Real Estate textbooks – Textbooks are a great foundational resource to understand the core concepts, theories, and frameworks in real estate. They provide a comprehensive overview of the field and is a good starting point for students to build their capstone project. Some recommended textbooks include “Real Estate Principles: A Value Approach” by David Ling and Wayne Archer, “Commercial Real Estate Analysis and Investments” by David Geltner, Norm Miller, and Jason Webb Weber, and “Real Estate Finance and Investments” by William Brueggeman and Jeffrey Fisher.
Scholarly real estate journals – Consulting academic journals is important for students to stay on top of the latest research, data, trends, and developments in real estate. Some top journals to search include the Journal of Real Estate Research, Journal of Real Estate Literature, Journal of Real Estate Finance and Economics, Journal of Property Research, and Urban Studies. These journals contain high-quality peer-reviewed articles that can help support analysis and arguments in capstone projects.
Real estate association publications/reports – Trade associations in the real estate industry regularly publish market reports, surveys, forecasts that contain valuable insights and data. Some examples include the National Association of Realtors’ Profile of Home Buyers and Sellers, Urban Land Institute’s Emerging Trends in Real Estate reports, Commercial Real Estate/Finance Council reports, National Council of Real Estate Investment Fiduciaries reports, and European Public Real Estate Association reports. The data and analysis in these reports are helpful for students to understand market conditions.
Government/third party data sources – Reliable government or third party sources provide an abundance of real estate and economic data that students can utilize. Some top sources include the U.S. Census Bureau, Bureau of Labor Statistics, CoStar, REIS, Real Capital Analytics, Fannie Mae/Freddie Mac database, Federal Housing Finance Agency, local/regional MLS databases, etc. Students should tap into these data mines for property prices, rents, vacancies, construction, demographics, and other time-series data.
Case studies – Analyzing real world examples through case studies is an impactful way for students to apply concepts and identify implications/lessons. Harvard Business School and Ivey Publishing provides a wealth of real estate related case studies covering various property types, markets, and management issues. Industry journals and publications also regularly profile interesting case studies of development projects, acquisitions/dispositions, financing deals, and corporate strategies that can offer insights.
Industry professional interviews – Speaking with experienced real estate professionals working in different sectors provides students a practitioner perspective and helps put concepts into practical context. Students should utilize their network to arrange interviews with brokers, developers, appraisers, financiers, investors, consultants, and property/portfolio managers. Interviews can uncover interesting discussions topics, success factors, challenges, and best practices.
Real estate developer/firm websites – Browsing the websites of top real estate developers, owners, investment firms, and service providers yields a gold mine of project/portfolio details, company backgrounds, press releases, and marketing/company overviews that enrich capstone content. Some large, well-known companies to review include Tishman Speyer, Brookfield Properties, Prologis, Boston Properties, Douglass Elliman, CBRE, JLL, etc. Even local/regional firms can offer localized insights.
The student’s capstone research can be substantially strengthened by consulting a variety of referenced sources spanning textbooks and scholarly literature to reports, data, case studies, and industry resources. Speaking to professionals also helps ground concepts in practical application. A multifaceted approach drawing upon academic and practitioner insights promotes a more robust analysis and well-supported conclusions in the final paper. Proper citation of all sources is important to validate conclusions and arguments presented. Integrating insights from varied high-quality references can truly elevate the knowledge contribution of a capstone project.