In This Issue
Pine Tree LLC: New Sustaining Sponsor Supports the Real Estate Center
ULI Chicago Cohort Program Receives Green Light
Eisenberg Foundation Names DePaul Student Real Estate Education Scholar
Real Estate Alumni Annual Fundraising Event a Success
Twelfth Annual DePaul/REIA Summit
January 30, 2017: Save the Date
Pine Tree LLC: New Sustaining Sponsor Supports the Real Estate Center

Pine Tree, LLC is a full-service real estate company specializing in retail based in Northbrook, Ill. Since its founding in 1995, Pine Tree has acquired and developed 91 properties with an aggregate value of over $1 billion. The company's projects are located across the United States.

The Sustaining Sponsors of the Real Estate Center welcome the support of Pine Tree, LLC and look forward to partnering with Peter Borzak, Principal/Co-Founder, who will serve on the Center's Executive Committee.
 
ULI Chicago Cohort Program Receives Green Light

The Real Estate Center has partnered with ULI Chicago to create a Master of Science in Real Estate cohort program for members of ULI Chicago.  The Center began promoting the program in early June and we have officially met the enrollment requirement of 20 students to launch the cohort on January 2, 2017.  Benefits include:
  • Lower Out-of-Pocket Degree Cost - A 25% tuition discount
  • No GMAT Required
  • Opportunity to Build a Professional Network - ULI Chicago members completing this program develop strong relationships with classmates from real estate companies across the region

Enrollment in the program is limited to 30 students, so it's not too late for ULI Chicago members to enroll.    Join us for the final information session:

 

Date:  November 16 Register Button
Time:  5:30-6:30pm
Place: Kellstadt Graduate School of Business
            DePaul University
            1 E Jackson Blvd, Suite 5100
            Chicago, IL 60604

 

Eisenberg Foundation Names DePaul Student Real Estate Education Scholar

The Harold E. Eisenberg Foundation recently welcomed Tyler Walker, an undergraduate real estate student at DePaul, to the Real Estate Education Scholars Program.  The year-long Scholars Program provides unique opportunities to exceptional students as they prepare to enter the real estate profession.  The Scholars are given access to individuals and opportunities that will deepen and enrich their education as well as their understanding of this complex and vibrant industry. 

Walker was one of five students from regional universities to receive this honor.  At the completion of the 2016-2017 academic year, each student will earn a scholarship of up to $5000. 
Real Estate Alumni Annual Fundraising Event a Success

The DePaul Real Estate Alumni Alliance hosted its fifth annual Casino Night Networking Event on November 3, 2016. The event brought out over 100 real estate professionals for a fun evening of competition and networking to raise funds for scholarships for DePaul Real Estate Students. This year DREAA donated $7,000 in scholarships to two high performing students, MBA candidate Eric Gross and undergraduate Lindsey White. Congratulations to the winner of this year's Casino Night Jackson Brissette from The John Buck! Thank you to everyone who made the night possible and we look forward to continuing the tradition next year!

2015 Casino Night Photos

Bar Sponsor
Woodrow Development Logo


Title Sponsor Wintrust Logo


Table Sponsors
Draper&Kramer Logo
OAC Management
Origin Investments
Friend of DREAA

CenterCore Logo
Friend of DREAA
Senior Lifestyle Coporation Logo mixed blues

WH&H Realty Logo
Twelfth Annual DePaul/REIA Summit

The Real Estate Center and REIA joined forces on September 22 to take a close look at the commercial real estate market where expert panelists discussed which property types will perform best; how millennials are affecting retail and residential and what dislocations are occurring in the commercial real estate market.

The program opened with a real estate forecast outlook by DePaul's very own James D. Shilling PhD, Michael J. Horne Chair in Real Estate Studies. Shilling's presentation focused on three issues:
  1. Are core CRE markets overheated?  Over the last 10-and-a-half years, commercial real estate has not been mis-priced and we could see a 10%-20% increase in the next 12-18 months.
  2. Is Chicago at peak rental market?  The impact of Millennials, aged 25-34 years old, is critical to the rental market.  Millennials' income is growing at a slower pace which means purchasing property is not affordable for this demographic leaving rental properties as the optimal choice.
  3. A prediction that the presidential election poses a downside risk for investors who may be looking at a 10% decline in office prices in 2017.


 

The panel discussion following the opening presentation included a discussion from experts representing three fields: Multifamily, Retail and Debt/Equity Markets.  Takeaways from the conversation included:

 


Multifamily: Panelist David Schwartz, Co-Founder/CEO,
  • Developers have been filling demand for housing Millennials.
  • B apartment rent growth is outpacing A rents at this time.
  • Disruptors in multifamily include, of all things, boxes and special deliveries.  Managing incoming packages for a large building is a costly production requiring space, staff, and systematic processes which aren't necessarily in place.  The sector is hoping for a technological development that will streamline the process.
  • Airbnb is another disruptor in multifamily buildings. While the industry is trying to "figure it out" issues that need to be addressed include discrimination, violations of fair housing laws, insurance implications and breaches of lease agreements for renters.  The only upside for landlords is that it helps tenants pay rent.

Retail: Panelist Keith Lord, President, The Lord Companies

  • One of retails biggest challenges currently is capturing the Millennial market because they "rent" everything.  As a result, malls, as we know them, are going to suffer.  
  • Urban Chicago neighborhood retail is doing well and should be used as a model for future developments.  Urban neighborhood retail corridors are successful because they provide an experience and are a social place to go. Gone are the days of in-and-out shopping.

Debt/Equity Market: Panelist Neil Freeman, Chairman/CEO Aries Capital

  • Builders will build if lenders will lend, but the challenge is that bankers have gone out of the construction loan business. 
The panel was moderated by Charles Wurtzebach, Chairman, Department of Real Estate at DePaul University and the Douglas & Cynthia Crocker Endowed Director of the Real Estate Center.
David Schwartz, Keith Lord, Jim Shilling, Charlie Wurtzebach and Neil Freeman

January 30, 2017: Save the Date

Every year, the Real Estate Center and the Chaddick Institute host a conference focused on real estate and land use issues.  This year's conference, "The Shared Economy and the Impact on Urban Real Estate Investment" will be held on the afternoon of  January 30, 2017 at DePaul's Loop Campus.  

More details to come.
 

Join the Conversations on the Real Estate Center Social Networking Websites

You no longer have to wait for our monthly newsletter to be up to date with the Real Estate Center.  The Real Estate Center has recently joined the social networking movement on both Facebook and LinkedIn.  Join these groups to receive up to the minute information about the Real Estate Center. 

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Sustaining  Sponsors
Endowment Funds
Susanne Ethridge Cannon Endowed Scholarship Fund

Douglas & Cynthia Crocker Endowed Director of the Real Estate Center

Douglas & Cynthia Crocker Real Estate Endowed Scholarship 
 
Michael J. Horne Endowed Real Estate Scholarship 
 
Kenneth McHugh Real Estate Endowment

George L. Ruff Real Estate Studies Professorship

Robert & Howard Weitzman Endowed Scholarship

Charles H. Wurtzebach & Susan M. Marshall  Endowed Scholarship
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