Real Estate MSc

You will learn about the valuation of commercial property and develop a systematic understanding of the valuation process so that you are able to evaluate the valuation methods available and use them in complex situations, undertake valuations for commercial property for a variety of purposes and critically appraise their outcomes in accordance with latest academic and practice based research.

Within Commercial Property Valuation you will study a range of topics including:-

• The valuation process and the role of a valuer
• Analysis of market data and its application to valuation
• Valuation methodology and applying to different scenarios
• Secured lending valuation
• RICS reporting and advising clients
• Asset valuation
• Statutory valuation
• Modern methods of valuation and appraisal
• Using IT software for Real Estate appraisal

Throughout this module you will develop academic and professional skills relating to the use and analysis of data, understand real estate markets and the impact on appraisal, effective communication and be able to advice clients/stakeholders in accordance with RICS governance.

The module has been developed in partnership with regional, national, and international practitioners to authentically reflect the real life demands and challenges faced in the contemporary real estate sector, with a particular focus on stranded assets and divestment strategies. Practitioners work in partnership with staff, co-teaching the module in a live learning conversation with the real estate industry. You will learn about and examine the global economics of real property in the context of markets, cities, investment, and finance. The module aims to evaluate concepts of global property market economics, investment and finance and analyse their application to inter-related markets in real estate. These will include the behaviour of occupiers, investors, financiers, developers, and contractors. You will be introduced to a range of economic principles relevant to global commercial real estate markets, and develop an understanding of real estate investment finance. You will appraise global real estate investment assets and their performance from the perspective of a range of stakeholders and investor types. The module will enable you to recognise the crucial role of the investment sub-market within the wider property market, and how it influences real estate activity, development, and values.
Indicative syllabus:

• Global Real estate markets and interaction with the economy
• Property cycles and demographics
• Urbanisation and the future city
• Stranded assets and contemporary concerns with environment, social and governance objectives
• Real estate investment markets
• New property technology and market disruption
• Infrastructure and real estate
• Regulating property markets
• Real estate investment yields, measuring returns and risk
• Real estate compared to other investment asset classes
• International investment and capital markets
• Financialisation
• Direct and indirect real estate investment vehicles
• Real estate portfolio diversification
• Real estate finance, real estate as collateral for debt
• Future trends in real estate investment and finance

You will learn about the planning and development process in an urban context focusing on the management of pre-construction decision-making and the evaluation of projects including site investigation, planning and development control, viability assessment and development appraisal. The module aims to help you understand the complex social, economic and physical environment and market conditions within which real estate development takes place, develop your knowledge of the management of the development process, acquisition of development sites, identification of sources of development finance and allow you to recognise the crucial role that surveyors play in the real estate development process.

Indicative syllabus:
1. Introduction to sustainable urban development
2. Contemporary planning policy
3. Real Estate development process
4. Site evaluation and investigation
5. Development control and management
6. Development finance and funding
7. Brownfield and contaminated land
8. Construction procurement and risk
9. Development viability and appraisal

This module is designed to support you in independently designing and conducting a substantive original research project on a built environment topic of your own choice and aims to provide you with an opportunity to design and conduct a substantive piece of investigative work that is directly related to your programme of study. You will consolidate and apply your independent research skills developed whilst studying your first degree and on the Real Estate Concepts and Research Methods module KA7035) to answer a research question or test a hypothesis of your choosing. You will assemble and review relevant scholarly literature and data to present a cogent, reasoned and objective critique of published scholarly work on your chosen topic, in order to define a precisely focus for your research. Ultimately you are required to submit an original 12,000 word dissertation that is analytical and demonstrates an accurate interpretation and clear presentation of original research findings.

In the course of the module you will develop expertise in the following:
• identifying an appropriate research topic
• critically reviewing relevant academic literature;
• formulating research questions/hypotheses and appropriate methods of inquiry;
• collecting your own data and/or using existing datasets and literature
• analysing and interpreting your results using appropriate quantitative, statistical and/or qualitative techniques,
• relating your findings to existing and up-to-date literature and theory;
• objectively appraising the ethical considerations of conducting research; and
• independently managing and implementing your own research project.

You will learn about some of the threshold concepts and key skills that are essential for Real Estate students to grasp before embarking on specialised property research and prepare and promote your employability as a graduate surveyor. The second half of the module is designed to develop your understanding, deployment and critical evaluation of research methods and to prepare you for conducting your own research project.

In the first semester you will undertake an initial project based on a building/site in Newcastle. The learning activities will include lectures to introduce key concepts; seminars to develop your understanding of these key concepts; workshops to apply your knowledge and practice skills; site visits to learn site inspection and measurement skills; guest speakers to provide insight to real estate markets. In the second semester you will learn about research methods and data analysis techniques in two hour workshop sessions in which a research resources will be signposted, research philosophies explored, data collection techniques evaluated and your own research skills and development reflected upon.

An indicative outline syllabus is as follows:
• Real Estate sectors and the role and professionalism of surveyors in global real estate markets
• Real Estate research and resources
• Property appraisal, professional report writing and presentation
• Individual skills audit and developing an action plan
• IT skills for Real Estate
• Philosophies of research and research ethics
• The research process: developing and implementing effective research strategies for data collection
• Quantitative and qualitative data analysis
• The reflective researcher: evaluating research processes and outcomes

You will learn about the key areas of law, which are relevant to the surveying profession and examine the nature of relationships between commercial landlords and tenants. You will explore current methods utilised for the marketing of real estate including:
• The English Legal System, including legal research.
• Ownership of land.
• Third party and public rights affecting land.
• Rights, obligations and liabilities of land owners and occupiers.
• Contract law.
• Marketing of property and heads of terms.
• Laws affecting the work of surveyors, in particular professional negligence and regulations affecting the sale of land.
• The process of the sale of land.
• Commercial Property leases including key landlord and tenant obligations.
• Landlord and Tenant Law, including the Landlord and Tenant Act 1954.
• Methods of adding value to real estate including re-gearing leases, rent reviews and tenant mix strategy.
• Leasehold exit strategies, including; surrender, break clauses, assignment and sub-letting.
• Corporate real estate strategies and markets.

In this module you will learn the fundamentals of construction technology in the context of a society’s aim of mitigating climate change. The syllabus includes the processes and technology of commercial and domestic construction, both current and of the recent past to equip graduates with the knowledge to manage the construction, maintenance and development of property assets. The importance of the environmental impact of materials and the use of life cycle costing to enhance sustainability will supplement the teaching of low carbon construction technology and energy sources.

Within each of these areas you will study a range of topics to support this:

• Construction technology
o The structural elements, finishes and services found in typical low rise domestic construction.
o The structural elements, finishes and services found in commercial and industrial property.
• Low carbon design
o Site selection and building orientation
o Passive low carbon design in the domestic and commercial field
o Water conservation
o Green roof and wall applications
o Sustainable urban drainage
• Renewable energy applications
o Photovoltaic applications
o Biomass heating
o Ground and air source heat pumps
o Solar water heating
o Wind energy

On completion of this module the knowledge and understanding acquired forms part of the broader contextual framework for the study of your academic programme.

You will develop, throughout this module, academic and professional skills relating to the use and evaluation of data; effective communication; self-direction and personal responsibility.

You will develop your understanding of academic conventions in UK higher education aligned to your level of study, including expectations around critical analysis, structure, argumentation, evidencing, and referencing. The module focuses on developing communication strategies that will help you express your ideas clearly and coherently in written assignments and spoken activities. You will also reflect on your current academic and language skills and develop strategies for development ahead of your assessments.