fundamentals in the United
States as a preferred area for investment. AEW Europe's Russell Jewell,
head of private equity, stated that his company is raising a United
States opportunistic fund, and that his American partners are still
nervous about leverage from the recent financial crisis. Francois
Trausch, CEO of GE Real Estate's Asia Pacific division, stated that
there is a long, deep trend of increasing Asian money into United States
and Europe, especially Koreans entering the core/core+ markets at fair
value.</div>
<div style="margin: 0in 0in 10pt;">
Focused on the Eurozone, Jewell is
finding value-add assets to turn them into core assets for institutional
investors. He cites liquidity as an important factor, and that it must
be present when one goes to sell assets. Additionally, investors are
searching for real estate practitioners, not financial engineers, and,
in the same vein, he very much pictures a pure leverage play as much
less preferable than a real estate fundamental play. </div>
<div style="margin: 0in 0in 10pt;">
Speaking about Asia, Trausch offered
that it should not be viewed as one market, and that China will
eventually have to clean up distressed assets, but won't today.</div>
<div style="margin: 0in 0in 10pt;">
As far as the general private equity
world, Jewell focuses on capital raising and not fund raising as a more
flexible approach, with managerial discretion as essential. Morgan
Stanley is focused on an ability to underwrite individual properties
within loan pools.</div>
<div style="margin: 0in 0in 10pt;">
Speaking about debt funds, the speakers
were largely in agreement that investors have more and more appetite,
but lending is focusing on all of the same assets, with banks also
coming for these same opportunities. There are more senior debt funds,
but not replacing the bank financing. Mezzanine funds are believed to be
going deeper into the capital structure than they probably should.<br />
<br />
<i style="background-color: white; border-width: 0px; margin: 0px; outline: 0px none; padding: 0px; vertical-align: baseline;"><a href="http://bus.wisc.edu/en/mba/Real-Estate/Student-Life/Student-Profiles.aspx" style="background-color: transparent; color: #c00000; font-family: sans-serif; font-size: 12px; line-height: 16px; margin: 0px; padding: 0px; text-decoration: none; vertical-align: baseline;"><i style="background-color: transparent; border-width: 0px; margin: 0px; outline: 0px none; padding: 0px; vertical-align: baseline;">Jonathan Brown </i></a><span style="color: #493f38; font-family: sans-serif;"><span style="font-size: 12px; line-height: 16px;">comes
to Madison from Washington, DC, where he managed downtown Class A
office buildings for Tishman Speyer. Jonathan plans to leverage his
prior experience with financial and analytic tools gained during the MBA
program to eventually start his own real estate investment firm.</span></span></i><span style="font-family: "Calibri","sans-serif";"> </span></div>
</div>
</div>
Graaskamp Center Staffhttp://www.blogger.com/profile/03298666173882379325noreply@blogger.com10tag:blogger.com,1999:blog-7783769771216216818.post-79290223774248063992013-02-08T17:26:00.001-06:002013-02-08T17:27:25.308-06:00Wisconsin MBAs Travel Far to Explore Chinese Real Estate Markets<!--[if gte mso 9]><xml>
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<![endif]-->Over the winter break, ten second-year Real Estate MBAs from the
Wisconsin School of Business traveled to China, following an intense itinerary
through Shanghai, Hangzhou, Hong Kong, Shenzhen and Macau.<span style="mso-spacerun: yes;"> </span>Students met with brokers, planning
authorities, money managers, developers, investors, lenders, attorneys and
alumni to gain first-hand insight into these growing real estate markets.<span style="mso-spacerun: yes;"> </span>The 10-day tour included a dizzying array of company
presentations, property tours and speakers.<span style="mso-spacerun: yes;"> </span><br />
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Students prepared for the trip
by performing market research and compiling a briefing book for their
peers.<span style="mso-spacerun: yes;"> </span>Students also conducted
presentations of their analysis, which focused on understanding key industry
players, legal structures, the political environment and cultural
differences.<span style="mso-spacerun: yes;"> </span>Once on the ground, the
students were able to visualize the enormous transformation occurring in the
world’s most populous country. </div>
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“Chinese cities are experiencing growth and development on a scale never before seen,” said Travis Carter (MBA ‘13). “It is almost impossible to wrap your mind around it. Shenzhen was a small fishing village inhabited by a few thousand people in 1979 and today it is a sprawling metropolis of more than 15 million people.”</div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjYF6T4eavQ3Qc0CQvqQOMan7WUR_UdoaZD6hHVPWg5MgDuW5uSpytwCYhX7bOM3p8DfR0rUB9fU3uro1zA1ZQrs3BSUeSzJ-C6UDLEkVP8lmBwdoZarmkuSr_DLyE8FU2hUTIXIlvYjB8/s1600/IMAG1243+-+Cropped.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="311" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjYF6T4eavQ3Qc0CQvqQOMan7WUR_UdoaZD6hHVPWg5MgDuW5uSpytwCYhX7bOM3p8DfR0rUB9fU3uro1zA1ZQrs3BSUeSzJ-C6UDLEkVP8lmBwdoZarmkuSr_DLyE8FU2hUTIXIlvYjB8/s320/IMAG1243+-+Cropped.jpg" width="320" /></a></div>
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<i style="mso-bidi-font-style: normal;"><span style="font-size: 9.5pt;">Viewpoint from Hysan Place, a newly opened enclosed
shopping mall and Class A office building constructed over an MTR subway
station in the Causeway Bay neighborhood of Hong Kong.<span style="mso-spacerun: yes;"> </span>The visit included a tour by the architectural
firm KPF and led to a discussion on the structural and financial aspects of the
building.</span></i></div>
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Students met
with large international institutions such as Jones Lang LaSalle and JP Morgan,
as well as, key domestic players such as China Vanke, Shui On and Zendai
Properties. <span style="mso-spacerun: yes;"> </span>The trip included an
extensive tour of a notable Tishman Speyer development, <a href="http://www.tishmanspeyer.com/properties/the-springs-jiang-wan-new-town">The
Springs</a>, located on the outskirts of Shanghai.<span style="mso-spacerun: yes;"> </span>The mixed-use project is being developed on a
former military airfield and nears ten million square feet in total.<span style="mso-spacerun: yes;"> </span>Students were amazed, counting 11 cranes in
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“For someone who has never been to China, I don't think it is possible to adequately describe the size and scope of the residential projects currently being developed,” reflected Phil Natkins (MBA ‘13). “In the U.S. these wouldn't be considered residential developments, but would be more aptly named, ‘New City Developments.’ To see it, is the only way to believe it.”</div>
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<![endif]--><i style="mso-bidi-font-style: normal;"><span style="font-size: 9.5pt;">Scale model of Shanghai at the Shanghai Urban Planning
Exhibition Center. The detailed 3-D model provided a bird's eye view of the
city and highlighted how the development of real estate has been molded around
the ever-growing metro transit system.</span></i>
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Now back in the United States,
participants of the international study trip have to apply the knowledge gained
during the trip.<span style="mso-spacerun: yes;"> </span>The students will
prepare an investment memorandum and presentation targeting potential private
equity investors interested in deploying capital in a foreign market.<span style="mso-spacerun: yes;"> </span>Students will present their proposal in a
10-15 minute presentation to their peers, instructors and faculty.</div>
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Faculty Lecturer Arif Qureshi (BS ‘94, MS ‘04) led the trip, with support
from MBA alum Chris Jillings (BS ‘99, MBA ‘10).<span style="mso-spacerun: yes;">
</span>Both Qureshi and Jillings emphasized the important role alumni and
friends of the program played in making this year's trip through China an
outstanding success.<span style="mso-spacerun: yes;"> </span>Special thanks to
Raymond Lo (BBA ‘75), CIC Capital Management Limited’s Founder and Fred Cooper,
Senior Vice President at Toll Brothers, for providing guidance and contacts for
many of the meetings in China; Sir C.K Chow Chairman of Hong Kong Stock
Exchange for meeting with students about HKEx and MTR; and Xi (Ada) Chen (MBA ‘10),
Wei (Isabella) Qiu (MS ‘11) and Qiujin (Jack) Li (MS ‘12) for planning
networking dinners in Shanghai and Hong Kong. </div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEimIRQDv1SrGvLjNgabgkfYVstgEnzLI_7dYhSNqNiwITwTPG2cZOk73lVSgumWtMDcZwmwd0kJr1ijUICg-GRjmoA-bRvyTUFyBjbvbAZJQYZ5ZvAY9AZelbPKFHd_jHASSeBnd39Ak_U/s1600/IMG_1222+-+Cropped.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEimIRQDv1SrGvLjNgabgkfYVstgEnzLI_7dYhSNqNiwITwTPG2cZOk73lVSgumWtMDcZwmwd0kJr1ijUICg-GRjmoA-bRvyTUFyBjbvbAZJQYZ5ZvAY9AZelbPKFHd_jHASSeBnd39Ak_U/s320/IMG_1222+-+Cropped.JPG" width="292" /></a></div>
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<i style="mso-bidi-font-style: normal;"><span style="font-size: 9.5pt;">Real Estate MBAs displaying their Badger pride at Po
Lin Monastery in Hong Kong.</span></i></div>
Graaskamp Center Staffhttp://www.blogger.com/profile/03298666173882379325noreply@blogger.com16tag:blogger.com,1999:blog-7783769771216216818.post-47437120062672111912013-01-14T13:07:00.000-06:002013-01-14T13:07:12.862-06:00Co-Founders Michael Brennan and Robert Vanecko Talk about Mega Deal One and Two<!--[if gte mso 9]><xml>
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<b style="mso-bidi-font-weight: normal;"><span style="color: black; font-family: "Times New Roman","serif"; line-height: 150%; mso-bidi-font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";"> </span></b><span style="color: black; font-family: "Times New Roman","serif"; line-height: 150%; mso-bidi-font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">Real estate students at
the Wisconsin School of Business received an educational visit from a leading player
in the industrial real estate arena, Brennan Investment Group (BIG), on Friday,
Dec 7. Chairman and Managing Principal Michael Brennan, who also serves as the
Executive Director of the James A. Graaskamp Center for Real Estate, was joined
by Managing Principal and Co-Founder Robert Vanecko to discuss a deal that proved
James Graaskamp’s time honored adage: “</span><span style="font-family: "Times New Roman","serif"; line-height: 150%; mso-bidi-font-size: 10.0pt;">The successful
real estate deal is nothing more than a series of crises tied together by a
critical path.” </span>
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<span style="color: black; font-family: "Times New Roman","serif"; line-height: 150%; mso-bidi-font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";"><span style="mso-spacerun: yes;"> </span>“All deals are sagas,” was Brennan’s lead comment
as he opened the discussion of </span><a href="http://www.rejournals.com/2012/11/30/brennan-investment-group-acquires-second-major-industrial-portfolio-in-2012/"><span style="font-family: "Times New Roman","serif"; line-height: 150%; mso-bidi-font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">Brennan Investment Group’s (BIG) two
recent mega-deal</span></a><span class="MsoHyperlink"><span style="font-family: "Times New Roman","serif"; line-height: 150%; mso-bidi-font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">s</span></span><span style="color: black; font-family: "Times New Roman","serif"; line-height: 150%; mso-bidi-font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">, </span><span style="font-family: "Times New Roman","serif"; line-height: 150%; mso-bidi-font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">the acquisition of a 20 property, $155M portfolio and a 19
property, $178M industrial portfolio. </span><span style="font-family: "Times New Roman","serif"; line-height: 150%; mso-bidi-font-size: 10.0pt;">The presentation
“Start to Finish: The Acquisition of Two Major Industrial Portfolios” was a
detailed look into the creation of Brennan’s company, how his team sourced the
capital necessary for the two “mega-deals”, the unique structure of the deal,
and the successful closing of one of the largest industrial acquisition
portfolios in 2012.</span></div>
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<br /></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman","serif"; line-height: 150%; mso-bidi-font-size: 10.0pt;">Creation of
Brennan Investment Group</span></b></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "Times New Roman","serif"; line-height: 150%; mso-bidi-font-size: 10.0pt;">Before
discussing the transaction, Brennan spoke about the creation of BIG, “without
which, we would never have closed an acquisition of this scale” said Brennan.
After the expiration of Brennan’s non-compete restriction from First Industrial
in 2010, Brennan assembled a team of largely ex-First Industrial professionals.
“Each partner had unique skills, and each partner came from a critical region
in the U.S.” Within nine months, Brennan set up five offices in LA, Houston,
Chicago, Tampa and D.C. Brennan described his company as an “eat-what-you-kill
deal shop” where partners risks are high, but reward is as well. </span></div>
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<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0in;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman","serif"; line-height: 150%; mso-bidi-font-size: 10.0pt;">The Unique Qualities
of the United States Industrial Portfolio (USIP) Deal</span></b></div>
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<span style="font-family: "Times New Roman","serif"; line-height: 150%; mso-bidi-font-size: 10.0pt;">Robert
Vanecko explained his firms focus is on transactions that can create value for
all investors in the deal. An interesting methodology used by Brennan is
something Vanecko referred to as the “STP Matrix”. The matrix sorts and ranks
acquisitions by seller circumstance, transactional complexity, and property
level attributes. In this deal, Vanecko cited transactional complexity as the
factor driving the “value-add” component. Because of its sheer size and
inherent complications, there was a limited pool of buyers, hence limited
competition. </span></div>
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<span style="font-family: "Times New Roman","serif"; line-height: 150%; mso-bidi-font-size: 10.0pt;">The
USIP deal also employed a fairly complex and unique equity financing scheme.
