April 26, 2024By Mel Thibeault

Panelists discuss affordable housing risks and rewards during the second annual Real Estate Symposium. Image Credit: Phases Creative Studios

PROVIDENCE, R.I. - Addressing powerful forces facing the real estate industry today - from destabilizing rises in interest rates to shortages of affordable, basic housing - leading experts in construction, planning, real estate, law, and sustainability gathered on Thursday to discuss challenges, current trends, and potential rewarding opportunities in the rapidly changing industry.

The convening was part of the second annual Roger Williams University Cummings Institute for Real Estate Symposium, titled The Real Estate Industry in 2024: Challenges, Opportunities, and Strategies, which was held on April 25.

"Most people, when they think about real estate, think about buying or selling homes. Of course, real estate is that, but it's so much more. It's everywhere that we live, work, play, and shop. It's also all the infrastructure that connects those pieces," said Richard Godfrey, Executive Director of the Cummings Institute for Real Estate at RWU. "The folks here today represent the broad spectrum of the real estate industry. Some of you are lawyers, some of you are investors, some of you are developers, some of you are market analysts. That's what makes this event so special."

Godfrey thanked members of RWU's Real Estate Advisory Board for bringing industry experts together as well as the panelists for offering their insight into the complex dynamics affecting the real estate industry and their impacts on the economy and our communities. Pointing to RWU's Cummings Institute for Real Estate, established in 2022, Godfrey said he is grateful for RWU President Ioannis Miaoulis and for his vision to create the multidisciplinary Real Estate program, which combines architecture, preservation, construction management, engineering, business, law, public administration and leadership, humanities and science. "We're working together to create a great dynamic curriculum," Godfrey said, which will prepare graduates with the skills and perspectives to meet the complex challenges of real estate and become leaders in many real estate-related businesses and professions.

Richard Godfrey, Executive Director of the Cummings Institute for Real Estate at RWU. Image Credit: Phases Creative Studios

The day featured three panel discussions, which highlighted opportunities and potential strategies. Panelists considered how to reuse vacant office space in urban areas, reflected on the evolution of retail development and the impact of e-commerce on this sector, and strategized how to balance the need for affordable and multifamily housing development with the uncertainty of investment and competitive rates of return.

In her remarks, Margaret Everett, Provost and Senior Vice President for Academic Affairs at RWU, emphasized the growth and momentum of RWU's Real Estate curriculum. "In just two years, Roger Williams University has built a full real estate curriculum that matches or exceeds that in any other higher education institution in the country. Unlike real estate studies at most other colleges and universities, the RWU program includes not just the essence of real estate development and finance; it also emphasizes real estate equity, environmental sustainability, and resiliency," she said.

Margaret Everett, Provost and Senior Vice President for Academic Affairs at RWU. Image Credit: Phases Creative Studios

Highlighting the powerful combinations offered at RWU, Everett noted that students have paired a graduate certificate in Real Estate with degrees in Architecture, Law, and Preservation Practices. Undergraduates minoring in Real Estate have complemented their studies with majors such as Finance, Construction Management, Economics, Engineering, and International Business, which Everett says provides students with a breadth of knowledge and skills. Beginning in the fall, RWU is launching its M.S. in Real Estate program, which will offer advanced project development, finance, economics, and market analysis courses alongside project management, technology, law, and community planning. "We're excited to have this full complement of academic programming," she said.

Delivering the opening remarks, Congressman Gabe Amo, who represents Rhode Island's First District in the U.S. House of Representatives, noted that real estate, especially housing policies, is on the minds of many Americans. He spoke about the need for more affordable housing across the country and the initiatives he has taken as a lawmaker to help achieve this goal while also calling on leaders in government and the private sector to commit to working and building together.

Congressman Gabe Amo, who represents Rhode Island's First District in the U.S. House of Representatives. Image Credit: Phases Creative Studios

RWU's interdisciplinary Real Estate program is so vital, Amo said, because the way to solve major problems, such as the housing crisis, is to bring together big ideas. "It's a testament to the idea that architecture, preservation, real estate, and sustainability are not individual silos, operating in a vacuum; they are linked, and our students need to study both the current state of America's real estate industry and develop hands-on experiences navigating it," he said. "I have no doubt because of what I've learned about this program that Roger Williams will succeed in the mission to mold our nation's best and brightest developers, commercial managers, and residential real estate professionals." Addressing the students in the audience, Amo encouraged them to continue learning and connecting with as many experts as they can.

Heather Boujoulian '97, Managing Director and Chief Investment Officer of Development Investments at Berkshire Residential Investments. Image Credit: Phases Creative Studios

Heather Boujoulian '97, Managing Director and Chief Investment Officer of Development Investments at Berkshire Residential Investments, served as the symposium's master of ceremonies. Boujoulian, a member of both RWU's Board of Trustees and Real Estate Advisory Board, kicked off the panel discussions. "There's a lot to tackle in terms of the challenges in the real estate industry today," she said. "We're privileged to have some really wonderful folks in the room today; some of the brightest minds in real estate are on our panels."

In addition to the panel discussions, the program included a luncheon, networking reception, and poster presentations by students from RWU's Cummings School of Architecture, who shared their ideas and solutions in real estate development.

Also announced at the symposium, RWU's Real Estate Team placed fourth among 60 teams from 45 schools in the sixth annual Corcoran Center Case Competition at Boston College. As part of the competition, undergraduate students analyzed an affordable housing real estate case. The team, composed of students from the Cummings School of Architecture, Mario J. Gabelli School of Business, and School of Engineering, Computing and Construction Management, faced off against teams from Florida State University, the University of Wisconsin, and Boston College.

"We're a brand-new program. To be in the finals with these schools is testimony to the quality of our students and the interdisciplinary nature of our program," Godfrey said. "Making it to the final four in our first year is pretty great."