ESSEC is the first business school in France to dedicate a teaching and research chair to the economy, finance and management of real estate. Traditionally subjects related to real estate (law, architecture, building techniques, etc.) are taught almost exclusively at universities and engineering schools.
The growth of the market during the past decade and the recent financial crisis have underlined the necessity of taking into account both the economic and financial aspects when training new real estate professionals.
The real estate industry, particularly corporate real estate, has witnessed dramatic change in the last 10 years. By becoming increasingly financial, property is now considered an asset in the same way as many others. The globalization of real estate gave rise to new professions, new strategies and new players in the market. Equally, the economic and financial developments have been significant: in the last 5 years, the real estate industry has generated almost a quarter of the GNP both in France and most developed countries, with 7-8% from the construction industry and the remaining 15-17% from real estate services (development, transaction and asset management).
The increasing sophistication and globalization of corporate real estate have led to many new issues for the industry and a growing awareness at Board level of the importance of the “Real Estate Director” in influencing corporate strategy.
The new players in real asset management added to the emergence of foreign pension funds in France pose a new challenge for property management.
All of the industry’s new aspects demand the development of a global and transversal approach to teaching real estate, a clearer understanding of the economic mechanisms in the property market and an extensive knowledge of the tools of real asset management.
It is the purpose of the Real Estate and Sustainable Development Chair to provide ESSEC MSc. Students with an exemplary education in real estate economics, management and finance.
I wish to thank Poste Immo, BNP Paribas Real Estate, VINCI Energies, VINCI Immobilier and PERIAL for supporting the Chair and for actively participating in the evolution of real estate economic and financial teaching in the prestigious ESSEC Business School.