The<span style="mso-spacerun: yes;"> </span>L.P. equity was provided via a sharia
compliant equity partner know as Gatehouse, located in London. Sharia compliant
financing must employ different legal structures to avoid direct payment of
interest. As well, the investment cannot lease space to tenants involved in
usury, gambling, munitions, or pork products. </span></div>
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<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0in;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman","serif"; line-height: 150%; mso-bidi-font-size: 10.0pt;">Successful
Closing</span></b></div>
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<span style="font-family: "Times New Roman","serif"; line-height: 150%; mso-bidi-font-size: 10.0pt;">Vanecko
joked that if Graaskamp were alive today his famous adage on the critical path
of deals might be revised to read “A successful real estate deal is nothing
more than a game of ‘whack-a-mole’”. Vanecko emphasized that in every deal,
there will be three or four things that will arise that have the potential to
kill a deal. In USIP I and II, there were “dozens of rounds of ‘whack-a-mole’
we had to win in order to close.”</span></div>
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<span style="font-family: "Times New Roman","serif"; line-height: 150%; mso-bidi-font-size: 10.0pt;">Given
the young audience, Brennan offered great tips regarding start-up operations
including “start-ups have to starve”, and discussed his firm’s critical ability
to manage start-up and pursuit costs without being left ‘holding the bag,’ if
you cannot come up with the equity or the desired properties. Brennan also
placed great emphasis on the importance of relationships in this industry. On
behalf of the students here, we would like to thank Mike and Bob for sharing their
knowledge and experience with us!</span></div>
Graaskamp Center Staffhttp://www.blogger.com/profile/03298666173882379325noreply@blogger.com4tag:blogger.com,1999:blog-7783769771216216818.post-69668679581222339482012-11-28T16:05:00.001-06:002012-12-04T14:23:32.458-06:00November Happenings in the Real Estate Program at Wisconsin<!--[if gte mso 9]><xml>
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<span style="color: black; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">The month of November
has been fast paced like the rest, but with a pervasive </span><a href="http://bus.wisc.edu/mba/brand-product-management/blog/2012/11/26/Big-Hearts-and-Hairy-Lips-Movember-in-the-Brand-Center"><span style="font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">Magnum PI vibe</span></a><span style="color: black; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">. After our amazing </span><a href="http://www.realestateclub.org/"><span style="font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">Real Estate Club</span></a><span style="color: black; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";"> trip to San Francisco, we were met with both a week of mid-terms
and the ramping up of our </span><a href="http://bus.wisc.edu/mba/why-wisconsin/applied-learning"><span style="font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">Integrated Company Analysis</span></a><span style="color: black; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";"> (ICA) team projects. We also welcomed a diverse
group of real estate professionals to campus to speak with students about past
and present experiences. Here are several highlights of those visits:</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
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<br /></div>
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b style="mso-bidi-font-weight: normal;"><u><span style="color: black; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">Thomas McCahill of Pearlmark Real Estate
Partners discussed Subordinated Debt</span></u></b></div>
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<span style="color: black; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">A proud Badger,
Graaskamp Center Board member, and father of first year Real Estate MBA Conor,
Tom spoke with MBAs and undergraduate real estate students regarding the
historical trajectory of subordinated debt, or the past, current and future
uses of these modified debt instruments. Tom is currently Managing Director for
Debt Investments at Pearlmark Real Estate Partners.</span></div>
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<br /></div>
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<b style="mso-bidi-font-weight: normal;"><u><span style="color: black; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">Jay Lehman of Toll Brothers delved into Career
Hunting and Networking Advice</span></u></b></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">A honorary Badger, Jay
spoke with students via video conference about the career recruiting process
and networking. Current Director of National Recruiting with Toll Brothers, Jay
offered us real time and invaluable advice including some no-no’s like listing
strange hobbies on resumes! </span></div>
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<br /></div>
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<b style="mso-bidi-font-weight: normal;"><u><span style="color: black; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">Raphael Dawson of Walton Street Capital spoke
about International Development</span></u></b></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">Another proud and
dedicated Badger, and a Principal and Senior Asset Manager with Walton Street
Capital, Raphael discussed his experiences with international development,
particularly in India. Raphael’s vivid depiction of Walton Street’s risk
management model deployed during development in new territories left a strong
impression on our group, and sobered us to the realities of doing business in
unfamiliar places.</span></div>
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<br /></div>
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<b style="mso-bidi-font-weight: normal;"><u><span style="color: black; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">Marc Swerdlow of Waterton Associates presents at
Real Estate Club </span></u></b></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">President of Waterton
Associates, Marc spoke with our Real Estate Club about Waterton’s vertically
integrated investment strategy focused on multifamily real estate across the
country. Marc shared stories with us regarding several of their East Coast
assets affected by Hurricane Sandy, including </span><a href="http://www.huffingtonpost.com/2012/10/31/eli-manning-hurricane-sandy-hoboken_n_2051245.html"><span style="font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">this picture</span></a><span style="color: black; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";"> now famous in sporting circles taken at one of their Hoboken
properties.</span></div>
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<br /></div>
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: center;">
<b style="mso-bidi-font-weight: normal;"><u><span style="color: black; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">Other Events - Current and Upcoming</span></u></b></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";"><br />
Kyle Van Someren (MBA 2014) and </span><span style="font-family: "Times New Roman","serif"; font-size: 10.0pt;">Jeff Urbanski (MBA 2013) attended the </span><a href="http://www.eisenbergfoundation.org/wp-content/uploads/Info-and-Itinerary-Career-Day-20121.pdf"><span style="font-family: "Times New Roman","serif"; font-size: 10.0pt;">6<sup>th</sup>
Annual Harold E. Eisenberg Foundation Career Day</span></a><span style="font-family: "Times New Roman","serif"; font-size: 10.0pt;"> in Chicago.
This event includes site visits, a Young Guns panel, and a career and
internship fair. A wonderful networking and recruiting opportunity for graduate
and undergraduate students alike!</span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";"></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="font-family: "Times New Roman","serif"; font-size: 10.0pt;">A
cadre of real estate MBAs, including 2014 candidates Michael Zoellner, McKay
Winkel, Ramesh Kanthilal, Grace Lu, Mitesh Patel, and team captain Andrew
Boespflug (MBA 2013), traveled down to Austin, Texas to participate in the </span><a href="https://www.mccombs.utexas.edu/Centers/REFIC/Real-Estate-Challenge.aspx"><span style="font-family: "Times New Roman","serif"; font-size: 10.0pt;">2012 National
Real Estate Challenge</span></a><span style="font-family: "Times New Roman","serif"; font-size: 10.0pt;">.
We wish them the best of luck!</span></div>
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<br /></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 10.0pt;">Finally,
we are heading out to New York City early tomorrow morning for the </span><a href="http://bus.wisc.edu/centers/james-a-graaskamp-center-for-real-estate/Conferences/Global-Real-Estate-Markets-2012"><span style="font-family: "Times New Roman","serif"; font-size: 10.0pt;">Global Real
Estate Markets 2012</span></a><span style="font-family: "Times New Roman","serif"; font-size: 10.0pt;">
conference at the New York Stock Exchange and the Graaskamp Center’s Fall 2012
Board of Advisors Meeting located at the Plaza Hotel (</span><a href="http://economictimes.indiatimes.com/news/news-by-industry/services/hotels-/-restaurants/sahara-buys-2-iconic-ny-hotels--new-york-plaza-dream-new-york/articleshow/17396011.cms"><span style="font-family: "Times New Roman","serif"; font-size: 10.0pt;">breaking news
regarding the hotel’s sale found here</span></a><span style="font-family: "Times New Roman","serif"; font-size: 10.0pt;">). Fellow MBA students will have the
opportunity to mingle with industry leaders while learning about recent market
activities and trends. It’s good to be a real estate Badger!</span><br />
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
<i style="background-color: white; border-width: 0px; margin: 0px; outline: 0px; padding: 0px; text-align: -webkit-auto; vertical-align: baseline;"><a href="http://bus.wisc.edu/en/mba/Real-Estate/Student-Life/Student-Profiles.aspx" style="-webkit-tap-highlight-color: rgb(176, 6, 6); background-color: transparent; color: #c00000; font-family: sans-serif; font-size: 12px; line-height: 16px; margin: 0px; padding: 0px; text-decoration: none; vertical-align: baseline;"><i style="background-color: transparent; border-width: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Jonathan Brown </i></a><span style="color: #493f38; font-family: sans-serif;"><span style="font-size: 12px; line-height: 16px;">comes
to Madison from Washington, DC, where he managed downtown Class A
office buildings for Tishman Speyer. Jonathan plans to leverage his
prior experience with financial and analytic tools gained during the MBA
program to eventually start his own real estate investment firm.</span></span></i></div>
Graaskamp Center Staffhttp://www.blogger.com/profile/03298666173882379325noreply@blogger.com162tag:blogger.com,1999:blog-7783769771216216818.post-34511515282523314912012-11-12T15:55:00.001-06:002012-11-12T16:11:29.789-06:00The Consortium Experience – From a Real Estate MBA Student’s Perspective<span style="font-size: x-small;"><i>By <a href="http://bus.wisc.edu/mba/Real-Estate/Student-Life/Student-Profiles">Amber House</a>,</i> Real Estate MBA, Class of 2014</span><br />
<br />
<span style="background-color: white; border-width: 0px; font-size: small; margin: 0px; outline: 0px none; padding: 0px; vertical-align: baseline;"><span style="line-height: 16px;">The Consortium for Graduate Study in Management (The Consortium) is
the country’s leading organization for promoting diversity and inclusion
in American business. Through an annual competition, The Consortium
awards merit-based, full-tuition fellowships to America’s best and
brightest candidates for study at one of the 17 Consortium member
universities. Applicants looking to join the MBA Class of 2014
experienced yet another highly competitive Consortium fellowship
competition. Last year, over 1000 applications were received for
membership and only approximately 300 Consortium fellowships were
awarded across its member universities. </span></span><br />
<div style="margin: 0in 0in 0.0001pt;">
<br /></div>
<div style="margin: 0in 0in 0.0001pt;">
<span style="font-size: small;">Annually, Consortium Fellows from
member schools across the nation are invited to participate in one of
the most highly anticipated events of the year, The Annual Orientation
Program and Career Forum (OP). In July of 2012, the five-day OP
conference was held in Minneapolis, MN. Fellows took part in an
ambitious series of career focused events, first-look opportunities with
national corporate partners including 3M, General Mills, and Target
(just to name a few) and the opportunity for Fellows across the nation
to meet for the first time. </span></div>
<div style="margin: 0in 0in 0.0001pt;">
<span style="font-size: small;"><br /></span></div>
<div style="margin: 0in 0in 0.0001pt;">
<span style="font-size: small;">As one of three founding partners,
The Wisconsin School of Business definitely sets itself apart when it
comes to preparing their Consortium Fellows for success within the
highly competitive OP environment. About a month and a half before the
actual Consortium OP event, Wisconsin invites their Consortium Fellows
to participate in “OP Boot Camp”, a jammed-packed weekend complete with
intense career and interview preparation. “<i>We developed our STAR
interview stories, learned key networking tips and methods towards
perfecting our personal brand, and even received interview feedback from
SC Johnson executives</i>,” says Caroline Mwonga, first year Wisconsin
MBA studying in the Center for Supply Chain Management. Wisconsin is
serious about ensuring its Fellows’ success at Consortium OP. The best
part of OP Boot Camp, from my perspective, was the opportunity to meet
and bond with first- and second-year Wisconsin Consortium students.
