City & Regional Planning and Real Estate (MRP/MPS)
College of Architecture, Art and Planning, SC Johnson College of Business
Program Description
Students interested in the intersection of land use and urban development can pursue a dual Baker master of real estate (M.P.S.) and master of regional planning (M.R.P.) degree. The roles of planners and real estate developers are frequently intertwined. By providing skills and knowledge in both fields, the three-year M.P.S./M.R.P. degree program enables practitioners to pursue professional opportunities that require a sophisticated understanding of the real estate development process in the context of city and regional planning.
M.R.P. graduate students who pursue a dual degree in the Baker Real Estate M.P.S. program should anticipate three semesters of residence to complete the core requirements of the real estate program. Likewise, real estate graduate students who pursue a dual degree with an M.R.P. should anticipate three semesters of residence, completing 30 required course credits in the M.R.P. curriculum with enough elective credits to total 90 credits in all. In either case, it is important to apply to the second program during its admission cycle for the upcoming year (typically between the first and second semesters of the first year). It is important to contact the admissions team for the second program to be made aware of application deadlines.
Program Information
- Program Mode of Delivery: In Person
- Program Location: Ithaca, NY
- Length of Program: Six semesters total for dual degrees
- Three semesters of residence in City & Regional Planning
- Three semesters of residence in Real Estate
Dual Program Requirements
- 90 minimum credits for dual degrees; M.R.P. is a 60-credit program and Baker Real Estate M.P.S. is a 62-credit program:
- All M.R.P. core courses must be completed, including at least 30 credits within the Department of City and Regional Planning and the exit project.
- All Baker Real Estate M.P.S. core courses, leadership and management electives, focused electives, and Construction, Sustainability, and Technology electives must be completed.
Baker Real Estate (M.P.S.) Program Requirements
In addition to the M.R.P. program requirements, students must complete:
- 33.5 credit hours of core course requirements
- 4.5 credit hours of leadership and management electives
- 12 credit hours in an approved focused elective area
- 1.5 credit hours in Construction, Sustainability and Technology (CST) electives
- All remaining credits can be fulfilled by completing graduate level free electives
- Complete a summer professional internship of a minimum of 8 weeks in length
- Participate in one real estate case study trek
- Be in residence at Cornell University for all semesters of full-time study.
- Remain in good academic standing by adhering to all program requirements
| Code | Title | Hours |
|---|---|---|
| Core Courses: 33.5 credits | ||
| Real Estate Seminar Series (take 4 times) | ||
| Creating the Built Environment | ||
| Innovation and Strategy in Commercial Real Estate Development | ||
| Principles of Real Estate | ||
| The Economics of Urban Real Estate Markets and the Built Environment | ||
| Management Communication | ||
| Real Estate Financial Modeling | ||
or HADM 6205 | Real Estate Financial Modeling | |
| Residential and Commercial Development | ||
| Real Estate Finance and Investments | ||
| Real Estate Law | ||
| Real Estate Statistical Modeling | ||
| International Cases and Contracts | ||
| Land Use Law | ||
Leadership and Management Electives: minimum 4.5 credits
| Code | Title | Hours |
|---|---|---|
| ILROB 5260 | Being Effective: Power and Influence | 3 |
| ILROB 5285 | Understanding and Improving Decision Making | 3 |
| NBA 5140 | Ethics and Corporate Culture | 1.5 |
| NBA 5150 | Leadership Theory and Practice | 3 |
| NBA 5640 | The Business of Entrepreneurship | 3 |
| NBA 5650 | Corporate Governance | 1.5 |
| NBA 5685 | Courageous Communication | 1.5 |
| NBA 5690 | Management Consulting Essentials | 1.5 |
| NBA 5710 | Cornell Management Simulation | 1.5 |
| NBA 5885 | Advanced Critical Thinking for Business Leaders | 1.5 |
| NBA 6130 | Topics in Leadership: Women in the Workplace | 1.5 |
| NBA 6320 | Core Leadership Skills for a VUCA World | 1 |
| NBA 6540 | Power and Influence in Organizations | 1.5 |
| NBA 6607 | Executive Compensation and Corporate Governance | 1.5 |
| NBA 6630 | Managerial Decision Making | 1.5 |
| NBA 6682 | Crisis Communications for Business Leaders | 1.5 |
| NBA 6820 | Negotiation I: Negotiation Essentials | 1.5 |
