Peca has also noticed that the college classrooms are flooded with professionals in their mid-20s to early 40s whose backgrounds run the gamut. He has witnessed a broad sampling of students coming from marketing, health care, television and movie production. And last term, he added his first marine biologist to the growing list.
“I'll see people in the non-degree side coming in with a very broad background. It can be anything from a woman who has been a house wife for 30 years, who decided to get into real estate, to a Wall Street stock trader who wants to give up the business, to a guy who runs the pizza parlor down the street.”
Among the professionals taking an interest in commercial real estate, there is one sector in particular they are flocking to more than others — development. A disproportionate number of students are finding their niche in development and taking courses to gain expertise. Students believe development is where they can earn significant returns, says Raphael Bostic, director of the Master in Real Estate Development Program at the University of Southern California.
In spite of the unpredictability of real estate, it has proven to be a smart career choice for many professionals. In turn, those professionals may provoke employers to raise the bar and demand more from their employees.
“Various aspects of real estate require a broader understanding of other industries,” says Norman. “Having a background or having experience outside of real estate can benefit you. I think it's very good to have a different background coming into the industry because you're bringing a new perspective, new ideas and new associations.”