With rising interest rates, stubbornly high prices, and sagging demand, is this any time to plot out a career in real estate? You bet, said alumni and others brought together by the听Joseph E. Corcoran Center for Real Estate and Urban Action.

Nearly 150 students turned up on a Tuesday evening for the center鈥檚 annual event, Launching Your Real Estate Career, which featured a job-market analysis by Carroll School of Management real estate professor Edward Chazen along with a panel of five recent 艾可直播 College alumni working in the industry.

Edward Chazen, Senior Lecturer, Carroll School of Management, CSOM

Edward Chazen's work is focused on real estate development, finance, investment, and urban planning. He joins the Carroll School of Management with 28 years of professional work experience in the real estate industry and 14 years of experience teaching real estate at the graduate and undergraduate level.

Prior to joining 艾可直播 College, Chazen was a full-time senior lecturer at Brandeis International Business School, where he created, grew, and managed their Real Estate Specialization. In this role, he also collaborated with the career services department to assist students to obtain internships and full-time jobs in the real estate industry. In addition, Chazen is the author of seven original case studies used in real estate courses. Prior to teaching at Brandeis, Chazen was an adjunct professor at Babson College and a lecturer at 艾可直播 University.

Chazen's professional experience includes working for GE Capital芒  s real estate finance department; working for large real estate investment managers; and, starting a company that advised real estate developers on structuring joint ventures with institutional investors. His work experience involved real estate acquisitions, development, and finance in multiple U.S. cities and all major property types. He holds a Bachelor of Arts from Emory University, and an M.B.A. from New York University.

Ed Chazen

At the podium in a tiered lecture room, Chazen began by driving home the point that the real estate industry isn鈥檛 just one thing: it鈥檚 a collection of sectors that draw on a wide breadth of talents and skills. Students interested in public policy, for example, would have a place in this highly regulated industry, as would environmental studies majors by virtue of the trend toward sustainable building operations. 鈥淚t鈥檚 not just for people who study finance and marketing,鈥 he said of the industry.

And although real estate markets are cooling down somewhat, 鈥淚nvestors are still investing. Lenders are still lending,鈥 Chazen told the audience (a mix of mostly undergraduate management and liberal arts students) on Sept. 20 in Fulton Hall.

He pointed to some huge growth areas of commercial real estate. These include the drive toward sustainable and 鈥渉ealthy鈥 buildings; strong demand for buildings equipped with labs for life sciences; and so-called 鈥淧roptech,鈥 involving the use of technologies and platforms for a variety of real estate needs. Chazen also mentioned that big players in the digital economy, like Google and Amazon, increasingly need physical space to store their hardware. In addition. there's growing demand for different forms of housing to serve the aging baby-boomer generation as well as middle-income families (who don鈥檛 normally qualify for housing assistance), and other populations.

But Chazen also told the students that they can鈥檛 wait for real estate companies to come to them; these firms tend not to recruit on campuses. 鈥淵ou have to take it upon yourself to learn about the companies,鈥 which 艾可直播 College students can do with the help of well-developed databases of alumni practitioners in the industry, he said later on during the alumni panel that he facilitated.

Grace Keating

Grace Keating '19

During a Q&A with the panel, one student who identified himself as a philosophy major asked how someone could convince a company to 鈥渢ake a chance with me if I don鈥檛 have a background鈥 or experience in real estate. Max Bechtold 鈥18, who majored in history, told the student not to underestimate the value of what he called 鈥渋ntangibles,鈥 such as critical thinking, creativity, a good work ethic, and relatability鈥斺淚 had a lot of skills that the typical applicants didn't have." Bechtold does retail leasing for WS Development, a mixed-use developer based in 艾可直播.

Grace Keating 鈥19, a senior analyst with the commercial real estate firm CBRE, added that everyone starting out in the business faces a steep learning curve. A former political science major, Keating said, 鈥淢y job is probably 40 percent writing,鈥 in the form of executive summaries and other presentations based on her analyses of debt and structured financing. 鈥淎nd the math is easy,鈥 she said.

Michael Lane

Michael Lane '18

In response to another question, Michael Lane '18, an investments associate at The Davis Companies, offered tips on such matters as obtaining a real estate license while in college (which demonstrates interest in the field) and getting some exposure to tools like Excel and ARGUS, a financial modeling software package for commercial real estate. Lane studied finance at the Carroll School and served as a Corcoran intern with a developer in 艾可直播's Seaport District.

Other members of the panel included Cecilia O鈥橰eilly 鈥19, who majored in applied psychology, served as captain of the women鈥檚 diving team, and is now an assistant superintendent at Suffolk Construction; and Daniel O鈥橞rien '21, an analyst at AEW Capital Management whose Carroll School concentration was operations management.

Neil McCullagh, executive director of the Corcoran Center, had kicked off the two-hour event with a thumbnail sketch of the center鈥檚 offerings that include a real estate curriculum, summer internships with 艾可直播 companies, and a popular national听case competition on affordable housing, among other programs. For more information, go to听the Corcoran Center website.


William Bole is Director of Content Development at the Carroll School of Management