People.cn Interview with Albert Saiz, Director, MIT Center for Real Estate
1. What was the initial purpose of MIT in establishing this MSRED degree?
Prof. Albert Saiz: Historically, many individuals who work in real estate have acquired their skills on the job. However, as the business of real estate has become more complex in structure and more international in scope, the industry has recognized the need for a more sophisticated and specialized education. Meanwhile, the US real estate industry was experiencing a deepening, from a build-and-sell-quick paradigm to an increased focus on quality and the development of secondary markets: investments, property management, investments management, leasing, secondary transactions, infill re-development, renovations on the existing stock . This shift in the real estate industry also required sophisticated knowledge and education. In 1983 an MIT alum, Charles “Hank” Spaulding established the Center for Real Estate at MIT. Spaulding was a prominent real estate developer himself and he had the vision to improve the quality of the built environment and to promote a more informed professional practice within the global real estate industry. MIT’s one year MSRED program, the first in the country, educates students in the full range of skills required of real estate professionals, from finance, construction, human capital to urban planning, physical design, law, contracts, asset management, micro economics, and so on.