During that weekend, we discovered a Consortium family, one that will
stay with us throughout our Wisconsin MBA journey and beyond.</span></div>
<div style="margin: 0in 0in 0.0001pt;">
<span style="font-size: small;"><br /></span></div>
<div style="margin: 0in 0in 0.0001pt;">
<span style="font-size: small;">As a Consortium Fellow looking to
continue my career within the real estate industry post MBA, I can admit
that I was a bit skeptical about whether my participation at OP would
be as successful as my peers. However, I was pleasantly surprised! Even
though Real Estate MBA’s are not the most sought out students for
recruiters at OP, the event provided me with an invaluable opportunity
to connect with corporate partners who would later become allies during
my search for internship and full-time offers. I am now a part of a
national network of professionals eager to support The Consortium’s
mission and their Fellows, as well as, an MBA at a founding member
university whose brand, especially within the real estate industry,
continues to speak volumes. The Wisconsin School of Business
unquestionably has a recipe for success with its focus on supporting
diversity initiatives and producing specialized MBA graduates ready to
take on the work force. </span></div>
<div style="margin: 0in 0in 0.0001pt;">
<span style="font-size: small;"><br /></span></div>
<div style="margin: 0in 0in 0.0001pt;">
<span style="font-size: small;">For more information on The Consortium visit <a href="http://www.cgsm.org/about/index.asp"><i>http://www.cgsm.org/about/index.asp</i></a><i>.</i></span><i style="background-color: white; border-width: 0px; margin: 0px; outline: 0px; padding: 0px; text-align: -webkit-auto; vertical-align: baseline;"><i style="background-color: transparent; border-width: 0px; color: #c00000; font-size: 12px; line-height: 16px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><a href="http://bus.wisc.edu/mba/real-estate/student-life/student-profiles" style="background-color: transparent; color: #c00000; margin: 0px; padding: 0px; text-decoration: none; vertical-align: baseline;"><br /><br /></a></i><a href="http://bus.wisc.edu/mba/real-estate/student-life/student-profiles" style="background-color: transparent; color: #c00000; font-size: 12px; line-height: 16px; margin: 0px; padding: 0px; text-decoration: none; vertical-align: baseline;"><i style="background-color: transparent; border-width: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Amber House </i></a><span style="color: #493f38;"><span style="font-size: 12px; line-height: 16px;">comes
to Madison from San Diego, CA, where she managed the development of multifamily homes affordable to low-income households for Community Housing Works. Amber would like to leverage her project management and financial analytic skills to promote renewal and reinvestment in urban communities.</span></span></i></div>
Graaskamp Center Staffhttp://www.blogger.com/profile/03298666173882379325noreply@blogger.com0tag:blogger.com,1999:blog-7783769771216216818.post-68913896862090965102012-11-02T13:31:00.001-05:002012-11-02T13:57:45.076-05:00The Wisconsin Idea Meets Barcelona (Part III)<span style="font-size: x-small; font-style: italic;">by <a href="http://www.bus.wisc.edu/realestate/about/malpezzi.asp">Stephen Malpezzi</a>, </span><span style="font-size: x-small;">Professor and Lorin and Marjorie Tiefenthaler Distinguished Chair in Real Estate</span><br />
<span style="font-size: x-small;"><br /></span>After the plenary I described in my previous posts, we had a well-received session entitled “Cities and Housing – Closing the Urban Housing Gap,” chaired by the World Bank’s Ellen Hamilton. The focus of the session was on developing and emerging markets.<br />
<br />
As countries grow and urbanize, the efficient and equitable production and delivery of housing and its associated infrastructure are key elements of successful urbanization. In the aggregate, housing typically comprises something on the order of half a country’s tangible capital stock, a fifth to a third of gross fixed capital formation, and 10 to 30 percent of consumption. Housing often leads the business cycle, and is often one of the main channels of monetary policy. It is intimately tied to the development of (and sometimes to serious problems in) a country’s financial markets.<br />
<br />
From a social perspective, housing is the most widely held form of wealth in most societies; and through this channel and through the operation of rental markets, housing is an important determinant of the distribution of welfare as well as its average level. Furthermore, housing is a good that is characterized by important external costs and benefits, i.e. costs and benefits that are not “internalized” or paid directly/received by individual market participants, so it is not surprising that all governments intervene in some fashion in housing through various taxes, subsidies, regulations, and sometimes direct public provision. But the efficacy of these interventions varies widely.<br />
<br />
Three exciting papers were presented by younger researchers. Basab Dasgupta told us about the connections between housing, location, and transport in South Africa, in light of recent government housing initiatives in “Shelter from the Storm – But Disconnected from Jobs,” co-authored with my friend Somik Lall. Sohail Ahmad presented new housing demand estimates from Bangladesh that gave us a closer look at households’ actual consumption, and commented on that country’s housing policies in light of those facts. Ashna Mathema took a look at similar issues in Rwanda; and Kate Owens (a young colleague who is taking time out from international consulting to do a PhD at our Big 10 rival Michigan) examined these issues in Dar-es-Salaam, Tanzania. These latter papers seemed consistent with long-ago work by myself and the late Steve Mayo, that found budget shares for housing decreasing within cities as household incomes rose, but increasing in the very long run across cities as some grew and developed.<br />
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Two other papers were presented by greyer heads, my good friend and coauthor Alain Bertaud, and myself. Alain is one of the world’s leading urban planners – I would say the leading planner – and in some future post we’ll discuss our joint work more fully. In this presentation, Alain discussed the effective supply of land and, ultimately, real estate floorspace, in today’s cities. There are two main channels for increasing the effective supply of land and floorspace; one is to improve the transportation system (shortening travel times increases the effective range of a city’s land market), and the other is to reform how urban regulations affect the translation of land area into floorspace. Figure 1 illustrates the latter, with case study data from Ahmedabad. <br />
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For every 100 square meters of land that’s developed, 26 square meters ends up in the market for housing or other real estate; and given these 26 square meters, up to 44 square meters of floorspace may be delivered. (In the informal or “slum” sector, another 4 square meters of land yields 7 square meters of floorspace). Improving the effective yield of floorspace can be accomplished in several ways, for example by reducing the substantial fraction of newly developed land kept in government hands, mostly held as vacant; and by improving the yield of floorspace per unit of land submitted to market forces, for example by reforming Floor Area Ratio (FAR) regulations and so on.<br />
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Given the “externalities” argument and the fact that most governments intervene heavily in the housing market (including our own!) the purpose of my own paper was to discuss how to design interventions that work – and how to avoid interventions that do not work – based on experience in a range of countries, and on applied research. The goal is to provide some directions for housing policies and programs that have proven to be effective – both equitable as well as efficient. <br />
<br />
Want a few examples? Here is a taste:<br />
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Nothing good will happen in housing markets without secure property rights; but don’t fall into the trap, as some have recently, of believing that simply granting titles to slum dwellers will be a sufficient solution. There’s a lot to be done, such as improved registration procedures and information systems, and setting up a modern legal framework that’s truly relevant to low cost housing.<br />
<br />
Improving infrastructure is another key area. In many developing country cities, the supply of basic water and sanitation is even more critical than transportation improvements. But we can’t simply import the water system of New York or London’s waste treatment solutions; appropriate water and sanitation solutions depend critically on income levels and willingness-to-pay of recipients; on population densities; and often on climactic and soil conditions as well.<br />
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A well-functioning housing finance system competes for funds on equal terms with other investments, whether through deposit-based or capital markets-based models of resource mobilization (or some combination of the two). Directed credit models have proved inefficient, inequitable, and unsustainable. In particular, forcing housing finance institutions to lend at consistently negative or highly subsidized interest rates proven problematic; deeply subsidized state lenders have created financial problems in countries both rich and poor.<br />
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Cities need to regulate development and land use, but in a contextual and appropriate manner. Most cities (including again many in our own country) need to undertake an exercise “regulatory triage:” separate regulations into (1) those whose benefits clearly exceed costs, and strengthen and enforce them; (2) those whose costs clearly exceed benefits, and remove or reform them; and (3) a middle category of those for whom the net cost-benefit is too imprecisely known to be confident of the need for change. In many if not most cities, an initial focus on (1) and (2) will keep regulators busy for some time, and will yield significant returns.<br />
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Those are just four of a few dozen recommendations elaborated upon in the paper; if you are interested in housing or real estate markets, whether in developing or emerging markets, or here in the U.S., you might find it interesting; download the paper <a href="http://smalpezzi.marginalq.com/documents/Global%20Perspectives%20on%20Housing%20Markets%20and%20Policy%20Malpezzi%20Third%20Draft%20September%2020%202012.docx">here</a>.<br />
<br />
Well, we’ll be wrapping up soon. I’ll write one more blog post, coming soon, that will discuss a few more findings from our Barcelona meeting; and I’ll discuss some of the next steps that will be taken by the sponsors and participants.Graaskamp Center Staffhttp://www.blogger.com/profile/03298666173882379325noreply@blogger.com1tag:blogger.com,1999:blog-7783769771216216818.post-12834601310975991292012-10-22T14:47:00.000-05:002012-11-02T13:33:30.877-05:00Armed Guards, BRICs And Building The Best: A Badger-Led Q&A with Gerald D. Hines and John Wood of Hines Interests LP<br />
On October 9, 2012, a select group of undergraduate and graduate students from the <a href="http://bus.wisc.edu/mba">Wisconsin School of Business</a> gathered in Grainger Hall to sit down with one of the most renowned real estate entrepreneurs in the world: <a href="http://www.hines.com/about/gdh_video.html">Gerald D. Hines</a>, Chairman and Founder of <a href="http://www.hines.com/home/default.aspx">Hines Interests Limited Partnership</a> (“Hines LP”). The firm, founded in 1957, is currently active in 18 countries, has approximately 3,300 employees and controls assets valued at approximately $22.9 billion. Since its founding, Hines LP has managed over a thousand projects in 245 cities across four continents. <a href="http://bus.wisc.edu/faculty/michael-brennan">Michael Brennan</a>, Executive Director of the <a href="http://bus.wisc.edu/centers/james-a-graaskamp-center-for-real-estate">James A. Graaskamp Center for Real Estate</a>, moderated the student-led Q&A with Mr. Hines and John Wood, a Managing Director in the firm’s Chicago office.<br />
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Students probed the real estate pioneer’s illustrious past, outlook and aspirations, unearthing an array of anecdotes and stories. Mr. Hines was an impressive raconteur, entertaining students with various tales from his career developing real estate around the world. The first question immediately sparked a dazzling story describing an incident in which armed guards raided one of the firm’s foreign offices. The episode was a lively example of the travails the firm faces when investing globally.<br />
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Mr. Hines clearly enjoys the challenge. Hines LP, which partners with pension and sovereign wealth funds, has been investing in BRIC countries (Brazil, Russia, India and China) since the early 1990s. <br />
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“The tougher, the better,” he exclaimed. “You might get killed, but there’s less competition.”<br />
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Despite cultural and political differences, Mr. Hines doesn't hesitate to send “Texans to Russia.” In fact, Hines LP actively seeks opportunities that allow entry into lucrative markets throughout the world. The firm entered the Russian market by partnering with a local operator and establishing a reputation for quality.<br />
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It’s that ideal for quality that inspired the firm’s start in Houston. Mr. Hines saw a market oversupplied with “junk” and knew he could build something of better value. Improving the workability of the tenant – from expansive lighting to improved air quality to large floor plates – has been an important guiding principle. Mr. Hines spoke highly of the firm’s conceptual construction group, whose primary goal is to answer one simple question: how do we improve the product?<br />
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The small and specialized team promotes quality and innovation by evaluating the mechanical systems, operating expenses, maintenance costs and development planning of the firm’s investments. Students also highlighted the firm’s creativity and out-of-the-box thinking by focusing the discussion on some of the firm’s notable developments, including:<br />
<ul>
<li><a href="http://www.hines.com/property/detail.aspx?id=1285">The Galleria</a> (Houston, TX), an upscale mixed-use urban development that incorporated Milan-inspired architecture and constructed a basement level ice skating rink</li>
<li><a href="http://www.hines.com/property/detail.aspx?id=129">101 California St.</a> (San Francisco, CA), a LEED Platinum office building that achieved the highest LEED score in history in the existing building category (the building uses earthworms to brew fertilizer for the plants and trees in the building’s plaza and atrium)</li>
<li><a href="http://www.hines.com/property/detail.aspx?id=2120">Transbay Tower</a> (San Francisco, CA), a 1.3 million-square-foot office tower, which, once completed, will be the tallest building west of the Colorado Rockies</li>
</ul>
Mr. Wood added that it was the firm’s high standards and reputation that attracted him to Hines LP. The firm’s reputation creates opportunities to work on outstanding projects, something that excites and motivates him every day. Mr. Hines reciprocated, noting that it’s the firm’s talented employees that allow him to enjoy life. An avid skier and mountain climber who enjoys spending time with his family, Mr. Hines takes pride in knowing he can entrust the firm to upstanding individuals that do what they say – and in the right way – and don’t overpromise. He also emphasized that the firm’s 3,300 employees were a top priority and that maintaining the jobs significantly contribute to his determination and resilience during a tough economic climate.<br />
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The firm’s current economic outlook was described as “cautiously optimistic.” Capital continues to be constrained and competition is just as fierce, making development difficult. Mr. Wood pointed out the difficulty of finding equity for projects despite significant pre-leases and that the firm has had to break leases as a result. Although the firm is looking at acquisitions, development projects are waiting for equity.<br />
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Mr. Hines added that development projects also require courage. “It’s all very exciting, but can get pretty hairy at times.”<br />
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Fitting then, when asked of which project he was most proud, Mr. Hines replied “The first one that survives.” When talking about <a href="http://www.hines.com/property/detail.aspx?id=256">One Shell Plaza</a>, one of the first high-rise office buildings constructed by Hines LP, Mr. Hines spoke emphatically about developing meaningful business relationships and how they are a resource for opportunities, financing and expertise. He called upon the students to undertake the same goal he set for himself and the firm: to build great buildings at a reasonable cost and to not go broke doing it.<br />