| NCC 5540 | Managing and Leading in Organizations | 3 |
| REAL 6174 | Immersion: Real Estate Development and Finance | 6 |
| CEE 6091 | Seminar: Project Management | 1 |
| HADM 5120 | Experiential Networking I | 1 |
| HADM 6130 | Entrepreneurial Management | 3 |
| HADM 6135 | Conversations with Entrepreneurs | 3 |
| ILROB 5790 | Managerial Negotiations | 3 |
| NBA 5035 | Philanthropic Leadership | 3 |
| NBA 5330 | Management Cases | 1.5 |
| NBA 5682 | Interpersonal Communications | 1.5 |
| NBA 5690 | Management Consulting Essentials | 1.5 |
| NBA 5820 | Leaders in Family Enterprise in Practice and Theory | 1.5 |
| NBA 6030 | Strategies for Sustainability | 1.5 |
| NBA 6720 | Family Enterprise Management and Governance | 1.5 |
| NBA 6950 | Game Theory and Business Strategy | 1.5 |
| NBA 6860 | Startup Learning Series | 1 |
| NBA 6710 | Ethical Decision Making in Management | 1.5 |
| REAL 5700 | Core Teams Practicum | 1.5 |
| REAL 6820 | Negotiations | 1.5 |
Construction, Sustainability and Technology (CST) Electives: minimum 1.5 credits
- REAL 5950 Construction Planning and Operations or
- Successful completion of an approved Construction, Sustainability and Technology (CST) course at Cornell1
- 1
Students may be required to complete an additional introductory-level finance course. Students will have the opportunity to demonstrate competency in introductory finance at the start of the fall term.
Focused Electives: minimum 12 credits
You work with the program director to select from one of five predefined areas of study or design your own focused electives.
International Real Estate
Real estate opportunities exist around the world for those with a master's degree and advanced knowledge of the industry; keen understanding of the international environment including management, communication, trade, financial, and legal strategies; and the willingness to work across borders.
Total credit hours: 12 minimum, chosen from the following list:
| Code | Title | Hours |
|---|---|---|
| AEM 6960 | Perspectives in Global Development | 1 |
| AEM 7670 | Topics in International Finance | 3 |
| CRP 5076 | International Planning and Development Workshop | 4 |
| NBA 5130 | International Finance Cases | 1.5 |
| NBA 5540 | International Finance | 3 |
| NBA 6380 | Finance and Sustainable Global Enterprise Colloquium | 1 |
| REAL 6174 | Immersion: Real Estate Development and Finance | 6 |
Real Estate Consulting and Market Analysis
Consulting, advisory services, and real estate market analysis rely on quantitative and analytical skills. The services span a wide diversity of activities within real estate, ranging from brokerage services to acquisitions and valuation services to financial advising. The growth of advisory services, notably through large companies such as Jones Lang LaSalle and others, illustrates the trend toward outsourcing activities in the increasingly complex real estate industry. Advisory services demand a commitment to working in a variety of contexts and the ability to collaborate simultaneously with a large number of groups and provide a diversity of opportunities.
Total credits: 12 minimum, chosen from the following list:
| Code | Title | Hours |
|---|---|---|
| CRP 5080 | Introduction to GIS for Planners | 4 |
| CRP 5555 | Environmental Planning and Practice | 3 |
| CRP 6270 | Regional Economic Impact Analysis | 3 |
| REAL 6560 | Real Estate Transactions and Deal Structuring | 3 |
| NBA 5090 | Advanced Financial Statement Analysis | 1.5 |
| NBA 5690 | Management Consulting Essentials | 1.5 |
| NBA 5780 | Consulting Problem-Solving Process | 1.5 |
| NBA 5940 | Mergers and Acquisitions - Accounting, Modeling and Evaluations of Deals | 1 |
| NBA 6060 | Evaluating Capital Investment Projects | 1.5 |
| NBA 6200 | Marketing Research | 3 |
| REAL 6174 | Immersion: Real Estate Development and Finance | 6 |
Property, Asset, and Portfolio Management
Property managers, asset managers, and portfolio managers have the responsibility for maximizing the performance and value of both individual assets and the behavior of these assets in a portfolio. They are responsible for formulating and implementing long-range portfolio strategies from which individual asset management strategies devolve. While asset managers typically focus on single properties within the real estate portfolio, portfolio managers are responsible for the fund as a whole or the real estate fund within a larger mixed asset portfolio. Property managers narrow their focus to the operation and management of specific assets.
