Duquesne University to offer real estate major

A college degree isn’t required to hold a real estate license, but Duquesne University officials say a new program they’ll offer will give students a leg up in that field.

Duquesne will be offering an undergraduate Real Estate major, minor and certificate program beginning next fall.

“There’s a lot of interest in young people around entrepreneurship,” said Ryan Luchs, Duquesne marketing professor and chairman of the university’s task force that investigated the viability of a real estate major. “Real estate is a really strong way to offer that.”

The program will be offered through Duquesne’s Palumbo-Donahue School of Business. The real estate industry is much broader than what people traditionally think of, an agent assisting in buying or selling a home, Luchs said.

Courses in Duquesne’s real estate program will cover commercial and residential development, real estate finance and law, brokerage, property management and corporate site selection. The major is 24 credit hours.

The minor is 12 credit hours and is aiming to provide business majors with an edge for pursuing real estate-related careers. The 15-credit-hour certificate is for students outside of Duquesne’s business school who are interested in developing real estate skills.

“It’s a pretty complex industry,” Luchs said. “We’re trying to expose them to all the different aspects of it; from leases, to buying property, to property management.”

The real estate industry generally averages 15% to 18% of the nation’s Gross Domestic Product, according to the National Association of Home Builders. GDP, as it’s referred to, is a measure of the nation’s total economic output. Growth in the industry comes from residential investment, which includes new home construction, remodeling and brokers’ fees; and housing services consumption, consisting partially of rents and utilities paid by renters and owners.

“Real estate is a large, multifaceted and dynamic sector of the U.S. economy, said the dean of Duquesne’s business school, Dean McFarlin. “Consequently, employers are looking for real estate graduates who can contribute out of the gate.”

Luchs noted Duquesne students don’t have to leave Downtown Pittsburgh to find those opportunities — with the university itself and UPMC Mercy hospital expanding their footprints; the FNB Financial Center opening this year in the Lower Hill and Hill District urban redevelopment.

An emphasis of the new program is the opportunity to work on ongoing projects with professional real estate firms and network with them, he said.

“As a city, we continue to evolve, which is exciting,” Luchs said. “We employ students; but with some more intent and more thoughtful preparation, we could accelerate that.”