Kellogg’s real estate curriculum is designed to capture the importance and impact of real estate as an asset class in the global economy.

The recent financial crisis had its roots in the real estate market, and the tremendous change in the market has highlighted the need for tomorrow’s real estate professionals to have a thorough understanding of the theory and practice of the real estate industry.

Our curriculum is structured in two stages. In the first foundational stage we develop tools that are critical to the analysis of real estate transactions. In the second stage, which provides depth of coverage for those wanting to specialize in real estate, we create a body of knowledge on the specific institutions of the market and the interaction of real estate markets with urban planning, development, entrepreneurship, public policy, and law.

Faculty sponsors: Effi Benmelech (Finance), David Matsa (Finance)

Evening and weekend students interested in the real estate pathway should take Finance 1 or it’s prerequisite, if necessary, during your first quarter at Kellogg, rather than taking accounting. This will allow you to most quickly have the prerequisite required to enroll in Real Estate Finance and Investments.

Real Estate

1 | Foundation

Finance I
FINC 430
Real Estate Finance and Investments
FINC 454
These courses provide the financial and methodological foundations for real estate analysis.

2 | Depth

Urban Economic Development and Real Estate Market Analysis
REAL 443-5

Real Estate Development
REAL 444

Legal Issues in Real Estate
REAL 447

Real Estate Entrepreneurship
REAL 465
International Real Estate
REAL 455-5

Real Estate Lab
REAL 616

Applied Real Estate Finance and Investments
FINC 455

Public Economics for Business Leaders: State and Local Policy
PACT 480

Real Estate Technology
REAL 930-5
Many of these courses teach students how to apply financial and valuation models in the context of real estate development and entrepreneurship. Other courses create the body of knowledge and expertise required from those who specialize in real estate.

Last edited December 1, 2021. For any questions regarding this page, please email