Total credits: 12 minimum, chosen from the following list:
| Code | Title | Hours |
|---|---|---|
| AEM 5280 | Valuation of Capital Investment | 3 |
| AEM 6440 | Consumer Behavior | 3 |
| REAL 6560 | Real Estate Transactions and Deal Structuring | 3 |
| HADM 6055 | Hospitality, Health and Design Industry Immersion Seminar | 1 |
| HADM 6470 | Consumer Behavior | 3 |
| HADM 6520 | Hospitality Asset Management | 3 |
| HADM 7510 | Properties Development and Planning | 3 |
| NBA 5120 | Applied Portfolio Management | 1.5-3 |
| NBA 6950 | Game Theory and Business Strategy | 1.5 |
| REAL 6174 | Immersion: Real Estate Development and Finance | 6 |
Development and Sustainability
The role of the developer is to orchestrate the entire development process from start to finish. Developers can be one individual outsourcing all the work to third parties, or a large firm which handles everything in house. Either way, the developer must have knowledge of nearly every process, phase and service involved, including site selection, market analysis, finance, construction, leasing, and sales – and it doesn't hurt to have legal and transactional skills to handle the contracts and liability concerns present in development projects. Development is a dynamic business field with a steep learning curve. The developer is often required to be the first one in with equity and the last to get paid, but if the process is managed correctly, the payouts can be well worth the time and effort.
Total credits: 12 minimum, chosen from the following list:
| Code | Title | Hours |
|---|---|---|
| CRP 5072 | Land Use, Environmental Planning, and Urban Design Workshop | 4 |
| CRP 5076 | International Planning and Development Workshop | 4 |
| CRP 5080 | Introduction to GIS for Planners | 4 |
| CRP 5555 | Environmental Planning and Practice | 3 |
| CRP 5660 | Planning and Preservation Practice: Urban Field Trip | 1 |
| CRP 5840 | Green Cities | 3 |
| CRP 6430 | Affordable Housing Policy and Programs | 3 |
| CRP 6630 | Historic Preservation Law | 3 |
| CRP 6860 | Planning for Sustainable Transportation | 3 |
| HADM 6470 | Consumer Behavior | 3 |
| LA 7010 | Urban Design and Planning | 5 |
| NTRES 6240 | Sustainable Water Resource Management in the Face of Climate Change | 4 |
| REAL 6174 | Immersion: Real Estate Development and Finance | 6 |
| HADM 6255 | Real Estate Development | 3 |
| HADM 6570 | Project Management for Hospitality Real Estate Development | 3 |
| HADM 7510 | Properties Development and Planning | 3 |
| CRP 5563 | Real Estate Project Workshop | 2 |
| CRP 5861 | Graphic Communications | 4 |
| CRP 6860 | Planning for Sustainable Transportation | 3 |
| REAL 6560 | Real Estate Transactions and Deal Structuring | 3 |
Real Estate Finance and Investments
Real estate investment involves a variety of analytical and transactional activities. Transaction-oriented positions focus on acquiring or disposing of real property and assets, and may also apply to real estate corporate M&A and REIT public-private transactions. Investment specialists may be responsible for site selection, financial modeling, valuation, and the execution of the transaction, whether it is an acquisition or disposition. Acquisition responsibilities may also include strategic planning, identifying and analyzing acquisition opportunities, negotiating transactions, and packaging deals for clients, the company, or the business unit.
The real estate finance field is extremely diverse and complex. Employers range from pension funds, insurance companies, and private-equity firms, to commercial banks, private banks, and credit unions. Job titles range from investment banker, to mortgage bankers and brokers, and underwriters. Major commercial loan business is done with refinancing old loans, new construction loans, permanent financing, mezzanine debt, and acquisition loans.
Total credits: 12 minimum, chosen from the following list:
| Code | Title | Hours |
|---|---|---|
| HADM 6210 | Hospitality Real Estate Finance | 3 |
| NBA 5040 | Federal Income Taxation of Real Estate Ventures | 3 |
| NBA 5060 | Financial Statement Analysis | 1.5 |
| NBA 5120 | Applied Portfolio Management | 1.5-3 |
| NBA 5130 | International Finance Cases | 1.5 |
| NBA 5245 | Introduction to Macroeconomics | 3 |
| NBA 5305 | Entrepreneurial Finance: Valuation and Term Sheet Design | 1.5 |
| NBA 5360 | Investment Banking Essentials | 1.5 |
| NBA 5370 | Intensive Private Equity Practicum | 3 |
| NBA 5420 | Investment and Portfolio Management | 3 |
| NBA 5540 | International Finance | 3 |
| NBA 5550 | Fixed Income Securities and Interest Rate Options | 3 |
| NBA 5580 | Corporate Financial Policy | 1.5 |
| NBA 5980 | Behavioral Finance | 1.5 |
| NBA 5590 | The Venture Capital Industry and Private Equity Markets | 0.5 |
| REAL 6174 | Immersion: Real Estate Development and Finance | 6 |
| REAL 6560 | Real Estate Transactions and Deal Structuring | 3 |
| REAL 6570 | Real Estate Private Equity | 3 |
Independent Focused Electives
The Baker Real Estate M.P.S. curriculum is designed to provide an unmatched breadth of commercial real estate knowledge within the required core courses, combined with the opportunity for each student to define a niche specialization by selecting a focused elective. The independent category exists for those students who wish to develop an even more defined, narrow area of expertise or wish to focus on an area outside existing options. The independent focused electives are typically pursued by students who have a very clear, defined real estate career objective and wish to further establish their niche specialization.
