The Vieth Institute for Real Estate Leadership has been established at Marquette University, signifying a notable advancement in real estate education. The institute’s objective is to incorporate various academic disciplines—including engineering, business administration, and law—to enhance the educational pathways for students interested in real estate careers.
Significance of Interdisciplinary Learning
Andy Hunt, the Director of the Vieth Institute, highlights the significance of applied learning and interdisciplinary experiences as essential trends in higher education. The institute’s structure is intended to dismantle academic silos, thereby fostering a more integrated learning environment for students.
Multifaceted Educational Approach
Founded in May 2024 and introduced at the recent Marquette Real Estate Strategies Conference, the institute will provide a multifaceted approach to real estate education. Students enrolled in programs associated with the institute will be exposed to diverse components of the real estate sector, encompassing financing, construction, and the fundamentals of property law. A practical example is the Real Estate Asset Program, which allows students to participate in limited partner investments in properties nationwide.
Collaborative Nature of Real Estate
The institute aspires to better equip students for professional opportunities by recognizing the collaborative nature of real estate transactions, which typically involve various stakeholders, including architects, developers, financiers, and lawyers.
Support and Contributions
The launch of the institute was significantly supported by contributions from Marquette alumni Perry and Sheila Vieth. Perry Vieth, the CEO of Ceres Partners LLC, indicated an intention for Marquette’s program to reflect real-world business practices where collaboration is vital.
Legacy of Real Estate Education at Marquette
The Vieth Institute builds on a rich tradition of real estate education within Marquette’s College of Business Administration. Notably, Marquette was the first Jesuit institution to offer an undergraduate degree in commercial real estate, initiating this program 22 years ago. The previous Center for Real Estate has successfully educated numerous students, achieving a job placement rate that exceeds 90% shortly after graduation. Additionally, Marquette’s real estate program was recently ranked 12th in the U.S. by U.S. News and World Report.
Insights from Advisory Board Members
Mike Riopel, an advisory board member of the institute and a Marquette graduate in commercial real estate and finance, emphasizes the importance of interdisciplinary education, drawing on his experiences in both real estate and law. He believes that early exposure to industry operations can greatly enhance a graduate’s effectiveness.
Board member Michelle Panovich, principal at Mid-America Real Estate, underscores the need for diverse expertise in real estate projects and shares an example of a successful collaboration aimed at revitalizing a struggling retail property.
Future Plans and Curriculum Development
As the institute seeks to redefine real estate education, plans are in place to strengthen relationships with internal stakeholders, update curriculum offerings, and create practical learning opportunities for students. The curriculum overhaul is expected to commence within the next year, with full operational status projected for the third year.
Potential for Broader Impact
Riopel envisions this initiative as a potential model for other educational institutions, asserting that the evolving landscape of the real estate industry necessitates a varied educational approach.
Source: https://today.marquette.edu/2024/10/new-development-vieth-institute-for-real-estate-offers-one-of-a-kind-learning-experience/