Commercial Real Estate Certificate

Applications for the 2008-2009 program are now being accepted.

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> Commercial Real Estate Workgroup

PROGRAM OVERVIEW

Also offered in Seattle>>

Expanded knowledge of specialized subjects such as property values, insurance, risk management, and business and real estate law is necessary to move ahead in today's fast-growing commercial real estate field. This award-winning program provides advanced training for experienced real estate professionals and others in related fields, such as architecture, construction, law and planning.

Accomplished commercial real estate professionals and UW faculty have designed the relevant, practical curriculum. Courses are approved for Real Estate Continuing Education (RECE) clock hours for real estate license renewal in the state of Washington.

COURSE DESCRIPTIONS
Program length: October 2008 - May 2009
Classes meet: Mondays & Wednesdays, 6:00 - 9:00 p.m.

First-Term Course
Introduction and Static Analysis of Commercial Real Estate
Examines the nature of commercial real estate as an interdisciplinary field. Reviews trends in commercial development, commercial property vocabulary, static analysis skills for the four principal property types, and develops principles of leasing and income maximization. Explores specific property management techniques by property type and studies permanent loan underwriting and financing/refinancing techniques. Reviews the marketing and sales of existing properties with the help of active market participants and guests. Topics include:

• A historical review of U.S. urban/suburban commercial real estate; trends and patterns are examined with the help of guest industry experts. Students review commercial property vocabulary in the context of development history, and as preparation for commercial real estate analysis of the four principal property types.
• Static analysis skills are explored with a financial calculator (HP12C required) as a foundation for understanding principles of real estate economics, capitalization and value creation.
• Property management, operations and leasing practices are studied as they apply to the property groups.
• Financing and refinancing options for improved properties are considered in light of prevailing underwriting standards and market conditions. A lender panel illustrates different institutional approaches to the same properties.
• Marketing and sales of improved properties are discussed from a static analysis point of view, and prevailing industry standard units of comparison are explored, with class participation by recognized industry practitioners active in commercial property markets.
• Special use properties are addressed, including affordable and senior housing, condominiums, hotels and mixed-use properties, public-use buildings and public/private partnerships.

Lead Instructor	Class meets	Location	Fee	Credit/Contact hours
Anthony Gibbons	Mondays & Wednesdays 10/1 - 12/10/2008 (no class on 11/10 & 11/26) 6:00-9:00 p.m.	TBA	$1041	5.7 CEUs
Course Information	Course Outline

FIRST TERM INSTRUCTORS

Second-Term Course
Development Process and Project Sensitivity Analysis
A rigorous review of the development process - market review, site and entitlement issues, and creation of a project pro forma culminates in creation of a commercial project. Issues covered include the role of equity and requirements of construction lending, adoption and execution of a marketing plan, and the use of sources and uses of funds. Financing will concentrate on construction loan underwriting, credit criteria and progress funding mechanics. Students form teams to identify, analyze and present a project to be developed on actual sites. Topics:

• The role of the pro forma in the management of the development process.
• Market analysis for major property types.
• Eestimating direct construction costs.
• Designing to the market, functional and quality issues.
• Development of a project budget and discussion of sensitivity tools.
• Entitlement, permitting and the public approval process.
• Defining market rents and managing lease-up to stabilization.

Lead Instructor	Class meets	Location	Fee	Credit/Contact hours
Anthony Gibbons	Mondays & Wednesdays 1/12 - 3/11/2009 (no class on 1/19 & 2/16) 6:00-9:00 p.m.	TBA	$931	4.8 CEUs
Course Information	Course Outline

SECOND TERM INSTRUCTORS

Third-Term Course
Legal and Taxation Issues and Interdisciplinary
Decision-Making in Real Estate
Extension of second-term development concepts to a discounted cash flow (DCF) model and investment analysis. Students discuss the often complex legal issues surrounding title, ownership, construction, financing, purchase contracts, environmental law, and leases. Legal relationships of parties are explored under a variety of commercial real estate transactions. The taxation segment introduces tax treatments, including depreciation, capital gains, calculation of basis, and measurement of after-tax returns. Pulling it all together, students examine the overlay and subtleties of these legal and tax aspects of commercial real estate, then apply the entire coursework to the practicalities of commercial real estate decision-making. Topics:

• Complexities and subtleties in operating forecasts; models for investment pre- and after-tax analysis.
• Legal issues, including title, easements, covenants, contracts, purchase agreements, liens, leasehold requirements, financial and construction documentation, and environmental law.
• Taxation issues in real property, covering acquisition, development, operations and disposition of property.
• Guest lecturers illustrate the interrelationships of markets and disciplines, business philosophies, and current and future commercial property strategies; focus on multidisciplinary decision-making.