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In other words, as Mr. Hines stated, “We want to have fun but also pay our bills.”<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjJh_mW8VOWQhS6DCtM2mUrWtazdoscupQJmuxRHgKLltzoedubXGq7hCJOyioJzlOd4Bt5XX4igXnLIzJTvrAxY-MN5FlPB4NU5FrJT2h_ZhnhyphenhyphenJ58Q6NUTPWKVhWLDC9qoHLoJa0yTIU/s1600/GDHINES+-+BLOG.JPG" imageanchor="1" style="clear: left; display: inline !important; margin-bottom: 1em; margin-right: 1em; text-align: center;"><img border="0" height="265" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjJh_mW8VOWQhS6DCtM2mUrWtazdoscupQJmuxRHgKLltzoedubXGq7hCJOyioJzlOd4Bt5XX4igXnLIzJTvrAxY-MN5FlPB4NU5FrJT2h_ZhnhyphenhyphenJ58Q6NUTPWKVhWLDC9qoHLoJa0yTIU/s640/GDHINES+-+BLOG.JPG" width="640" /></a><br />
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<br />
<i style="background-color: white; border-width: 0px; margin: 0px; outline: 0px; padding: 0px; text-align: -webkit-auto; vertical-align: baseline;"><i style="background-color: transparent; border-width: 0px; color: #c00000; font-size: 12px; line-height: 16px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><a href="http://bus.wisc.edu/mba/real-estate/student-life/student-profiles" style="background-color: transparent; color: #c00000; margin: 0px; padding: 0px; text-decoration: none; vertical-align: baseline;">Mitesh Patel </a></i><span style="color: #493f38;"><span style="font-size: 12px; line-height: 16px;">comes to Madison from New York, NY, where he focused on raising third-party capital for Merrill Lynch Global Private Equity. Mitesh would like to use his diverse work experience to pursue a role investing in public and private real estate.</span></span></i></div>
<br />Graaskamp Center Staffhttp://www.blogger.com/profile/03298666173882379325noreply@blogger.com1tag:blogger.com,1999:blog-7783769771216216818.post-18918030139658836442012-10-11T14:46:00.003-05:002012-11-02T13:57:57.898-05:00The Wisconsin Idea meets Barcelona (Part II)<!--[if gte mso 9]><xml>
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<br />
<div class="MsoNormal" style="line-height: normal;">
<span style="font-size: x-small;"><span style="font-style: italic;">by <a href="http://www.bus.wisc.edu/realestate/about/malpezzi.asp">Stephen Malpezzi</a>, </span>Professor and Lorin and Marjorie Tiefenthaler Distinguished Chair in Real Estate</span></div>
<span style="font-size: x-small; font-style: italic;"></span><br />
<div style="font-family: Times,"Times New Roman",serif;">
</div>
<div class="MsoNormal" style="font-family: Times,"Times New Roman",serif; line-height: normal;">
<span style="font-size: small;"><span style="color: black;">In addition to the
Barcelona Mayor’s official opening statement, the opening session included some
very thoughtful remarks by Deputy Mayor Antoni Vives, who discussed some of the
challenges faced by cities – increasing their productivity and that of their
labor forces, facilitating the sharing of knowledge and ideas, and doing so in
a sustainable fashion.</span></span></div>
<div class="MsoNormal" style="font-family: Times,"Times New Roman",serif; line-height: normal;">
<span style="font-size: small;"><span style="color: black;">The World Bank’s Abha
Joshi-Gahni introduced our Rethinking Cities book forthcoming at the end of
this year. She noted it was a time to think hard and fast, since the best
UN forecasts suggest the world will add about 1.7 billion to its cities between
now and 2030.</span></span></div>
<div class="MsoNormal" style="font-family: Times,"Times New Roman",serif; line-height: normal;">
<span style="font-size: small;"><span style="color: black;">Among the many points
reviewed by Harvard’s Ed Glaeser (see previous post), let me touch on one I
particularly like to share with students, based on one of my favorite
papers. Fifty years ago, Professor Benjamin Chinitz wrote a classic
study, Contrasts in Agglomeration: New York and Pittsburgh. A short
version [</span><a href="http://urbanpolicy.berkeley.edu/pdf/chinitz_contrastinagglomeration.pdf">located here</a><span style="color: black;">] was published in the American Economic Review.</span></span></div>
<div class="MsoNormal" style="font-family: Times,"Times New Roman",serif; line-height: normal;">
<span style="font-size: small;"><span style="color: black;">This brief and
deceptively simple paper suggests that one reason Pittsburgh went into a long
slow decline, while New York had ups and downs but ultimately reinvented
itself, was the difference in structures of their local economies. A
century ago, Pittsburgh was dominated by the steel industry, with large-scale
plants and huge vertically integrated firms like U.S. Steel, a combine that
included Andrew Carnegie’s 19<sup>th</sup> century mills. (My father and
other family members mined some of the coal that fueled these mills). New
York’s major industry was the textile industry, which was much more an
agglomeration of many small and medium sized firms, that were much more
entrepreneurial and networked.</span></span></div>
<div class="MsoNormal" style="font-family: Times,"Times New Roman",serif; line-height: normal;">
<span style="font-size: small;"><span style="color: black;">After World War II both
Pittsburgh’s steel industry and New York’s garment industry slowed, and
ultimately declined. The accompanying figure shows (in log form) the
population of both Pittsburgh and New York (cities, not the metro areas!) back
to the first few Censuses two centuries ago. You’ll notice that New York
was always larger than Pittsburgh; no surprise there. For more or less
the 19<sup>th</sup> century, both grew at very fast rates (the slope of a log
chart is roughly the growth rate of the original data). But notice that
although New York’s population slowed its growth after the War, it still grew,
with just a decade or two of some decline. New York City’s 2010
population of about 8.2 million is its highest ever. Pittsburgh, on the
other hand, went into a steep decline; its city population peaked at about
670,000 in 1950, and it’s around 305,000 today.</span></span></div>
<div class="MsoNormal" style="font-family: Times,"Times New Roman",serif; line-height: normal;">
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhq4BuL6xG6uD2lvc_H6tukokO9lR5n-uyCmsKJldcK4VaI1_e6S_Hvq-Iw1jcxC0ZpPeBIWRG3EWMEeaA-bp_2Z8NKoE4gmxpxIAnrgNKlcicJhyhZb58IWmsG32WxO0GNMOvAqDhP1XY/s1600/The+Wisconsin+Idea+meets+Barcelona+II+%28Professor+Malpezzi%29.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="261" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhq4BuL6xG6uD2lvc_H6tukokO9lR5n-uyCmsKJldcK4VaI1_e6S_Hvq-Iw1jcxC0ZpPeBIWRG3EWMEeaA-bp_2Z8NKoE4gmxpxIAnrgNKlcicJhyhZb58IWmsG32WxO0GNMOvAqDhP1XY/s400/The+Wisconsin+Idea+meets+Barcelona+II+%28Professor+Malpezzi%29.jpg" width="400" /></a></div>
<span style="font-size: small;"><span style="color: black;">Chinitz argued, and
provided data to support, the notion that no small part of the contrast between
the two cities is that the more diversified and entrepreneurial New York did a
much better job of reinventing itself; the “company men” of U.S. Steel
floundered.</span></span></div>
<div class="MsoNormal" style="font-family: Times,"Times New Roman",serif; line-height: normal;">
<span style="font-size: small;"><span style="color: black;">I find Chinitz’s
analysis very thought provoking though, as he himself admits, incomplete. V</span><span style="color: black;">irtually all of the
older eastern central cities had some period of declining population, or at
least relative declines, simply due</span><span style="color: black;"> to the demand for larger homes and lower transport costs that
fueled postwar suburbanization; New York City was and is so physically large
that in a crude sense some of the outer boroughs are partly their own suburbs.</span></span></div>
<div class="MsoNormal" style="font-family: Times,"Times New Roman",serif; line-height: normal;">
<span style="font-size: small;"><span style="color: black;">Nevertheless, I think
this difference mattered, a lot, especially in the 60s through perhaps the
1990s. But as has also been noticed, Pittsburgh has undergone a limited
rebirth, led by two first-rate research universities (the University of
Pittsburgh and Carnegie-Mellon University) and a university-connected thriving
health care industry that serves the region and beyond.</span></span></div>
<div class="MsoNormal" style="font-family: Times,"Times New Roman",serif; line-height: normal;">
<span style="font-size: small;"><span style="color: black;">None of this is to
downplay the problems Pittsburgh continues to face; many of the health care
jobs pay much less, in real terms, than the old steel jobs. A lot of the
city’s basic infrastructure is in dire need of repair and reconstruction, and
the city’s fiscal position is precarious, due in no small part to sharp
practices in their pension accounting.</span></span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: Times,"Times New Roman",serif; font-size: small;"><span style="color: black;">But to end on a high
note, if we ever needed to pick a “dream team” from any time or place to play
one of the great Packers teams, either from recent decades or the 1960s; as a
Pennsylvania native of a certain age, might I offer the services of the 1975
Pittsburgh Steelers?</span></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"></span></div>
Graaskamp Center Staffhttp://www.blogger.com/profile/03298666173882379325noreply@blogger.com0tag:blogger.com,1999:blog-7783769771216216818.post-82426952378401314102012-10-11T14:18:00.000-05:002012-10-11T16:01:50.072-05:00Accelerating Through the Turn<div style="font-family: Times,"Times New Roman",serif;">
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<span style="font-size: small;">The pace hasn’t slowed here at the <a href="http://bus.wisc.edu/mba">Wisconsin School of Business</a>. The first-year
curriculum, which consists of a challenging and engaging core, has given us
plenty to study, discuss and apply. We
always have something to prepare for – exams, team projects, individual
assignments, presentations - and more is set to come. </span></div>
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<span style="font-size: small;"><br /></span></div>
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<span style="font-size: small;">To be honest, it’s been a welcome
surprise. Like most MBAs in the class, I
came to the University of Wisconsin-Madison for my MBA because of its
specialized curriculum. Many of us are
eager to hit the ground running and the school does a tremendous job immersing
students into what they’re most passionate about. However, I have to admit, I’ve thoroughly
enjoyed our core classes, such as Marketing and Teams, which incorporate
thoughtful discussion and real-world application. It has also been a great way to connect with
non-Real Estate MBAs and share the experience of being a graduate student. For instance, after an intense week finishing
our marketing case report, I celebrated with a group of MBAs over an East meets
West meal. </span></div>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgAMpqWOfOhVDYbQNHzKpSKmRsdNb-a7AegEFibGEWEijh1ORXsR4N747aGb6-DWK69mUqtflqukrSh6z0HZGQIKygvAXk95RoaBpk9l_8MPtPqW9mAoz9mPeFyPU5m8tsvXG4zHMxua8k/s1600/sdfsdfsdf.jpeg.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="211" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgAMpqWOfOhVDYbQNHzKpSKmRsdNb-a7AegEFibGEWEijh1ORXsR4N747aGb6-DWK69mUqtflqukrSh6z0HZGQIKygvAXk95RoaBpk9l_8MPtPqW9mAoz9mPeFyPU5m8tsvXG4zHMxua8k/s400/sdfsdfsdf.jpeg.jpg" width="400" /></a></td></tr>
<tr align="justify"><td class="tr-caption"><span style="font-size: xx-small;">Clockwise from the left: Mitesh Patel (Real Estate MBA’14), Ekow Bedu-Amissah
(Corporate Finance and Investment Banking MBA’14), Ramesh Kanthilal (Real
Estate MBA’14), Dan Corry (Strategic Human Resource Management MBA’14) and
Michael Mostek (Supply Chain Management MBA’14); de-stressing after our
Marketing 700 case report over Leininkugels and a home-cooked Ghanian meal.</span></td></tr>
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</span></i><span style="font-size: 8.0pt;"></span><span style="font-size: small;">Of course, I’m still getting a full
portion of real estate. The <a href="http://bus.wisc.edu/centers/james-a-graaskamp-center-for-real-estate/About%20the%20Graaskamp%20Center">James A. Graaskamp Center for Real Estate</a> and <a href="http://www.realestateclub.org/">Real Estate Club</a> continue to set up an impressive slate of esteemed speakers,
including:</span>
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<ul style="font-family: Times,"Times New Roman",serif;">
<li><span style="font-size: small;">Bradley Olsen of
Atlantic Partners, who gave a detailed overview of the current political,
regulatory, financial and real estate environment in Europe.</span></li>
</ul>
<ul style="font-family: Times,"Times New Roman",serif;">
<li><span style="font-size: small;">Carl Ruedebusch
and Kyle Adams (BBA’09) of Ruedebusch Development & Construction and
Michael Waidelich with the City of Madison, who presented on the planning, remediation,
and funding on Royster-Clark, a multi-year, 27-acre development project.</span></li>
</ul>
<span style="font-size: small;"> </span><ul style="font-family: Times,"Times New Roman",serif;">
<li><span style="font-size: small;"><span style="-moz-font-feature-settings: normal; -moz-font-language-override: normal; font-size-adjust: none; font-stretch: normal; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal;"></span></span><span style="font-size: small;">Bob McClain of
Crow Holdings, who presented the firm’s history, performance and strategy and
came to recruit on-campus. </span></li>
</ul>
<div class="MsoNormal" style="font-family: Times,"Times New Roman",serif; line-height: normal; margin-bottom: 0in;">
<span style="font-size: small;">Most recently, <a href="http://bus.wisc.edu/faculty/michael-brennan">Michael Brennan</a>,
Executive Director of the Graaskamp Center, conducted a special student Q&A
with Gerald Hines, Founder and Chairman of Hines, and John Wood, Managing
Director of the Chicago office. It was
an amazing opportunity to listen to one of the most storied entrepreneurs in
real estate, learn about the firm’s history, culture and strategy and hear his unique
outlook on life and what he portends for the future. Mr. Hines, with wit and energy, ended the
Q&A with the adventurous spirit of a true developer, wishing us all well on
our aspirations and that we “don’t go broke” chasing them.</span></div>
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<br />
<i style="background-color: white; border-width: 0px; margin: 0px; outline: 0px; padding: 0px; text-align: -webkit-auto; vertical-align: baseline;"><a href="http://bus.wisc.edu/mba/real-estate/student-life/student-profiles" style="background-color: transparent; color: #c00000; font-size: 12px; line-height: 16px; margin: 0px; padding: 0px; text-decoration: none; vertical-align: baseline;"><i style="background-color: transparent; border-width: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Mitesh Patel </i></a><span style="color: #493f38;"><span style="font-size: 12px; line-height: 16px;">comes
to Madison from New York, NY, where he focused on raising third-party capital for Merrill Lynch Global Private Equity. Mitesh would like to use his diverse work experience to pursue a role investing in public and private real estate.</span></span></i><span style="font-size: 12pt;"></span><span style="mso-bidi-font-size: 11.0pt;"></span></div>
Graaskamp Center Staffhttp://www.blogger.com/profile/03298666173882379325noreply@blogger.com6tag:blogger.com,1999:blog-7783769771216216818.post-39867090353184218632012-10-11T13:50:00.000-05:002012-11-02T13:58:13.481-05:00The Wisconsin Idea meets Barcelona (Part I)<!--[if gte mso 9]><xml>
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<br />
<div style="font-family: Times,"Times New Roman",serif;">
<span style="font-size: small; font-style: italic;">by <a href="http://www.bus.wisc.edu/realestate/about/malpezzi.asp">Stephen Malpezzi</a>, </span><span style="font-size: small; font-style: italic;">Professor and Lorin and Marjorie Tiefenthaler Distinguished Chair in Real Estate</span></div>
<div style="font-family: Times,"Times New Roman",serif;">
<span style="font-size: small;"><br /></span>
</div>
<div class="MsoNormal" style="font-family: Times,"Times New Roman",serif; line-height: normal;">
<span style="color: black; font-size: small;">Greetings from </span><span style="font-size: small;"><a href="http://en.wikipedia.org/wiki/Barcelona">Barcelona</a></span><span style="color: black; font-size: small;">, Spain’s Chicago (“Second City”), Catalonia’s
capital, an economic engine of the country and the region (currently sputtering
a bit, as you’ll know), probably best known to many Wisconsinites as the home
to Gaudi’s still-evolving masterpiece, the Church of the Sagrada Família, but
also more architecture, history and culture than I can begin to address today.</span></div>
<div class="MsoNormal" style="font-family: Times,"Times New Roman",serif; line-height: normal;">
<span style="color: black; font-size: small;">I’m here for the 6th
Urban Research and Knowledge Symposium, <i>Rethinking Cities: Framing the
Future</i>, jointly organized by the </span><span style="font-size: small;"><a href="http://www.worldbank.org/">World Bank</a></span><span style="color: black; font-size: small;"> and the city of Barcelona. There are hundreds of
researchers, activists, mayors and other city officials here – even a few
business people, though it’s focused primarily on public policy issues.
For your first look at the conference, go to </span><span style="font-size: small;"><a href="http://www.rethinkingcities.org/" target="_blank">http://www.rethinkingcities.org/</a></span></div>
<div class="MsoNormal" style="font-family: Times,"Times New Roman",serif; line-height: normal;">
<span style="color: black; font-size: small;">Many readers of this
blog will have had a look at the “Tradition and Innovation” paper that explores
our real estate program over the past century – if you haven’t the Fall 2012
edition is available <a href="http://bus.wisc.edu/~/media/Bus/MBA/K-E/Knowledge-Centers/Graaskamp/malpezzi-tradition-innovation.ashx">here</a>.
