In 2010, the world was stumbling out of a global financial crisis triggered by the U.S. housing bubble—an inauspicious moment to launch a real estate program. But the George Washington University took a calculated risk, and today the Center for Real Estate Studies (CRES) at the School of Business marks its 15th anniversary with a noteworthy list of superlatives.
CRES offers the only undergraduate degree in real estate in the D.C. area, boasts an impressive job placement rate and organizes a national summit on housing policy. This spring it is launching the East Coast’s only professional development certificate focused on affordable housing.
“We want to be ranked among the top undergraduate programs in the country,” said Robert Valero, B.A. ’82, who has served as the CRES executive director since its inception.
A Boot Camp in New York
GW’s Bachelor of Science in Business with a concentration in real estate provides over 100 students with the fundamentals in finance, real estate investment, development and strategic planning. Outside of the School of Business, students can minor in real estate. Over the last 15 years, the program has leveraged the school’s location in a waiting-to-explode commercial real estate market.
Experiential learning is a hallmark of the program, and the REFA Real Estate Alliance has become its signature offering. The highly competitive boot camp for sophomores consists of weekly sessions taught by juniors and seniors. The camp concludes in April with a networking trek to New York to meet alumni in the industry.
“We’re offered a lot of opportunities that other kids at GW don’t have access to,” said Isabella Lilly, Class of 2025. “These include crafting interviews, meeting with professionals within the industry, networking events and the trek, which has been a really valuable experience.”
Research on in-the-Headlines Housing Issues
Over its short lifespan, the center has left an imprint on real estate research.
Professor of Finance and Economics Robert Van Order, the Oliver Carr Chair in Real Estate, served as the center’s first faculty chair. One of his research areas is housing finance. The current chair, professor Stephen O’Connor, is an expert in the shortage of affordable housing. Professor of Strategic Management and Public Policy Vanessa Perry, also a professor of marketing, is nationally known for her work on housing finance policy and racial bias in home ownership.
Previous CRES chairs made headlines with research focused on the walkability of urban areas, how real estate’s volatility and complexity disrupt investment, and the effect of COVID-19 on office buildings, rent-to-buy trends and housing prices. In March, CRES co-hosted a National Housing Supply Summit that drew more than 350 participants. It is now planned to be an annual event.
CRES also benefits from real estate practitioners who serve as adjunct faculty. Adjunct Professor of Finance Karen Zinn, who heads GW’s Office of Real Estate, takes students to development sites and assigns them projects judged by industry professionals.
“Another adjunct faculty member here is a real estate developer…the CEO of a real estate company,” Valero said. “You can’t have anything better than a developer teaching a development course.”
Constructing a Jobs Pipeline for Students
Job placement, a core goal of the program since its beginning, is underpinned by strong alumni engagement. Although real estate students can—and do—use the F. David Fowler Career Center at the School of Business, Valero developed a customized career pipeline that now has a relationship with nearly 900 alumni and 125 non-alumni employers in the real estate industry. CRES tracks all its graduates to see how their careers are progressing.
“I don’t think any other [academic] program can match it in terms of alumni engagement,” Valero said. “I have had cadres of alumni willing to speak with students when we do treks to New York every year. Our alumni are really engaged, and a lot have come back to GW to speak with students.”
Alumni routinely send CRES job postings from their companies, hire students and take on interns.
“GW’s real estate program has given me a ton of exposure to professionals in real estate,” said Elliot Abnos, Class of 2026. “GW itself has a vast network of alumni who work in the various industries of real estate, like capital markets, brokerage and financing. I always have someone I can talk to.”
Valero said real estate alumni also hire other alumni, allowing them to advance in their careers.
CRES brings alumni together in other ways. In mid-October, for example, CRES hosted an alumni gathering in New York featuring Tanger President and CEO Stephen Yalof, B.B.A. ’85, who sits on the CRES advisory board. O’Connor led the question-and-answer session. The event featured remarks by GW School of Business Dean Sevin Yeltekin.
To anchor the center’s future, CRES is using its milestone birthday to launch its first fundraising campaign. The campaign—Rob Valero Director’s Fund—will cap the legacy of Valero, who is retiring in spring 2026 from GW, where he earned a degree in public affairs.
