CREF Director’s Message

It is hard for me to believe that it has been four years since the official launch of the CREF, and that my service as academic director is coming to an end. We launched with nine CREF Industry Fellows and a small graduating class in the spring of 2009. We now have 27 Industry Fellows, over 350 students in the minor, a world renowned real estate faculty, and a record of accomplishment. The incoming CREF director, Prof. Daniel Quan, is looking forward to putting his stamp on the CREF and building on the foundations laid over the past four years.

With the recent graduation of the class of 2013, we shared the excitement that came with attending Cornell's 145th commencement ceremony; here in the CREF, we celebrated the graduation of 100 of Cornell's finest students who obtained the Minor in Real Estate. At our minor recognition ceremony, I encouraged the graduates to do three things; "please be investors for the minor", "make no little plans for your lives and for your careers", and lastly, "please hire from the Minor”. It was a good year for graduates, with students reporting a very buoyant job market and job prospects. We increasingly see real estate firms making Cornell one of their top recruiting stops when hiring real estate talent. Our “guerrilla marketing” tactic has been the use of our bumper sticker. We're encouraging students to place them in highly visible locations in densely populated urban cores. Please let me know if you see them and send photos, I'd love to make a regular feature to be a photo of the sticker in iconic locations.

In this edition of the newsletter, you'll find a variety of topics detailing the multitude of activities happening with the CREF. I'm very proud that Rob Kline '84, CEO and co-founder of Chartres Lodging Group, and his family have endowed The Robert '84 & Denise Kline Family Real Estate Capital Markets Lab, which will be known as the “Kline Lab” by students. This state-of-the-art facility will launch in the fall of 2013, and be used by several courses as a teaching facility for the “Trading Real Estate Securities and Funds” course and will be a research facility for students. The lab will host a myriad of real estate databases including Real Capital Analytics, TREPP, CoStar, FactSet, REIS, PKF Hospitality Horizons, STR Global, and SNL Securities. I also want to thank Rod Clough and Suzanne Mellen of HVS for their generous support of the CREF by joining as our latest CREF Industry fellows.

Lastly, I would like to thank those who have helped the CREF become an unqualified success; the CREF Industry Fellows for their continued support of our mission, the CREF Faculty for all of the extras I ask them to do in the name of the CREF, and to the staff, especially Kathy Terry, for their dedication, good humor, and attention to detail. Thank you to you all.