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November 2000
Wharton News
- Zell/Lurie Center Director, Professor Joseph Gyourko and Associate Director Asuka Nakahara have been selected to conduct a landmark study of the estimated trillion-dollar commercial real estate brokerage business that delves into the impact of online services and other information technology. The study, first of its kind to be conducted by leaders of an academic real estate program, is being funded by the Society of Industrial and Office Realtors Educational Foundation. "The goal is to separate myth from reality," said Professor Gyourko. "No one has done academic research like this before. As a result, the industry has been subject to some pretty wild statements about commercial brokerage, the Internet and the future. Our aim is to replace hear-say with solid evidence."
Asuka Nakahara commented that commercial brokers today are involved in extremely complex transactions. "Each deal may involve different parties working on different aspects of a whole. Brokers are used to divvying up the work and hence the fees. We will investigate which of the sub-specialties is likely to be impacted by technology and how. Owners and tenants of commercial real estate rely on the brokerage industry for a variety of services. There is a price for those services. How will the industry and the broker-client relationship evolve in the new economy? To determine the answer we will ask: 'What is the exact scope of the industry today? What technological advances are impacting the industry now, and which are in the offing? And finally, what will be the shape and size of commercial real estate brokerage in five years?'"
- Associate Director Asuka Nakahara attended the 4th International Barcelona Property Symposium in October. The focus of the conference was e-property and Nakahara participated in a panel addressing the question, "E-property: Changing Our Lives or Just a Passing Fashion?"
- Sussman Professor of Real Estate, Peter Linneman, was recently quoted in the Wall Street Journal. The article looked at the impact of movie theater closures this summer. "The concept of big movie theaters - with staggered showings, and where customer flow to the concession stand is smoother and parking more accessible - has worked," says Linneman. "But companies leveraged up too much to build the new theaters. As with any good idea, we overdo it. We went from 5 screens to 30. There aren't enough customers to go around."
- Mr. Samuel Zell is guest lecturer for the Real Estate Finance classes of Professors Linneman and Mayer on Wednesday, November 8th. Mr. Zell permanently endowed the Zell/Lurie Real Estate Center in 1998 and is the chairman of Equity Group Investments. He will speak on "Venture Capital in Crisis." The lecture will take place at the University Museum in the Rainey Auditorium, Room B17, from 12 noon - 1:30 pm. Access to the Auditorium is only through the Kress Entrance. All are welcome to attend but should email Richard Frost of their intent.
- American homes are getting bigger and more palatial, according to an October New York Times article . The article quoted Center Professor Witold Rybczynski as saying, " We all want to be J.P. Morgan. It really hasn't changed much, except in the 19th century there were a few hundred people that were wealthy and now there are thousands and thousands. We have the same desires as our grandparents, for space, for 20-, 30-, 40-foot ceilings."
- Assistant Professor of Real Estate, Todd Sinai, has been awarded the Abraham Mitchell Term Assistant Professorship. The endowed term chair appointment was made at the recommendation of a faculty committee convened to search for an appropriate chair holder.
- Martin J. Cicco, Managing Director and co-head of Merrill Lynch's Global Real Estate, Hospitality and Leisure Group has been invited to discuss the current state of the real estate capital markets including recent real estate investment banking transactions. A number of investment bankers from Merrill Lynch real estate banking will be in attendance at our reception to answer questions regarding career opportunities at Merrill Lynch. The Presentation will take place on Monday, November 6, 2000 from 4:30 PM to 6:00 PM in the Lauder-Fischer Hall Auditorium. There will be a Reception immediately following (refreshments will be served) at La Terrasse Restaurant, 3432 Sansom Street (behind Mad4Mex) 215.386.5000.
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