Greetings From Penn State!

Make no mistake about it, 2011 was a difficult year for Penn State University. Yet, for those of us affiliated with the real estate group in the Smeal College of Business, we have much for which we can be proud.

Make no mistake about it, 2011 was a difficult year for Penn State University.  Yet, for those of us affiliated with the real estate group in the Smeal College of Business, we have much for which we can be proud.  While this issue of the Real Estate Newsletter will give you more details on some of our activities during 2011, I wanted to provide a brief overview of a few of the accomplishments that Penn Staters can point to with pride.

First, on July 1, 2011, we launched the new undergraduate Risk Management major with a formal Option in Real Estate.  Students enrolled in this Option will graduate with a degree in Real Estate Risk Management.  Based on extensive input from our Real Estate Advisory Board, this new major provides students with the flexibility to tailor the curriculum to their specific interests as well as the ability to combine their academic coursework with practical industry experience.  In addition, by combining real estate studies with risk management, students will have the intellectual framework to understand how this unique asset interacts with other business and investment sectors.  Penn State is now at the leading edge of real estate education -- offering a curriculum that is designed for leaders in the 21st Century.

Second, our students continue to represent Penn State well at international real estate case competitions.  This fall, our case team placed 3rd at the Cornell Real Estate Case competition and will compete later this spring at the Villanova Real Estate Development competition.  These events provide our students with the opportunity to interact and compete against students from other leading universities from around the world.

Third, as of July 1 Dr. Ed Coulson officially joined the real estate faculty as the King Professor of Real Estate Economics.  Dr. Coulson now holds a joint appointment with the Department of Economics and the Smeal College of Business.  Dr. Coulson is co-editor of Real Estate Economics, the leading academic journal for real estate research.  After having worked with Ed for many years, we are very pleased to have him officially join the department.

Fourth, Penn State retains its international reputation as a top-5 institution for real estate research.  This recognition continues a long tradition of excellence in real estate scholarship and scholastic achievement at Penn State.  In addition, the Smeal College of Business is now routinely ranked in the top-10 of public institutions and last spring was ranked #1 by corporate recruiters.  These rankings simply confirm that Penn State remains an institution of academic excellence.

Finally, this fall we launched the Penn State Real Estate Society with a reception in New York City.  The purpose of the Society is to facilitate networking and to provide friends and alums opportunities in the real estate industry a connecting point back to Penn State.

These items represent but a few of the highlights for the real estate program over the past year.  I hope you take pride in these accomplishments and help us spread the word about the positive initiatives at Penn State.  We look forward to 2012 with a deep sense of gratitude for your support and with excitement for the many things yet to accomplish.

We Are Penn State!

Brent W. Ambrose, Ph.D.
Smeal Professor of Real Estate and
Director, Institute for Real Estate Studies