One of the themes of that paper is the importance of the Wisconsin Idea,
usually traced back to President Charles Van Hise around 1904, but more fully
developed and first named “The Wisconsin Idea” in a 1912 book of that title by
the founder of Wisconsin’s Legislative Reference Bureau, Charles
McCarthy. In honor of the centennial of that publication, the University
has organized a website</span></div>
<div class="MsoNormal" style="font-family: Times,"Times New Roman",serif; line-height: normal;">
<span style="font-size: small;"><a href="http://wisconsinidea.wisc.edu/" target="_blank">http://wisconsinidea.wisc.edu/</a></span></div>
<div class="MsoNormal" style="font-family: Times,"Times New Roman",serif; line-height: normal;">
<span style="color: black; font-size: small;">Be sure to click on the
“The Wisconsin Idea Globally.” It’s been a long time since we’ve taken
the limiting part of the phrase “the walls of the University are the boundaries
of the state” literally – we’ve long gone national and global; and if you ask
my basketball buddies in the astronomy department, they’ll tell you we’ve gone
beyond global!</span></div>
<div class="MsoNormal" style="font-family: Times,"Times New Roman",serif; line-height: normal;">
<span style="color: black; font-size: small;">There’s another aspect
of the Wisconsin Idea that is worth discussing – that the Idea is not a
lecture, but a conversation. Ideas, especially good ones, are a two-way
street. I’m presenting a paper and contributing to this conference in
other ways, but, it’s just like class – I’m learning a ton while I’m at
it. During my early morning downtime I’ll send a little taste of the conference.</span></div>
<div class="MsoNormal" style="font-family: Times,"Times New Roman",serif; line-height: normal;">
<span style="color: black; font-size: small;">The conference was
opened by World Bank and city officials, most notably the Mayor of Barcelona,
the Honorable Xavier Trias. This was followed by a plenary session that
launched a forthcoming book, <i>Rethinking Cities: A Roadmap Towards Better Urbanization
for Development</i>, edited by Edward Glaeser and Abha Joshi-Ghani, to be
published by the World Bank. I’ve contributed a chapter on housing
markets and policy, about which more later. The session comprised an
overview by the book’s editors, Ed and Abha, and commentary by mayors and other
officials from Harare, Seoul, London and of course Barcelona. Ed’s
presentation was especially substantive, as you’d expect from the author of one
of my </span><span style="font-size: small;"><a href="http://wisconsinviewpoint.blogspot.com/2012/05/reading-for-life-2012-dynamic-dozen.html">2012 Dynamic Dozen</a></span><span style="color: black; font-size: small;">, </span><span style="font-size: small;"><a href="http://www.amazon.com/Triumph-City-Greatest-Invention-Healthier/dp/0143120549"><i>Triumph of the City: How Our Greatest Invention Makes Us
Richer, Smarter, Greener, Healthier, and Happier</i></a></span><span style="color: black; font-size: small;">. Ed gave a great overview, rich in the
history as well as the economics of cities, touching on inter alia the ways in
which cities facilitate trade, make capital and labor more productive, and help
us address some of our most urgent environmental problems.</span></div>
Graaskamp Center Staffhttp://www.blogger.com/profile/03298666173882379325noreply@blogger.com0tag:blogger.com,1999:blog-7783769771216216818.post-26123270197225521582012-10-02T13:45:00.000-05:002012-10-02T13:45:23.254-05:00Gary Beban of CBRE Accepts Innovator Award<!--[if gte mso 9]><xml>
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In front of a capacity crowd at the UW-Madison Pyle Center,
CBRE Executive Gary Beban received the Wisconsin Real Estate Program’s Innovator
Award on Thursday, September 27, jointly awarded by the <a href="http://www.realestateclub.org/" target="_blank">UW Real Estate Club</a> and
the <a href="http://bus.wisc.edu/centers/james-a-graaskamp-center-for-real-estate" target="_blank">James A. Graaskamp Center for Real Estate</a>. The award was presented by
Michael Brennan, Executive Director for the Graaskamp Center, and aims to celebrate
the innovative achievements of key individuals within the real estate industry.</div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiJLSkYI0i4_5Hy4-jj8uL1pfp5Kx8Hm27kG-HpnSM7ZvxmWg8lrFbC2C590r3xWR2X7BHILVbHp0LfEEEknBa3sDYwBuO9Mv9lX9RLkliiHSWL743LcNq2n89Rg-q7M7kNJC1SVzhwV5g/s1600/P1010277.JPG" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiJLSkYI0i4_5Hy4-jj8uL1pfp5Kx8Hm27kG-HpnSM7ZvxmWg8lrFbC2C590r3xWR2X7BHILVbHp0LfEEEknBa3sDYwBuO9Mv9lX9RLkliiHSWL743LcNq2n89Rg-q7M7kNJC1SVzhwV5g/s320/P1010277.JPG" width="320" /></a>Gary began his presentation titled “Supporting Innovation”
by tracing the trajectory of the company, which is now known as CBRE, <span style="mso-spacerun: yes;"> </span>from 1971, his first year with the company,
through the current year. Drawing on his experience as a history major during
his days at UCLA, Gary brought a holistic approach to real estate throughout
his career, noting that in order to be most effective, one must
"understand your vertical". Put differently, you should know where
your industry and company have been and where it currently is in order to
create an innovative strategy for future growth. </div>
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This strategic framework guided Gary, especially when he was
named President in 1987, in his pursuit of repositioning the brokerage firm
into a global, vertically integrated leader within the commercial real estate
sector. Gary achieved this by understanding and capitalizing on two critical
changes that would hit the industry: 1) the global circulation of capital; and
2) global corporate real estate services. With strategic acquisitions around
the globe that linked CBRE offices across time zones, Gary established a
formidable network through which CBRE employees were producing at every hour of
every day, a far cry from a company with one office in San Francisco back in 1906.
Furthermore, these acquisitions pushed the brokerage's vertical integration to
new levels, as evidenced by the acquisition of Insignia that provided CBRE the
industry's largest proprietary market research arm.</div>
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As was appropriate considering the student-focused setting,
Gary provided a strategic industry look-ahead providing a look into CBRE’s
Workplace Strategy. The basis of this strategy is acknowledgement of the
original dynamics of developer, investor, user, and capital, synthesized with
the more recent trends of advanced technology and telecommunications. Simply
put, firms now view reducing costs inherent with occupying space as strategic
strategies in their long-term planning. CBRE fits this within their vision by
assuming increasingly mobile teams and occupancy square foot per employee from
350 to 50 to better serve their client base.</div>
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His closing remarks included words of wisdom for the
attending students: stay current with global developments, and hone your
financial skills and vertical knowledge. These certainly have proved fruitful
for Gary throughout his impressive career at CBRE. The Wisconsin Real Estate
Program was proud to welcome Gary to our UW-Madison campus!<br />
<br />
<i style="background-color: white; border-width: 0px; margin: 0px; outline: 0px; padding: 0px; text-align: -webkit-auto; vertical-align: baseline;"><a href="http://bus.wisc.edu/en/mba/Real-Estate/Student-Life/Student-Profiles.aspx" style="-webkit-tap-highlight-color: rgb(176, 6, 6); background-color: transparent; color: #c00000; font-family: sans-serif; font-size: 12px; line-height: 16px; margin: 0px; padding: 0px; text-decoration: none; vertical-align: baseline;"><i style="background-color: transparent; border-width: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Jonathan Brown </i></a><span style="color: #493f38; font-family: sans-serif;"><span style="font-size: 12px; line-height: 16px;">comes
to Madison from Washington, DC, where he managed downtown Class A
office buildings for Tishman Speyer. Jonathan plans to leverage his
prior experience with financial and analytic tools gained during the MBA
program to develop and invest in urban commercial properties.</span></span></i> </div>
Graaskamp Center Staffhttp://www.blogger.com/profile/03298666173882379325noreply@blogger.com1tag:blogger.com,1999:blog-7783769771216216818.post-79684622621362864882012-09-27T14:31:00.001-05:002012-10-02T13:46:50.286-05:00A Fast and Furious Start<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
It hasn’t even been a month yet? The atmosphere here has been electric
during MBA Orientation Week and the start of classes – not to mention the first
Badger football games! Like the other 12 incoming <a href="http://bus.wisc.edu/mba/Real-Estate/Student-Life/Student-Profiles">Real
Estate MBA students</a>, I began refining my resume and elevator pitch right
off the bat for WREAA’s “The Economic Tightrope” Biennial Conference held in
Madison on September 13<sup>th</sup> and 14<sup>th</sup>. During the conference, we were able to
connect with many real estate alumni from around the country, and listen to
panel discussions ranging from “Cap Rate Arbitrage versus Income Growth” to
“The Multifamily Land Grab.” This was certainly a tremendous opportunity to
start out the school year. Additionally, we have already hosted several
representatives from several companies, like Prudential and KTR Capital
Partners, who presented pitches and are actively recruiting.</div>
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<o:p></o:p></div>
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<br /></div>
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<b>Alumni Network<o:p></o:p></b></div>
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The outstanding and supportive <a href="http://bus.wisc.edu/mba/Real-Estate/Alumni-and-Friends">alumni network</a>
is one reason that I felt compelled to enroll at Wisconsin. Within the first
week, our real estate class was visited by local alumni working in the industry
who spoke candidly about their experiences and provided hints and suggestions
for future job opportunities. Building on this spirit, each real estate MBA has
been paired with an Alumni Mentor. I can speak from my own personal experience
in conjunction with that of my fellow classmates in saying that our Mentors
have provided us with early benefits in focusing our job searches. <o:p></o:p></div>
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<br /></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b>Experiences in Madison<o:p></o:p></b></div>
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For all you food lovers, Madison has a lot to offer. The Farmer’s
Market on Saturday by the State Capitol offers a tremendous variety of local
produce and goods. Also, over Labor Day, my fellow incoming real estate MBA Amber
House visited “Taste of Madison”, a wide assortment of offerings from local
restaurants. Amber’s favorite dish, a creation of Sa Bai Thong Thai Restaurant,
was the Shrimp Purse, a delicious shrimp and chicken concoction wrapped in a
spring roll skin and served with their signature Green Curry. That same weekend,
another classmate Michael Zollner attended the 38<sup>th</sup> Annual Wisconsin
State Cow Chip Throw & Festival outside Madison in Prairie du Sac. In lieu
of a report, he recommends that everyone try out this unique Wisconsin
experience to get the full flavor of the event, so to speak.<o:p></o:p></div>
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<br /></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b>Upcoming Adventures and
Activities<o:p></o:p></b></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
Our <a href="http://bus.wisc.edu/mba/Real-Estate/Student-Life/Real-Estate-Club">Real
Estate Club</a> is hosting several upcoming events. We had our first meeting on September 20 with
Prudential as guest, and an October trip is planned to San Francisco. It will include site and development tours
(e.g. Google’s campus, San Antonio Station), and professional presentations by
Northwestern Mutual, Principal, Equity Residential, and more. Back in Madison,
four of our real estate MBAs, including yours truly, competed against the other
specializations in a Golf Outing on September 21 at The Oaks Golf Course in
Cottage Grove.</div>
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<br /></div>
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<i style="background-color: white; border-width: 0px; margin: 0px; outline: 0px; padding: 0px; text-align: -webkit-auto; vertical-align: baseline;"><a href="http://bus.wisc.edu/en/mba/Real-Estate/Student-Life/Student-Profiles.aspx" style="-webkit-tap-highlight-color: rgb(176, 6, 6); background-color: transparent; color: #c00000; font-family: sans-serif; font-size: 12px; line-height: 16px; margin: 0px; padding: 0px; text-decoration: none; vertical-align: baseline;"><i style="background-color: transparent; border-width: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Jonathan Brown </i></a><span style="color: #493f38; font-family: sans-serif;"><span style="font-size: 12px; line-height: 16px;">comes to Madison from Washington, DC, where he managed downtown Class A office buildings for Tishman Speyer. Jonathan plans to leverage his prior experience with financial and analytic tools gained during the MBA program to develop and invest in urban commercial properties.</span></span></i><o:p></o:p></div>
<br />Graaskamp Center Staffhttp://www.blogger.com/profile/03298666173882379325noreply@blogger.com2tag:blogger.com,1999:blog-7783769771216216818.post-15566229611733971842012-08-30T13:04:00.000-05:002012-08-30T13:05:13.210-05:00Program Update from Professor Steve Malpezzi<span style="font-style: italic;">by <a href="http://www.bus.wisc.edu/realestate/about/malpezzi.asp">Stephen Malpezzi</a>, </span><span style="font-style: italic;">Professor and Lorin and Marjorie Tiefenthaler Distinguished Chair in Real Estate</span><br />
<br />
Students are filtering back, and we’re gearing up for another rocking academic year. The streets are filled with students and their friends and parents, and vans and trailers full of the necessities of another year in Madison.<br />
<br />
Do you miss the reading lists and syllabi you used to receive each September? Well, you can get a head start at your lifelong-learning ‘semester’ by reading through the little list here at our blog where I posted the latest <a href="http://wisconsinviewpoint.blogspot.com/2012/05/reading-for-life-2012-dynamic-dozen.html" target="_blank">Top 12 “Reading for Life” entries</a>. (Comments welcome!) But I’m writing today mainly to bring you some news. <br />
<br />
Last year, after several turns as Department Chair, and two years as Academic Director of the <a href="http://bus.wisc.edu/centers/james-a-graaskamp-center-for-real-estate" target="_blank">Graaskamp Center</a>, I turned the Center directorship into the more-than-capable hands of <a href="http://bus.wisc.edu/faculty/Morris-Davis" target="_blank">Morris Davis</a>. I was planning to spend more time on teaching and research. But (great!) events intervened, and I stepped in as Department Chair once again last fall, when François Ortalo-Magné became our new Dean. <br />
