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Wharton News Wide Acclaim for Real Estate Job Fair
The third annual Zell/Lurie Real Estate Job Fair was a resounding success on January 23, 2004. Twenty six companies, from all sectors of the real estate industry, sent representatives who were available to over two hundred students. The job fair offered an efficient venue for companies to meet our students pursuing careers in real estate. The number of participating companies increased yet again this year, evidencing great confidence in the quality of our programs and students. Thanks to all the companies that participated -
Summers Receives Honorary MembershipAnita A. Summers, Emeritus Professor of Public Policy, Management, Real Estate, and Education, gave a talk entitled "Land Use Regulation Project at Wharton: Objectives and Methodology" at the Homer Hoyt Advanced Studies Institute (ASI) conference on real estate and urban land economics in West Palm Beach on January 15-18, 2004. Professor Summers was also appointed an Honorary Member of the Weimer School of Advanced Studies in Real Estate and Land Economics.Linneman - Named One of 25 Influential Figures in Real EstatePeter Linneman, Albert Sussman Professor of Real Estate, has been named one of the "25 Most Influential People in Real Estate" by Realtor Magazine (12/1/03). The article states that Professor Linneman "stands out as a rare bridge between the technical rigors of academia and the practical applications of business. From the classroom to the boardroom, he's regarded as a straight-shooter who can explain the relationship between the economy, capital markets, and real estate markets to any audience.""Why Is Manhattan So Expensive?"The Manhattan Institute for Policy Research published a report entitled "Why Is Manhattan So Expensive" co-authored by Joseph Gyourko and Edward L. Glaeser. It is the first empirical study to quantify the impact that New York's extensive web of regulations has on the price of housing in Manhattan. The study was the basis for an op-ed column by Professors Gyourko and Glaeser in the New York Post, "NYC's Housing Hangover" (11/17/03), as well as the subject of articles in the New York Times (11/13/03) and the New York Sun (11/13/03).Rybczynski - Appointments, Quotes and PublicationsWitold Rybczynski, Myerson Professor of Urbanism, Professor of Real Estate, and Co-editor of the Wharton Real Estate Review, has been appointed to the Advisory Council of the Institute of Classical Architecture & Classical America.The Wall Street Journal quoted Prof. Rybczynski in an article on current trends in new home design in (12/2/03). Further reading on this topic is available in Professor Rybczynski's article "Design Innovations and the Single-Family Home" published in the Wharton Real Estate Review, Volume VII, Number 2, Fall'03. Witold Rybczynski's article, "Architecture's Dilemma," appeared in a collection on development and design in the Fall/Winter '04 issue of Urbanland, journal of the Urban Land Institute. Construction Costs and Urban DeclineProfessor Albert Saiz, Assistant Professor of Real Estate, presented a paper "Urban Decline and Housing Reinvestment: The Role of Construction Costs and the Supply Side" at the meetings of the American Real Estate and Urban Economics Association (AREUEA) in San Diego on January 6, 2004.Timely Data Aids Financial StabilitySusan M.Wachter, the Richard B. Worley Professor of Financial Management, gave a presentation "More Timely, Reliable Real Estate Data Can Play a Key Role in Financial Stability" at the IMF/BIS conference on Real Estate Indicators and Financial Stability held October 27-28, 2003. She was featured in an article about the conference published in IMFSurvey. (Vol. 32, No. 20, pp. 338-40, 11/17/03) Wachter was quoted, in that article, as saying "poor information and inadequate analysis of real estate risk contribute to vulnerability of the banking system. Banks and individual managers have few data on which to base careful analysis of real estate prices."At the American Real Estate and Urban Economics Association (AREUEA) meeting in San Diego last month, Professor Wachter presented a paper "Noncourse Lending and Asset Prices." Prof. Wachter was featured in a front-page article in the University of Pennsylvania Almanac regarding her appointment as the Richard B. Worley Chair Professor. (Vol. 50, No. 15, 12/9/03). Keystone Opportunity ZonesJoseph Gyourko, Martin Bucksbaum Professor of Real Estate & Finance and Director of the Zell/Lurie Real Estate Center, wrote an op-ed piece on Keystone Opportunity Zones published in the Philadelphia Inquirer. (2/1/04) "An Inefficient Way to Keep Business" argues that narrowly targeted subsidies for economic development do not provide systemic change that addresses the needs of the market. Rather, such subsidies create an uneven playing field benefiting insiders. If incentives must be given, then the developer should be required to guarantee a certain number of net new jobs for a specified term.The pros and cons of Keystone Opportunity Zones were discussed on the WNPR radio program, "Radio Times." (2/5/04) The program featured Presenter Marty Moss-Coane, Wharton's Joseph Gyourko and Steve Mullin of Econsult. They considered the wisdom of Governor Rendell requesting Keystone Opportunity Zone status for two new Philadelphia office buildings. A front page article in the Philadelphia Inquirer about the proposed buildings featured another Wharton academic. "[Tax breaks for new office buildings] are absurd," said Peter Linneman, a Professor of Real Estate, Business and Public Policy at the Wharton School. "It's crazy public policy to say taxes are too high and the way you get relief is to get public help moving to a building that's newly built," Linneman said. "That's ripping off people who bought buildings in good faith . . . and tenants in those buildings." "A Towering Problem," The Philadelphia Inquirer, (2/5/04). Nakahara Discussant at PGA ConferenceAsuka Nakahara, Associate Director of the Zell-Lurie Real Estate Center, was a panelist at the Business of Golf Conference, sponsored by the PGA of America. His forum discussed golf's impact on real estate sales and travel, which together account for nearly one third of the $62 billion annual golf GNP. The conference, held in Orlando, Florida on January 31, 2004, featured many of the chief decision makers and manufacturing experts in the game.WPRE EventThe Wharton/Penn Real Estate Group of California (WPRE) is hosting an evening with Jeffery Heller and Clark Manus, principals of Heller-Manus Architects, who will speak about "Adventures in Planning: Policy, Process and the Future of San Francisco". The event will be held on Tuesday, February 24th at Wharton West, 101 Howard Street (at Spear Street), 5th Floor, San Francisco. For more information, go to http://www.acteva.com/booking.cfm?bevaid=61964.
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