Procedure for Selecting the Independent Focused Electives
Complete the petition form by choosing the "Independent Focused Electives" option to the Petition Committee that sets forth:
- Name of the proposed focus electives
- Rationale for your proposal
- Proposed courses to fulfill this requirement area (12 credits)
Master of Regional Planning (M.R.P.) Program Requirements
Students must complete at least 30 credits within the Department of City and Regional Planning, which may include required courses, demonstrate competency in economics and statistics, and complete theory, methods, and law coursework, each of which may be satisfied by a range of courses. In addition, all students must take a workshop class and complete an exit project. Students may focus in housing and economic development, land use and environmental planning, international planning, and city design and development, but these are curated pathways through the curriculum rather than required classes. Students must also complete all Baker Real Estate M.P.S. core courses, leadership and management electives, focused electives, and Construction, Sustainability, and Technology electives.
| Code | Title | Hours |
|---|---|---|
| Required Courses for M.R.P | ||
| Introduction to Planning Practice and History | ||
| City and Regional Futures: Planning Practice, Policy and Design (a minimum of two semesters required, 1 credit each semester) | ||
| Successful Completion of a Theory Course | ||
| Select one of the following: | ||
| Urban Form and the Design of Cities | ||
| Economic Geography: Theory and Applications to Urban Planning | ||
| Urban Theory | ||
| Demonstrated Competence in Economics | ||
| Select one of the following: | ||
| Urban Economics | ||
| Public and Spatial Economics for Planners | ||
Successful completion of an approved Economics course at Cornell. 1 | ||
| Demonstrated Competence in Statistics | ||
| Select one of the following: | ||
| Inferential Statistics for Planning and Public Policy | ||
| Statistical Methods for the Social Sciences II (crosslisted) | ||
| Statistical Methods I (crosslisted) | ||
| Applied Econometrics for Public Policy | ||
Successful completion of an approved Statistics course at Cornell. 2 | ||
| Successful Completion of Required Methods Course | ||
| Select one of the following: | ||
| Methods for Spatial Economic and Demographic Analysis | ||
| Land Use and Spatial Planning Methods | ||
| Successful Completion of an Additional Methods Course | ||
| Select one of the following: | ||
| Introduction to GIS for Planners | ||
| Methods for Spatial Economic and Demographic Analysis | ||
| Land Use and Spatial Planning Methods | ||
| Introduction to Urban Data Science: Theory, Applications, and Practice (crosslisted) | ||
| Research Design and Qualitative Methods | ||
| Regional Economic Impact Analysis | ||
| Project Management (crosslisted) | ||
| Quantitative Research Methods | ||
| Principles of Real Estate | ||
| Composition and Theory I | ||
Successful completion of an approved Additional Methods course at Cornell. 3 | ||
| Successful Completion of a Law or International Institutions Course | ||
| Select one of the following: | ||
| Environmental Law and Policy | ||
| Land Use Law | ||
| Historic Preservation Law | ||
| International Institutions | ||
| Real Estate Law | ||
| Successful Completion of a Workshop Course | ||
| Workshop course offerings vary each year and may include topics in: Land Use, Community and Economic Development, International Planning, Historic Preservation Planning, Real Estate, and Urban Design. | ||
| Select one of the following: | ||
| Land Use, Environmental Planning, and Urban Design Workshop | ||
| Economic and Community Development Workshop | ||
| International Planning and Development Workshop | ||
| NYC Workshop: Land Use, Environmental Planning, and Design | ||
| Design Connect (if taken for 4 credits with a letter grade) | ||
| Historic Preservation Planning Workshop: Surveys | ||
| Residential and Commercial Development | ||
- 1
Note: M.R.P. students may petition to have other Cornell courses fulfill the Economics course requirement.