<br />
I’m very excited about the directions François is taking our School. School-wide initiatives that he’s spearheading focus on increasing the impact of our research on business and public policy; providing a transformational student experience through innovations in the way we teach; and providing faculty, staff, students and all of us with a “Great Platform for Great Work.” During the coming year you will learn more about these initiatives both through our blog but also the <a href="http://bus.wisc.edu/" target="_blank">WSB’s website</a>.<br />
<br />
Today I’m writing to tell you more about another positive change. Recently Dean Ortalo-Magné made it official: my colleagues and I are very pleased that Professor <a href="http://bus.wisc.edu/faculty/abdullah-yavas" target="_blank">Abdullah Yavas</a> has accepted the chairmanship of the Department of Real Estate and Urban Land Economics.<br />
<br />
Professor Yavas is well known among real estate academics as one of the most innovative and productive researchers in our field; several years ago we were very excited to lure him to Madison from Penn State, where he was a stalwart member of their fine faculty for 17 years. As many readers of this blog already know, Abdullah is also a faculty member of deep experience across a number of other dimensions, including administration; he’s one of only two real estate academics I know who’s served as president of a university!<br />
I know readers of this blog will join François and me, and the rest of our faculty, in congratulating Abdullah, and thanking him for taking on this important responsibility. Check out <a href="http://bus.wisc.edu/faculty/abdullah-yavas" target="_blank">Abdullah’s bio</a>, if you have not already done so.<br />
<br />
I must make a personal clarification as well. The LAST time I stepped down as Department Chair (!), I received a number of messages wishing me well in retirement. Retirement? Let me be very clear, I am NOT retiring.<br />
<br />
I will be doing whatever I can, as so many others will, to support our School and in particular our Real Estate Program’s management team of Abdullah and Center Academic Director Morris Davis, and of course our Graaskamp Center Executive Director <a href="http://bus.wisc.edu/faculty/michael-brennan" target="_blank">Mike Brennan</a>, in the coming year and beyond. I’ll be expanding my teaching responsibilities, helping the School with the new Business Analytics initiative (including but not limited to improving our students’ Excel skills), and working to focus the efforts of Real Estate and other parts of the School and UW on some important economic development issues. Forthcoming blog posts will fill you in on some new Graaskamp Center initiatives on economic development, with an initial focus on the Midwest.<br />
<br />
This year, in addition to teaching urban economics, I’m excited to be teaming up with <a href="http://bus.wisc.edu/faculty/michael-hershberger" target="_blank">Mike Hershberger</a> to teach valuation, and with <a href="http://bus.wisc.edu/faculty/erwan-quintin" target="_blank">Erwan Quintin</a> to revive our housing economics class (last taught in 2002!) As we bring these courses online this fall, we’ll be looking to make good use of the resources François and donors including real estate alum Milo Pinkerton are bringing to the teaching innovation initiatives that François mentions in the attachment.<br />
<br />
We have plenty of other news to share, notably the fact that our newest faculty member, Assistant Professor Jaime Luque, is now on campus and preparing his first courses, in urban economics and real estate finance. You’ve probably already <a href="http://bus.wisc.edu/mba/Real-Estate/news/2012/04/17/New-Faculty-Member-Jaime-Luque" target="_blank">read about Jaime</a>. In the ensuing months, you’ll be hearing much more from Abdullah and Morris, and Mike, and our other faculty and staff, about the state of our Program and our industry. At the School level, you’ll hear from François and his management team. Rest assured that you’ll continue to hear from me, too. After nine years of administrative responsibilities I’m looking forward to a little more time for teaching and research, but I will continue to be actively involved in all aspects of the Graaskamp Center and our real estate Program. Especially writing more postings for Wisconsin Real Estate Viewpoint!<br />
<br />Graaskamp Center Staffhttp://www.blogger.com/profile/03298666173882379325noreply@blogger.com0tag:blogger.com,1999:blog-7783769771216216818.post-72147937750769928362012-05-25T13:03:00.001-05:002012-06-05T13:10:08.495-05:00Reading for Life: The 2012 Dynamic Dozen!<span style="font-style: italic;">by <a href="http://www.bus.wisc.edu/realestate/about/malpezzi.asp">Stephen Malpezzi</a>, </span><span style="font-style: italic;">Department Chair, </span><span style="font-style: italic;">Professor and Lorin and Marjorie Tiefenthaler Distinguished Chair in Real Estate</span><br />
<span style="font-style: italic;"><br /></span>Sorry, I couldn’t do a Top Ten. Had to be at least a dozen. Then it turned into a baker’s<br />
dozen. Here they are in reverse alphabetical order. (Why? So I had a reason to put our<br />
blog as #1!)<br />
<br />
13. Anderson, Max and Peter Escher. <a href="http://mbaoath.org/book/" target="_blank"><i>The MBA Oath: Setting a Higher Standard for Business Leaders</i></a>. Penguin Books, 2010. <br />
Perhaps I was inspired to choose this one because as I write, the news of the day includes Hungary’s president Pal Schmitt resigning because he apparently plagiarized large sections of his PhD dissertation; Yahoo CEO Scott Thompson has just stepped down after only four months on the job because he misrepresented his academic credentials on his resume; Wal‐Mart’s in hot water over possible violations of the Foreign Corrupt Practices Act in obtaining real estate permissions in Mexico (and an ensuing possible cover‐up); and then there’s the plethora of ethical issues connected to the Great Financial Crisis, before, during and after. Anderson and Escher are among the leaders of a movement to have MBA students adopt a sort of Hippocratic Oath for business. You might find the oath idea itself speaks to you, or not; but either way this little book, written by MBA students, frames some very timely isues, and provides a useful guide to additional reading and reflection.<br />
<br />
12. Brooks, David. <a href="http://www.amazon.com/The-Social-Animal-Character-Achievement/dp/140006760X" target="_blank"><i>The Social Animal</i></a>. Random House, 2011. <br />
<a href="http://topics.nytimes.com/top/opinion/editorialsandoped/oped/columnists/davidbrooks/index.html">Brooks</a> is best known as a conservative political commentator, but is also an intellectual omnivore. His increasing interest in what modern psychology can teach us about economic and life decisions parallels my own. In an apparent homage to Rousseau’s Emile, he follows the life paths of two fictional characters, Harold and Erica, to illustrate. Whether you find this particular device effective or distracting (or both?), it’s a fluid introduction. (See also Kahneman’s book, below). <br />
<br />
11. Chinn, Menzie D. and Jeffrey A. Frieden. <a href="http://www.amazon.com/Lost-Decades-Making-Americas-Recovery/dp/0393076504" target="_blank"><i>Lost Decades: The Making of America's Debt Crisis and the Long Recovery</i></a>. WW Norton & Co Inc., 2011. <br />
Debt?? We’re in debt??? Who knew? Well, we all know it, but why have we run up such a debt in (relative to World Wars) peacetime? Here’s a scholarly but well‐written overview of the problem, its sources (often misunderstood!) and some solutions. <br />
<br />
10. Cowen, Tyler. <a href="http://www.amazon.com/gp/product/0525952713/ref=as_li_tf_tl?ie=UTF8&tag=marginalrevol-20&linkCode=as2&camp=217145&creative=399349&creativeASIN=0525952713" target="_blank"><i>The Great Stagnation: How America Ate All the Low‐Hanging Fruit of Modern History, Got Sick, and Will (Eventually) Get Better</i></a>. Amazon, 2011. <br />
An interesting short monograph on the economy and its future. Also of interest, an early example of a book published electronically (though now after its success, it’s also available in a paper version). <br />
<br />
9. Eichengreen, Barry J. <a href="http://www.amazon.com/Exorbitant-Privilege-Dollar-International-Monetary/dp/0199753784" target="_blank"><i>Exorbitant Privilege: The Rise and Fall of the Dollar and the Future of the International Monetary System</i></a>. Oxford University Press, 2011. <br />
The U.S. has a number of strengths; one of those is that the dollar happens to be the world’s reserve currency. Will it be so indefinitely? I remember this was a hot issue during my student days in the 70s. It’s back. <a href="http://emlab.berkeley.edu/%7Eeichengr/">Eichengreen </a>is perhaps our leading scholar of international monetary history. <br />
<br />
8. French, K. R., M. N. Baily, et al. <a href="http://www.amazon.com/The-Squam-Lake-Report-Financial/dp/0691148848" target="_blank"><i>The Squam Lake Report: Fixing the Financial System</i></a>. Princeton University Press, 2010. <br />
Gives lie to the canard that economists can never agree on anything. Fifteen top financial scholars, of varying political and academic backgrounds, provide a remarkably sharp and concise set of recommendations for fixing our financial system. <br />
<br />
7. Glaeser, Edward. <a href="http://www.triumphofthecity.com/" target="_blank"><i>Triumph of the City: How Our Greatest Invention Makes Us Richer, Smarter, Greener, Healthier, and Happier</i></a>. Penguin, 2011. <br />
A fine overview of the place of cities in the economy and society, well‐written by Harvard’s top urban economist. A few glitches – e.g. his data on densities in some developing country cities is off the mark – but I think he gets all the big stuff right. And it’s a much better read than your typical urban economics textbook. <br />
<br />
6. Haskins, Ron and Isabel Sawhill. <a href="http://www.brookings.edu/research/books/2009/creatinganopportunitysociety" target="_blank"><i>Creating an Opportunity Society</i></a>. Washington, D.C., Brookings Institution, 2009. <br />
Everyone knows that income inequality has been rising in the U.S., but until I read the literature surveyed and the data presented in this book, I was unaware just how much our vaunted individual economic mobility had eroded. By some meaningful measures the U.S. is now less mobile than many European countries (something that rarely makes the news). Haskins and Sawhill give a careful reading of the evidence, and some very sensible prescriptions to help the U.S. get its mobility mojo back. <br />
<br />
5. Kahneman, Daniel. <a href="http://www.amazon.com/Thinking-Fast-Slow-Daniel-Kahneman/dp/0374275637" target="_blank"><i>Thinking, Fast and Slow</i></a>. Farrar, Straus and Giroux, 2011. <br />
Models of rational choice are the bread and butter of economists, myself included. But not even I walk down the supermarket aisle plugging everything into my personal translog utility function. Psychologist Kahneman won a Nobel Prize for his work bringing psychology into the study of economics (“behavioral economics”). This is a very readable introduction to how the brain goes back and forth between intuitive thinking (“System 1” or “fast thinking”) and more analytic, rational thinking (“System 2,” “slow thinking”). We need both. The book Malcolm Gladwell probably meant to write when he wrote Blink. <br />
<br />
4. Malpezzi, Stephen. <a href="http://smalpezzi.marginalq.com/documents/Real%20Estate%20Aggregate%20Economy%20October%208%202011.pdf" target="_blank"><i>A Primer on Real Estate and the Aggregate Economy: Know Your Macro Indicators</i></a>. James A. Graaskamp Center for Real Estate. 2011. <br />
OK, a little self-promotion here. But I think it’s a very handy and practical introduction to tracking the U.S. economy’s basic macro data. <br />
<br />
3. Mann, Thomas E. and Norman J. Ornstein. <a href="http://www.amazon.com/Even-Worse-Than-Looks-Constitutional/dp/0465031331" target="_blank"><i>It's Even Worse than It Looks: How the American Constitutional System Collided with the New Politics of Extremism</i></a>. Basic Books, 2012. <br />
You’ve figured out by now that solving our deficit problems, financial crises, and many other issues are not going so well, more because of politics than because we don’t know what to do. Mann and Ornstein have revised and extended their 2008 book The Broken Branch to document how we arrived at this point. Especially controversial because, while giving plenty of “credit” to the Democrats, they claim that the Republicans are much more responsible for the current environment; and this from Ornstein, a well‐known conservative scholar at the American Enterprise Institute. (Other recent books, including Tom Coburn’s Debt Bomb, spread the blame around more evenly). Whether in the end you share Mann and Ornstein’s views or not, you’ll learn from the detailed discussion of the details behind our political impasses. A good sifting‐and‐winnowing candidate. <br />
<br />
2. U.S. Financial Crisis Inquiry Commission. <a href="http://www.gpo.gov/fdsys/pkg/GPO%E2%80%90FCIC/pdf/GPO%E2%80%90FCIC.pdf" target="_blank"><i>The Financial Crisis Inquiry Report: Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States</i></a>, U.S. Government Printing Office, 2011. <br />
Three reports in one – the majority report and two minority reports. Well written, lots of details, and – free! At least the pdf version.<br />
<br />
1. Of course, the <a href="http://wisconsinviewpoint.blogspot.com/%20" target="_blank">Wisconsin Real Estate Viewpoint</a>! Read it. Know it. Live it.<br />
<br />
<br />
For previous other recommendations from Steve's Reading for Life list, <a href="http://wisconsinviewpoint.blogspot.com/search/label/%22Reading%20for%20Life%22" target="_blank">click here</a>.Graaskamp Center Staffhttp://www.blogger.com/profile/03298666173882379325noreply@blogger.com0tag:blogger.com,1999:blog-7783769771216216818.post-5487452032434912792012-05-23T10:03:00.000-05:002012-05-23T10:03:35.984-05:00In memoriam, John Quigley<span style="font-style: italic;">by <a href="http://www.bus.wisc.edu/realestate/about/malpezzi.asp">Stephen Malpezzi</a>, </span><span style="font-style: italic;">Department Chair, </span><span style="font-style: italic;">Professor and Lorin and Marjorie Tiefenthaler Distinguished Chair in Real Estate</span><br />
<br />
<br />
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiRjZSgnPhlxR78jF7hpl5qw0YxEMQ79DzrlRVXfq2dhVLB7crpKX7fyHoaWl1ODDWLk71aWAS7q9HQCtOsXUuidKbdIrFTmESYs9fwYIp1SQH0px7KKZ0VgNdHLaCzNTaMLSjKVGystVQ/s1600/Quigley.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img alt="Photo by Genevieve Shiffrar, © UC Regents" border="0" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiRjZSgnPhlxR78jF7hpl5qw0YxEMQ79DzrlRVXfq2dhVLB7crpKX7fyHoaWl1ODDWLk71aWAS7q9HQCtOsXUuidKbdIrFTmESYs9fwYIp1SQH0px7KKZ0VgNdHLaCzNTaMLSjKVGystVQ/s200/Quigley.jpg" title="Professor John Quigley" width="133" /></a>Recently we received the sad news that Berkeley’s Professor John Michael Quigley passed away on May 12, 2012. John was a professor of economics, public policy, and real estate at the University of California-Berkeley. Information about Professor Quigley’s life and work can be found at Berkeley’s <a href="http://gspp.berkeley.edu/news-events/quigleyObit.html">Goldman School of Public Policy</a>.<br />
