Our program
Created in January 2003, and sponsored by Accenta, Banque des Territoires (Caisse des Dépôts), Ethiket, Immo Mousquetaires, PIMCO Real Estate and Quartus, the Real Estate and Sustainable Development Chair aims to support both teaching and research in the economics, financing and management of the real estate industry while taking into account the issues where sustainable development is at stake.
It responds to a real estate context that has undergone profound change over the past few years, due to the arrival of new players and the globalization of the real estate markets (office real estate, shopping centers, logistics, hotels and business districts).
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.
REAL ESTATE JOBS: A LARGE SCOPE OF OPPORTUNITIES
The real estate is a complex sector of the economy: its activity scope is very large and diversified, whether by the multiplicity of its products or by the different functions it covers. Since the 1990s real estate crisis, this sector has witnessed dramatic changes: concentration of companies, professionalization and "financialization" dominate the market numerous segments.
There is a great diversity of actors in the sector. People usually think at once of the house agents or the housing promoters. But it is far from being so restrictive: it is also necessary to consider the other real estate assets (offices, shopping malls, warehouses, hotels…) and to take into account all the activities revolving around simple sales, acquisitions and rents: decision-making, arrangement, financing of the projects, conception and construction, management, activity and profitability of assets, their improvement or restructuring … The State itself, as well as local authorities and public institutions also have an important role.
Hereunder a scope of professions in strong development in the field of the real estate:
> Asset Management
Consists in optimizing the real estate investments belonging to a physical or moral person (as the land holding trusts or the real estate investment funds). The asset manager manages a real estate portfolio and follows-up the financial, commercial and administrative aspects. The actors: land holding trusts, investment funds, REIT (Real Estate Investment Trust).
The asset manager works in relation with many different departments in the company: financial direction, holdings, legal and commercial department, head office... Many different functions as well: financial simulations, evaluation of buildings, negotiation...
> Real Estate Consulting
He is an intermediary between owners (important investors) and lease holding companies or between owners - salesmen and buyers. His task is to negotiate and facilitate the conclusion of contracts within the framework of a rent or sale mandate. He also plays a important role of advice by proposing solutions to optimize the asset according to the strategy and the needs defined by the company.
Some examples of companies acting in this market: BNP Paribas Real Estate, CB Richard Ellis (Insignia Bourdais), Jones Lang LaSalle, Cushman and Wakefield.
> Real Estate Development
Leads all the activities of new construction or rehabilitation of buildings, by coordinating the teams in charge of these programs (land prospectors, engineers and engineering consulting firms, program managers).
The actors: promoters - builders, land holding trusts, investors, but also the State, public institutions … Main promoters: BNP Paribas Real Estate - Development, Bouygues, Nexity, etc.
> Real Estate Portfolio Management
The portfolio manager is in charge of the management of a portfolio mandated by one or several owners. He also has a role of advice in the valuation of the assets.
> Corporate Real Estate Management
Real estate management as a core competence in companies. The real estate manager assumes all of the responsibilities in the field of real estate management needed by the company: to ensure the "housing" of the company's activities in optimal conditions of quality and cost, so that the real estate adapts any time to the company strategy and to the evolution of its needs.
- a function evolving strongly thanks to the awareness of its role: there is a growing need for a better property management within the company (which is the second item of expenditure after the wages)
- In a recent context of complex management of outsourcing and property investment (France Telecom or La Poste for example).