August 5, 2016
The University of California, Irvine’s Kerry Vandell, Dean’s Professor of Finance at the Paul Merage School of Business, provided Connect Media’s Daniella Soloway with a detailed look behind Orange County’s job market, the university’s Certificate of Real Estate Program, and his views on Brexit’s impact on CRE.
Q. With OC’s commercial real estate market being as strong as it is right now, how do you see graduates of the UCI Certificate of Real Estate Program benefiting from the courses offered?
A. Even though the market is hot and a lot of people are employed, there’s a lot of interest in the Certificate of Real Estate Program, even more so than we had five or six years ago. Since the market is so strong, the return is that much greater because of the need for good talent and the requirement to be more competitive as an employee.
UCI’s Certificate Program is for those who are interested in growing professionally in specific skill sets, and provides our students with specialized knowledge that is equivalent to that of a graduate sequence. It really allows graduates to hit the ground running, and primes them to be the strongest candidate to hire.
Q. What sets UCI’s Program apart from others? Outside of the education received, what are the additional perks and benefits that graduates gain?
A. This is one of the only programs where students are actually taking part in the full-fledged graduate course sequence, that overlaps with many classes our MBA candidates complete. This provides a much more intensive training, while also educating students on industry-leading technologies, so they are ready to adopt major firms’ workflow as soon as they are hired.
Outside of the rigorous course load and immersive, interactive and robust education, we have a close relationship with many of the leading organizations in the industry, and offer exclusive programs open solely to our students. For example, we work closely with NAIOP, and our advisory board members include eminent senior professionals in CRE, like Bixby Land’s Bill Halford.
We host breakfast series that bring professionals together from all of the country, as well as provide our students with the opportunity to visit firms both domestically and internationally to grow their network and see the various companies’ operations. On a similar note, our bi-annual awards luncheon attracts over 500 top professionals that allows our students to learn from professionals and make new connections.
Q. On a completely separate note, what impact do you think Brexit has on CRE in the U.S. and E.U.?
A. Initially, when you look at the devaluation of the pound and its status remaining at such a low level since the vote, London’s real estate is surrounded by volatility. In turn, this will create a hiatus around rent growth, and while that doesn’t mean it’ll become a backwater, it does cause hesitation. It’s likely that other big EU cities, like Amsterdam, for example, will make a play to capture London’s tenants.
For U.S. investors in off-shore real estate, there’s opportunities to seize because of the displacement of distribution centers and demand to be geographically close to the EU, which will open up new possibilities. For our domestic market, we can really profit from having a solid European Union, and if other countries pull out, it will result in inefficiencies that could harm our exports.
Ultimately, the vote was premised mostly on the perceived loss of jobs moving to other markets, and the fear of immigrants and terrorism.
For comments, questions or concerns, please contact Daniella Soloway