- 2
-
Note: M.R.P. students may petition to have other Cornell courses fulfill the Statistics course requirement.
- 3
Note: M.R.P. students may petition to have other Cornell courses fulfill the Additional Methods course requirement.
Successful Completion of an Exit Project
- Students must complete two courses: CRP 8901 M.R.P. Exit Project: Research and CRP 8911 M.R.P. Exit Project Writing (The combined credits must equal 4 credits in total).
- M.R.P. Students are required to submit the exit project to eCommons – Cornell University Library's online repository for dissertations and theses before the exit project degree deadline.
Learning Outcomes
Baker Real Estate (M.P.S.) Learning Outcomes
- Baker Program graduates will have the ability to be forward-thinking professionals in the real estate industry around the world
- Baker Program graduates will possess the business knowledge along with the technical and analytical expertise to solve problems encountered by senior industry agents now and into the future
- Baker Program graduates will create professional-quality written business documents from senior management perspectives; will plan and deliver professional-quality oral presentations; and will demonstrate effective behavior within diverse team environments
- Baker Program graduates will demonstrate acquired knowledge and in-depth expertise in their chosen area of real estate specialization
Master of Regional Planning (M.R.P.) Learning Outcomes
-
Guiding values
-Equity, diversity, social justice and inclusion
-Sustainability, resilience, and climate justice
-Professional ethics and responsibility
-
General planning knowledge in global context
-Planning history and theory
-Planning law and institutions
-Urban and regional development
-
Skills and tools for planning practice
-Planning process and engagement
-Analytical skills and tools
-Professional, communication, and leadership skills
Admissions
Application Requirements and Deadlines
Applicants to the dual-degree program must apply separately to both the Baker Master of Professional Studies in Real Estate (M.P.S.-RE) and the Master of Regional Planning (M.R.P.) The dual-degree program allows students to earn two degrees in a total of six semesters, with three semesters in residence in each program.
For current M.R.P. students, you must apply to the M.P.S.-RE (Baker Program) within your first year of the program for spring entry of your second year.
For current M.P.S.-RE students, you must apply to the M.R.P. program within your first year of the program for spring entry of your second year.
Each college or school makes its admissions decisions independently and does not have access to information pertaining to the second program’s application files.
To be accepted and enrolled in a dual-degree program, students must:
- Meet each program’s application deadline and fulfill all admissions requirements (admissions decisions are made independently by each program)
- Accept admittance to both programs, and submit any required tuition deposits
- Complete all application requirements as outlined by the additional program
- Connect with both programs regarding any funding changes
Baker Real Estate (M.P.S.) Admissions Requirements
Baker Master of Professional Studies (M.P.S.) in Real Estate Application Requirements:
Please visit the Baker Program in Real Estate website to view application deadlines.
Students interested in this program should submit an online application with supporting documentation, including:
- Two letters of recommendation
- Official transcripts from each college or university previously attended
- All applicants must meet the English Language Proficiency Requirement
- Academic statement of purpose
- Personal statement
- Resume / CV
- GMAT/GRE test report or approved waiver*
- Video Interview*
*Cornell students applying to the Baker Program can have their GMAT/GRE test report and video interview automatically waived by emailing real_estate@cornell.edu upon application submission.
Baker Master of Professional Studies (M.P.S.) in Real Estate Admissions Criteria:
Cornell Baker Program in Real Estate students are as diverse as the specialties they choose to pursue. The ability to bring leadership to the industry and make a unique contribution to the community at Cornell are factors that are often emphasized over direct experience, GPAs, and GMAT scores. Characteristics that the selection committee looks for include:
- A passion for real estate and its related fields
- Creativity and an intellectual spark
- The ability to positively contribute to diverse teams
- Leadership in an academic, work, or community setting
- Direct or indirect real estate experience or exposure
Baker Program students demonstrate the variety of interests, backgrounds, and geographies that constitute a diverse and compelling cohort for your studies.
For current M.P.S.-RE students, you must apply to the M.R.P. program within your first year of the program for spring entry of your second year.
Master of Regional Planning (M.R.P.) Admissions Requirements
Application Deadlines
Please visit the AAP website to view application deadlines and more detailed information on application requirements.
Application Requirements
- Two letters of recommendation
- Official transcripts from each college or university previously attended
- All applicants must meet the English Language Proficiency Requirement
- Visit the Graduate School Admissions site for details on the English language proficiency requirement, including standing exemptions.
- Academic statement of purpose
- Personal statement
- Resume/CV