<br />
You’ll find other postings at the <a href="http://www.areuea.org/publications/newsbytes/article.phtml?id=678">American Real Estate and Urban Economics Association</a>, the <a href="http://www.regionalscience.org/News/Obituaries/professor-john-quigley-after-a-long-illness-died-on-saturday-may-12-2012.html">Regional Science Association</a>, and by some of his former students and other colleagues, such as <a href="http://www.nilskok.com/">Nils Kok</a>, and <a href="http://greeneconomics.blogspot.com/">Matt Kahn</a>.<br />
<br />
By the time I get this written and posted, there will doubtless be more tributes and postings, around the world. Let me take the liberty of adding to these, with a few of my own remembrances.<br />
<br />
I first encountered Professor Quigley through his research; later, we connected through our mutual friend the late Steve Mayo. I was honored to count John as a friend, but he was also a professional and scholarly inspiration to me, and to many, many others. Professor Quigley was an active researcher and teacher for over four decades; a long career by some standards, but he left those of us who knew him, and his work, wishing we could have had a fifth, if not a sixth.<br />
<br />
In the history of the allied fields of urban economics, real estate economics and finance, after the original generation of William Alonso, Richard Muth, Edwin Mills and John Kain, John Quigley shaped our field like no one else. The breadth of his contributions, in urban, housing, public finance, finance, and many other fields, is breathtaking.<br />
<br />
I’m not alone in that judgment, and those of us that hold it can easily show that it’s not simply sentiment for a passed friend. Many colleagues share my high opinion of John Quigley, and have said so, unbidden, for years, long before his illness. Several years ago, for fun, I asked six PhD students to write down the name of the person who, according to their study, all-in, made the greatest contributions to our field. (I told them they couldn’t name anyone from Wisconsin, but of course that was to save face :-). <br />
<br />
Five wrote “Quigley.” Well, it wasn’t all six, but I’m not going to stretch the truth for the sake of the story!<br />
<br />
John wrote many books and articles, about 200 if you include his reviews and shorter policy pieces (which, if you read a few, you will!). But the most amazing thing about his work wasn’t the quantity, so much as the consistent quality. I can’t begin to do his corpus justice, but let me touch on just a few of my personal favorites.<br />
<br />
I started my career in 1977, analyzing housing markets at the Urban Institute. One of my “bibles” that I constantly consulted, both for specific results and, more importantly, as a clear model of how to undertake rigorous scholarship in my new field, was John’s 1975 book with his former major professor John Kain, <a href="http://www.nber.org/books/kain75-1%20">Housing Markets and Racial Discrimination</a>. Written several years after the racial strife of the late 60s, it’s a masterpiece of data collection, analysis, and clear and careful thinking.<br />
<br />
John’s 1997 Presidential Address to the American Real Estate and Urban Economics Association, “<a href="http://urbanpolicy.berkeley.edu/pdf/quigley_urbandiversity.pdf%20">Urban Diversity and Economic Growth</a>,” still stands as one of the clearest expositions of the reasons why cities exist, and why they are so important.<br />
<br />
Much of my policy work is focused on how the housing market works (or, sometimes, doesn’t) for low-income citizens. But the first paper I refer anyone new to the subject isn’t one of my own – it’s Quigley’s superb paper “<a href="http://escholarship.org/uc/item/9mr0x9gg.pdf%20">Is Housing Affordable? Why Isn’t It More Affordable?</a>,” written with Steven Raphael.<br />
<br />
I’ve been very focused in recent years on supply side issues, particularly regulation. John did some of the early work, and lately some of the best. See, for example, his paper with Nils Kok and Paavo Monkkonen, “<a href="http://urbanpolicy.berkeley.edu/pdf/KMQ_Geography_JMQ_021811.pdf">Geography, Regulation and the Value of Land</a>.”<br />
<br />
Understanding housing market dynamics is a major part of today’s research agenda; see, for example, some of the <a href="http://erwan.marginalq.com/HULM12s.html">recent HULM programs</a> put together by my colleagues Morris A. Davis and Erwan Quintin. But John was an “early adopter” of the dynamic view, as you’ll see, for example, in a 1979 paper with his friend Ric Hanushek, “<a href="http://hanushek.stanford.edu/sites/default/files/publications/Hanushek%2BQuigley%201979%20JUE%206.pdf">The Dynamics of the Housing Market: A Stock-Adjustment Model of Housing Consumption</a>.”<br />
<br />
Mortgage securities, especially residential, contain some features that make them very challenging to analyze, compared to many other fixed income products; in particular, analyzing them correctly requires an understanding of both prepayment risk and default risk, and their interaction. Quigley and his former student Professor Yongheng Deng developed the competing risk model that is now a standard for studying MBS; see their paper “<a href="http://escholarship.org/uc/item/96r560pg">Mortgage Terminations, Heterogeneity and the Exercise of Mortgage Options</a>.”<br />
<br />
Professor Quigley and his good friend Chip Case and the noted financial economist Bob Shiller were among the first economists to warn of the risks inherent in the housing market boom of the late 90s and early 2000s, as in their prescient 2003 “<a href="http://escholarship.org/uc/item/0v59r392#page-2">Is There a Bubble in the Housing Markets?</a>”<br />
<br />
A later look, produced just as the boom ended, predicted much of the macroeconomic pain we’ve experienced as a consequence; see Case and Quigley’s “<a href="http://escholarship.org/uc/item/1j05j7t5.pdf">How Housing Booms Unwind: Income Effects, Wealth Effects, and Feedbacks through Financial Markets</a>.”<br />
<br />
John was always looking for new and interesting problems to work on, and in recent years he turned his attention to the intersection between environmental issues and real estate. One of several papers we could point to in this new area is his work with Piet Eicholtz and Nils Kok, “<a href="http://www.columbiasociety.org/pdfdocs/Green7_Appraiser%20LEED%20commericial%20building%20statistics.pdf">Doing Well by Doing Good? Green Office Buildings</a>.”<br />
<br />
Despite the length of this note, we’ve hardly scratched the surface of John’s research. He wrote many additional papers on the topics above, and worked on many other problems, including transportation, public finance, alternative methods of price index construction, labor markets, and the economics of crime.<br />
<br />
Most of the papers I’ve cited above happen to focus on the U.S., but John worked with friends from around the world, writing a number of fine papers about Europe (especially but not limited to Sweden with friends including Peter Englund and the late Bengt Turner) and a number of papers about Asia. He was long a stalwart promoter of global real estate research and education; he long championed the international activities of the American Real Estate and Urban Economics Association.<br />
<br />
John had legions of PhD students, and terrific ones at that. I would think that he’s had more impact through students than anyone in our field since his own mentor John Kain, and of course Edwin Mills. <br />
<br />
One of the reasons I so enjoyed spending time with John was that in addition to his research, I admired and learned from his values. John was truly rigorous -- not the faux rigor of somebody who makes a problem complicated just for the sake of showing off some technical trick, but somebody who follows Einstein’s dictum, “Everything should be as simple as possible. But not more so.” John was a great mentor and teacher, certainly to his former “official” students, but even to those who, like me, were his students despite never having taken a class from him. He didn’t care about your academic “pedigree” or your rank or institution; he cared about what new ideas you brought to the table and the quality of your work. He was scrupulous about studying the literature in a new problem and was always generous in his recognition of the credit due to others.<br />
<br />
Must I add the obvious, that another reason many of us loved his company is that he was so much fun to be around? For all these reasons, we’ll miss John deeply.<br />
<br />
<span style="font-size: x-small;">Photo by Genevieve Shiffrar, © UC Regents, used with permission</span><br />
<br />Graaskamp Center Staffhttp://www.blogger.com/profile/03298666173882379325noreply@blogger.com4tag:blogger.com,1999:blog-7783769771216216818.post-37113079072747219282012-05-17T13:08:00.003-05:002012-05-17T13:09:46.887-05:002012 End of Year MBA Video Blog<iframe allowfullscreen="" frameborder="0" height="315" src="http://www.youtube.com/embed/afk7zHEtXno" width="560"></iframe><br />
<br />
Graaskamp Center for Real Estate project assistants Andrew Toby and
Jordan Denzer penned their final blogs of the year by interviewing their
classmates regarding their first year at the University of Wisconsin-Madison.Graaskamp Center Staffhttp://www.blogger.com/profile/03298666173882379325noreply@blogger.com1tag:blogger.com,1999:blog-7783769771216216818.post-43538838394779296702012-05-15T11:24:00.001-05:002012-05-15T11:24:48.967-05:00Reserve your spot at the Real Estate and Economic Outlook Conference<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhbHLfOylYbWKO-gcr3_4cFLRtXuXDSu8rpLDpNIaFwE17mECw5HpvW-T-iZiNdWPYsMBKc9rf8ELMB8KBA8TagELJIgP68QHpxfmrP_DUufItzwaThnYIipo0ZSpXUoDqyBjQNh1_6YSg/s1600/email-icon.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhbHLfOylYbWKO-gcr3_4cFLRtXuXDSu8rpLDpNIaFwE17mECw5HpvW-T-iZiNdWPYsMBKc9rf8ELMB8KBA8TagELJIgP68QHpxfmrP_DUufItzwaThnYIipo0ZSpXUoDqyBjQNh1_6YSg/s1600/email-icon.jpg" /></a></div>
There are a few spots left at the <a href="http://bus.wisc.edu/centers/james-a-graaskamp-center-for-real-estate/Conferences/Wisconsin-RE-Economic-Outlook-Conference#Overview">2012 Wisconsin Real Estate and Economic Outlook Conference</a> at Madison's Fluno Center on June 1st. The conference will feature exciting keynote presentations from<br />
<ul>
<li><b>Karl “Chip” Case</b>, Co-Founder of the S&P/Case-Shiller Home Price Index and Professor Emeritus of Economics at Wellesley College</li>
<li><b>Curt Culver</b>, Chairman and Chief Executive Officer of the MGIC Investment Corporation</li>
<li><b>Morris A. Davis</b>, Associate Professor and Academic Director for the Graaskamp Center for Real Estate</li>
<li><b>Lawrence Yun</b>, Chief Economist & Senior Vice President of Research for the National Association of Realtors®</li>
</ul>
2012 will be a pivotal year for the housing industry. Developing and advancing bipartisan solutions to fix the nation’s ongoing housing challenges have proven difficult in today’s highly polarized political environment. But housing is not only a basic human need--it is also a critical element of our economy. Now more than ever is the time to take a fresh look at this issue and consider these and other critical questions:<br />
<br />
What policies should the current or the next administration implement to design a healthy, responsible, functioning, and efficient housing market?<br />
What are the key lessons from past housing programs and policies such as HAMP and HAFA? How can we apply those lessons to future policy prescriptions?<br />
What are the best solutions for addressing the massive inventories of vacant properties due to foreclosures?<br />
Will the recent $26 billion multi-state mortgage settlement against big banks help struggling homeowners? What are the potential outcomes of GSE reform?What are the right roles for lenders, capital markets, regulators, insurers, servicers, governmental entities, and consumers to play?<br />
What options will Americans of modest means have in regard to their housing needs?<br />
<br />
<a href="http://bus.wisc.edu/centers/james-a-graaskamp-center-for-real-estate/Conferences/Wisconsin-RE-Economic-Outlook-Conference#Overview">Register now</a> and join the discussion. Registration deadline is Monday May 21.Graaskamp Center Staffhttp://www.blogger.com/profile/03298666173882379325noreply@blogger.com1tag:blogger.com,1999:blog-7783769771216216818.post-75556810219791828852012-05-11T14:58:00.000-05:002012-05-11T14:58:23.584-05:00U.S. Housing Policy is Ineffective and Expensive<div class="postBody">
<span style="font-family: arial; font-style: italic;">by <a href="http://www.bus.wisc.edu/realestate/about/davis.asp"><span style="font-weight: bold;">Morris A. Davis</span></a>, Associate Professor of Real Estate at the Wisconsin School of Business and Academic Director of the Graaskamp Center</span><br />
<br />
<span style="font-family: arial; font-style: italic;"></span>For decades U.S. housing policy has focused on promoting
homeownership. But has the policy worked? Is it a worthwhile policy
goal? And what does it cost U.S. taxpayers? My analysis, published by
the <a href="http://www.cato.org/">Cato Institute</a>, looks at these important questions.<br />
<br />
The federal government touts the benefits of homeownership and uses
two major policy instruments to encourage Americans to buy rather than
rent a home. The tax code subsidizes the cost of homeownership through
the mortgage interest tax deduction. In addition, the federal government
reduces the cost of mortgage interest by insuring the principal on
mortgages purchased by the Federal Housing Authority and by guaranteeing
the debt of government-sponsored enterprises Fannie Mae and Freddie
Mac. <br />
<br />
The stated goal of these government interventions is to enable more
Americans buy a home. But that goal has not been achieved. The
homeownership rate has been roughly constant since 1970. Federal policy
has been ineffective because the mortgage interest tax deduction is a
subsidy to people with above-median incomes. These people should have
no trouble buying a home. The presence of Fannie Mae and Freddie Mac
has not boosted homeownership rates because Fannie Mae and Freddie Mac
have had a trivial impact on mortgage rates, and in general mortgage
rates appear to be only loosely connected to homeownership.<br />
<br />
Should the federal government actively try to encourage
homeownership? According to the U.S. Department of Housing and Urban
Development, homeownership benefits families by offering greater
financial security and more stable living environments, and benefits the
overall population by helping to generate stronger communities and
economic growth. My analysis calls these points into question. For
example, for many people housing is not necessarily the right way to
build wealth because it is a risky asset. As many homeowners have
experienced recently, house prices can fall quite significantly.