Lead Instructor	Class meets	Location	Fee	Credit/Contact hours
Anthony Gibbons	Mondays & Wednesdays 3/30 - 4/29/2009 Wednesdays 5/6 - 5/27/2009 6:00-9:00 p.m.	TBA	$931	4.2 CEUs
Course Information	Course Outline

THIRD TERM INSTRUCTORS

HOW TO APPLY

Admission Requirements
Participation is open to individuals with at least two years of college and at least two years experience in commercial real estate, or in a related field such as architecture, construction, law or planning.

International students are expected to have adequate English language proficiency and appropriate visa status before taking courses. For English language guidelines and visa information, click here.

Company sponsorship often strengthens a participant's motivation to succeed in the program. Sponsored applicants are usually ranked highly in the selection process.

Earning the Certificate
Participants are evaluated in each course on the basis of standards established by the instructors and advisory board. At the end of each course, participants are notified of successful or unsuccessful completion. When the required courses are completed in this noncredit program, participants earn a certificate.

Application Process
The 2008-2009 program begins in October 2008. Applications are now being accepted; qualified students who also meet the demographic categories identified for this program will be accepted on a first-come, first-served basis until the program reaches enrollment, or until 5 p.m. on Friday, September 26, 2008. After this date, applications may be accepted on a space-available basis.

The maximum number in the program is 30 and the demographic categories are identified and assigned to provide representation from various professional groups in each of the five-six teams that will be formed for project work. Therefore, a limited number of applicants from each professional group will be accepted to round out the program mix. If you have any questions about this process, please contact the director, Alice Dionne at adionne@u.washington.edu, or (253) 692-4672.

If the program fills before the deadline date, qualified students will be placed on a wait list. To apply you must submit one copy of the application form with a $50 non-refundable application fee and application set, to include:

• Your résumé listing education and applicable experience.
• A typed (250-word maximum) letter of application describing (a) your transferable skills and knowledge of the field, (b) how you expect the program will help you to meet your professional goals, and (c) Why you are committed to a career in this profession.

Applicants will receive written notification of their acceptance, placement on a waiting list, or non-acceptance after review of submitted materials. Accepted applicants will be sent registration information for the first-term courses.

Fees and Tuition
Tuition is payable on a term-by-term basis. Tuition for the entire 9-month program is $2541. There is a $50 non-refundable application fee to apply to this program and a $10 non-refundable registration fee for each term. First-term tuition and $10 registration fee are due by 5 p.m. Tuesday, September 27, 2007. The University's tuition exemption policy does not apply to this program. Fees and tuition are subject to change.

Information on registration and refund policies and procedures will be included with registration materials sent to you upon acceptance in the program.

Refunds
Students must make a written request to withdraw. Written requests should be sent to UW Tacomapdctr@u.washington.edu or mailed to the KeyBank Professional Development Center, UW Tacoma, 1900 Commerce Street, Tacoma, WA 98402. Students withdrawing by 5 p.m. 24 hours BEFORE the program begins, are eligible for a full refund of all fees except the $50 application fee and $10 registration fee. There is no refund for withdrawals after the first day of class.

Earning the Certificate
Participants are evaluated in each course. Because courses are arranged sequentially, participants need to successfully complete classes in the previous term before they advance to the next term. After successful program completion, participants earn a certificate which is presented at an annual UW Tacoma awards ceremony.

Cancellations
UW Tacoma reserves the right to cancel programs or classes with low enrollments.

INSTRUCTORS

LEAD INSTRUCTOR
Anthony Gibbons, MAI, CRE

Anthony Gibbons formed RE-SOLVE, a company providing real estate appraisal, counseling, meditation and arbitration services, with his partners in 1998. Gibbons entered private appraisal practice with the firm of Shorett & Riely in 1983 and formed the company of Wronsky Gibbons & Riely in 1994. He is a graduate of King's College, University of London with a degree in Geography. He is a frequent speaker for Law Seminars International and is an instructor in the UW Seattle certificate program in Commercial Real Estate. Gibbons serves on numerous boards.

Instructors and courses are subject to change.

MENTORS

PROJECT PANEL/JURY

COMMERCIAL REAL ESTATE WORKGROUP

For information about our meetings please click here. Information about our Commercial Real Estate Certificate Program and all other programs will be available at these meetings; staff and instructors will be available to answer your questions. Contact Michael McMillan at the Office of Continuing Studies at UW Tacoma for details (253 692-4682, mcmilm@u.washington.edu).