Furthermore, while homeownership is correlated with neighborhood
stability, it has been difficult to establish that homeownership <span style="text-decoration: underline;">causes</span>
stability. Finally, international data show that homeownership does not
lead to higher standards of living. Some relatively poor countries like
Greece and Mexico have higher rates of homeownership than the U.S.
while some relatively wealthy countries such as Denmark and Switzerland
have lower rates. The overall correlation of homeownership rates and
standards of living is just about zero.<br />
<br />
Finally, my analysis found that U.S. policies aimed at making
homeownership more affordable are, in addition to being ineffective and
of questionable worth, tremendously expensive.<br />
<br />
I estimate that the net present value of the cost of these two
federal housing policies is around $2.5 trillion. Given the hefty price
tag and weak justification, is the promotion of homeownership a
desirable public policy goal? It is time to reconsider.<br />
<br />
</div>Graaskamp Center Staffhttp://www.blogger.com/profile/03298666173882379325noreply@blogger.com0tag:blogger.com,1999:blog-7783769771216216818.post-82496325697292866512012-05-10T12:26:00.001-05:002012-05-10T12:26:35.407-05:00UW honors outstanding entrepreneursCongratulations to Jon Hammes, chairman and CEO of <a href="http://www.hammesco.com/default.aspx">Hammes Company</a> and <a href="http://bus.wisc.edu/centers/james-a-graaskamp-center-for-real-estate/board-of-advisors">Graaskamp Center board</a> member, as one of seven UW-Madison alumni and faculty <a href="http://www.news.wisc.edu/releases/17313">honored</a> for their entrepreneurial achievements. The awards ceremony took place on Wednesday, April 25 at the Wisconsin Institutes for Discovery.<br /><br />Interim Chancellor David Ward explains:<br />
<br />
<blockquote class="tr_bq">
"We have created this prize to honor talented and creative alumni and faculty who have had great success as entrepreneurs, who have been instrumental in creating jobs and who offer models for our students. These alumni and faculty have inspired us, and they serve our students by mentoring them and shaping their aspirations." </blockquote>
<br /><a href="http://www.news.wisc.edu/releases/17313">Click to read</a> more about the honorees.Graaskamp Center Staffhttp://www.blogger.com/profile/03298666173882379325noreply@blogger.com0tag:blogger.com,1999:blog-7783769771216216818.post-12654717724527563202012-05-09T15:02:00.002-05:002012-05-09T15:34:23.648-05:00UW Real Estate Club Celebrates with New Home Owners, UW Chapter of Habitat for Humanity of Dane County<br />
<div class="MsoNormal">
On the afternoon of May 4, Real Estate Club members came
full circle on a volunteer project when they attended a house blessing ceremony
for a local Madison family. During the
academic year, the UW Real Estate Club volunteered for two half-day build events
for the UW-Madison Chapter of Habitat for Humanity of Dane County. The ceremony was to congratulate the <a href="http://www.uwhabitat.org/build/currentbuild.html">Vang-Cheng Family</a>
on their new home (to be completely finished in June 2012). </div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgTgUngviLXMMBR5ns57xlagHAxfvdwtl5ItAqd3ltO-k_aoC6w0aAhZnviURFQDYfgkxKFdCHH815K9VO4SrdGbLrqEGPCZeZGznW7FVhTSLFBvMitcyoxuN_MXt3kdQWeAUGuNu-unhw/s1600/Vang-Cheng+Family.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgTgUngviLXMMBR5ns57xlagHAxfvdwtl5ItAqd3ltO-k_aoC6w0aAhZnviURFQDYfgkxKFdCHH815K9VO4SrdGbLrqEGPCZeZGznW7FVhTSLFBvMitcyoxuN_MXt3kdQWeAUGuNu-unhw/s320/Vang-Cheng+Family.JPG" width="320" /></a></div>
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Volunteering for the Habitat for Humanity organization is a good
match for the interests and passions of real estate club members. The club
members who worked on the Habitat house really valued the opportunity to
support a local family, and to work side-by-side at the construction site with them
on their new home. As noted by the Habitat organizers, the Vang-Cheng Family
has been one of the hardest working families the<a href="http://www.blogger.com/blogger.g?blogID=7783769771216216818" name="_GoBack"></a> UW
chapter has seen in recent years. They dedicated 100+ volunteer building hours over
the necessary volunteer requirement for Habitat families. Their dream for a
spacious home where they can raise their 5 children has come true, and they
expressed their sincere gratitude during the ceremony. </div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhc_uzsK3rijevicY9e4PiT9_zMU-2cMb1hSskE1sRs-68PG-h1Fnud_cOfRPoHp0P_Clq4AdjIvkwj5eLrIuN1L1BYnTVqhm3ZXnNd56TSx7I8ylaOhxhQGti8OCNhMkiL71ehn4wtec4/s1600/Vang-Cheng+House+Blessing.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhc_uzsK3rijevicY9e4PiT9_zMU-2cMb1hSskE1sRs-68PG-h1Fnud_cOfRPoHp0P_Clq4AdjIvkwj5eLrIuN1L1BYnTVqhm3ZXnNd56TSx7I8ylaOhxhQGti8OCNhMkiL71ehn4wtec4/s1600/Vang-Cheng+House+Blessing.JPG" /></a></div>
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The UW Habitat chapter has received a national award from
Habitat International for its innovative programs. To learn more about the
UW-Madison Habitat for Humanity Campus Chapter, visit their <a href="http://www.uwhabitat.org/">website</a>. From the UW Real Estate Club, we
want to wish the Vang-Cheng family a very happy homecoming! </div>Graaskamp Center Staffhttp://www.blogger.com/profile/03298666173882379325noreply@blogger.com3tag:blogger.com,1999:blog-7783769771216216818.post-31924885208211371382012-04-27T14:17:00.001-05:002012-04-27T14:38:12.870-05:00Wisconsin Students Compete in Boston<br />
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Only a month after being in Boston for the spring REC trip,
a team of four MBA students, comprised of two first years (myself and Andrew
Boespflug) and two second years (Chad Broderick and Tess Gruenstein), traveled back to
Boston last week for the second round of MIT’s “The Case”. This competition required each team to
propose a site plan and supporting financial analysis for a real-life
development site. This is only the third
year that The Case has been running, but the competition has gained a lot of
traction in a short period of time; 29 teams registered to participate this
year. This is the Graaskamp Center’s
debut at this particular competition. </div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhqXwdtvdlx2kQa17n0rYPA_j_L6CzGxFFgIbEqn2uosmDuGWZZ3GNkCn3qlJtBEXmb30YpiOFzJW7DDdTim2xPBNfJTfJGQCaDfseI2I-v6e3TlyU7XZcrknQLJXeHJAKppic35ct9KKI/s1600/2012-04-20+13.24.52.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhqXwdtvdlx2kQa17n0rYPA_j_L6CzGxFFgIbEqn2uosmDuGWZZ3GNkCn3qlJtBEXmb30YpiOFzJW7DDdTim2xPBNfJTfJGQCaDfseI2I-v6e3TlyU7XZcrknQLJXeHJAKppic35ct9KKI/s320/2012-04-20+13.24.52.jpg" width="320" /></a>The case began in mid February, when the participating teams
(consisting of a maximum four members) received that case electronically on a
Friday at 8am. Materials included the
development scenario, site details and history, and hundreds of pages of
supporting documentation. This
particular site had already been through an RFP round back in 2007, and so the
original RFP and all the actual submissions were provided as well. Receiving this amount of information all at
once was quite overwhelming, and we had only 6 days to get through the material
and develop a plan that satisfied all requirements while generating attractive
returns for the interested parties. We
got to work immediately and wrote off any other obligations over the next 6
days…it was clear we were going to need all the time we could get.</div>
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</div>
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This year’s development
site was located in San Francisco, and as a native to the area I was very
familiar with the completely underutilized plot of prime bayside property. The site (16 acres of land a pier space just
south of AT&T park) is a flat infill location owned by the city that is
currently used for parking. The original
RFP, and the stipulations of our case study, called for the developer to create
a vibrant, mixed-used project that would serve as a gateway between the
downtown/SOMA districts and the developing Mission Bay neighborhood.</div>
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</div>
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The site had two key requirements: a 5 acre park built at
the developer’s expense, and at least 2,000 parking spaces available for the
Giant’s to use for game days, which would be rented at $100/mo/stall (below
market). These two requirements
immediately put the participants at a disadvantage, and we had to make the
absolute best use of our developable space in order to maximize returns. In addition, this area of land is not subject
to any zoning restrictions, so the sky was the limit in terms of proposed
development.</div>
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</div>
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After 6 days of complete focus and work, our team submitted a
proposed mixed use project consisting of 650 residential units, a 200 room
hotel, and 175,000 sqft of retail space while delivering the 5 acre park and
2,400 parking spaces. Market research
for the site was limited to free, public information in order to keep a level
playing field, and reports from Skanska and Costar/PPR Group were provided as
preliminary sources of data.</div>
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</div>
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The hard construction costs provided from Skanska were quite
explicit, so there wasn’t much room for variation with these inputs unless we
found another free source that had more favorable estimates. However, this still left capital structure,
construction timing, absorption rates, rental rates, efficiency ratios, vacancy
rates, interest rates, terminal cap rates….I think you get the idea. All these inputs had a great impact on what
was feasible to build and what expected return could be generated.</div>
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</div>
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We used a top down approach to get an idea of what would be
the highest and best use of the land in terms of property type. We then used absorption and density
information to get a sense of how much we could actually build on this land and
bring to stabilization within a reasonable amount of time.</div>
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</div>
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Once we arrived at what we determined to be a feasible (albeit
slightly aggressive with regards to certain assumptions) site development plan,
we calculated the returns for the entire project to be 12%. We knew this was low (should be closer to 20%
given the risk profile), but given the constraints of the site (parking, green
space) we felt this was sufficient.
Altering our assumptions to be even more aggressive would increase
returns, but we felt that this could cause the proposal to lose credibility in
its legitimacy.</div>
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</div>
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We received the good news in March that we were one of 12
teams selected to proceed to the next round of the competition. These 12 teams were broken out into 3 groups
of 4, and each group assigned a room and panel of industry professionals that
served as judges for each team in that group.
The teams presented separately in front of only the judges. We, unfortunately, were selected to go first
in our group, which is a tough position to be in given the complexity of the
case. </div>
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</div>
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Although our presentation went smoothly and we fielded the
Q&A in appropriate fashion, we ultimately were not selected to proceed to
the final round of 3 teams. During the
Q&A the judges expressed that the return of 12% was just too low, and we
feel that this is something that ended up holding us back. Also, as we later found out, none of the
teams that went first in their group were selected to go to the next round.</div>
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</div>
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We were, however, able to watch the final three
presentations, which were held at the Federal Reserve building. The final three teams all had impressive and
polished presentations, with expected returns all 20%+. Given the market research that we had
performed, the site plans proposed by the teams seemed to be extremely
aggressive. This provided a great
learning experience for us, in that sometimes it is the bottom line that truly
matters, and how you get there is next in priority. This is true in many areas of business, not
just real estate, and we were able to get a first hand sense of this following
the competition.</div>
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</div>
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The case competition was a great experience for our team. While
it was disappointing not to make the finals, it was encouraging to see that we
were not far off from the top teams in the competition. We were able to take away some great insights
from the judges and from watching the other teams, and have accumulated these
thoughts in writing to be referenced during our next case competition endeavor.</div>Graaskamp Center Staffhttp://www.blogger.com/profile/03298666173882379325noreply@blogger.com2tag:blogger.com,1999:blog-7783769771216216818.post-76211149894438015742012-04-16T16:57:00.004-05:002012-04-16T17:05:46.819-05:002012 Wisconsin Real Estate and Economic Outlook Conference<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEizngDaXh0jcwyr4WsgIdvAALmux4Ly1isKlGiRNV1e_eJ9DTw97XBEj0KrPpwFcnXUCv9ozsVrvIcZv4qljHJ37ZpA7z5CkOs_Z1Q-V9-YVjPSu4p1iKq-Qdgd2xJcTtfILdCnPqifeE0/s1600/email-icon.jpg"><img style="float: right; margin: 0pt 0pt 10px 10px; cursor: pointer; width: 199px; height: 199px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEizngDaXh0jcwyr4WsgIdvAALmux4Ly1isKlGiRNV1e_eJ9DTw97XBEj0KrPpwFcnXUCv9ozsVrvIcZv4qljHJ37ZpA7z5CkOs_Z1Q-V9-YVjPSu4p1iKq-Qdgd2xJcTtfILdCnPqifeE0/s400/email-icon.jpg" alt="" id="BLOGGER_PHOTO_ID_5732122812784194098" border="0" /></a>Building A Housing Policy That Works.<br /><br />This year’s Economic Outlook Conference will be held on June 1st, 2012 at the Fluno Center in Madison, WI. With budget battles looming and the presidential election already in full swing, 2012 is sure to have monumental implications for housing policy. Unfortunately, developing and advancing bipartisan solutions to fix the nation’s ongoing housing challenges have proven difficult in today’s highly polarized political environment. But housing is not only a basic human need—it is also a critical element of our economy. Now more than ever is the time to take a fresh look at this issue.<br /><br />This conference will present varied perspectives and analysis on current issues while stimulating ideas on how to spur the housing market and get the U.S. economy back on track for solid growth. Those involved include experts from the public and private sectors who are involved in government, business, and academia—all of them are on the front lines of housing market research, policy, and practice.<br /><br />Featured speakers for the event include:<br /><br /><a href="http://en.wikipedia.org/wiki/Karl_E._Case">Karl “Chip” Case</a>: Chip is the Co-Founder of the S&P/Case-Shiller Home Price Index and Professor Emeritus of Economics at Wellesley College. He is author or co author of five books, and is renowned for his contributions to the economics of housing and public policy.<br /><br /><a href="http://en.wikipedia.org/wiki/Lawrence_Yun">Lawrence Yun</a>: Lawrence Yun is the Chief Economist & Senior Vice President of Research for the National Association of Realtors®. He has been listed among the top 10 economic forecasters in the country, and has been named among the 100 Most Influential Real Estate Leaders.<br /><br />Please click <a href="http://bus.wisc.edu/centers/james-a-graaskamp-center-for-real-estate/Conferences/Wisconsin-RE-Economic-Outlook-Conference">here </a>for the conference agenda and more information. To attend, you can register online <a href="http://bus.wisc.edu/centers/james-a-graaskamp-center-for-real-estate/Conferences/Wisconsin-RE-Economic-Outlook-Conference#Registration">here</a>.Graaskamp Center Staffhttp://www.blogger.com/profile/03298666173882379325noreply@blogger.com2