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The School of Business Carter Real Estate Center has selected a prestigious team of students to take on the Real Confidence University Challenge (RCUC), a national competition where participants are given $1 billion in “play money” to invest in commercial real estate properties. The students who gain the largest return on their investments win the top prize of $50,000.

RCUC team captain, Scott Nord ’18.

Senior Business Administration major Scott Nord has stepped up to the plate to lead the College of Charleston team to victory. As a student athlete on the sailing team, Nord is confident is his leadership abilities.

The RCUC leader is currently taking a class on Real Estate Valuation Analysis with assistant professor Kenneth Soyeh, Ph.D., who also happens to be the faculty advisor for the investment competition. Nord says he’s looking forward to working with Soyeh because of his valuation analysis background as well as his understanding of Real Estate Investment Trusts.

Faculty advisor, Ken Soyeh, Ph.D.

Soyeh says he hopes the competition will give students a glimpse of what it’s like to apply lessons from the classroom in the real world, and believes their best chance at winning stems from how serious the students take the challenge.

“I want the team to treat the $1 billion dollar investment fund like actual money,” he says. “And I urge them to approach their investment strategy as the challenge calls for with confidence.” 

The team representing the College of Charleston will compete against individuals a majority whom are graduate students from 38 other schools. Nord, Soyeh and the rest of the CofC crew hope to leave with the $50,000 prize, which would be awarded to the university, and memories to last a lifetime.

Research from eight School of Business professors and one School of Sciences and Mathematics professor is being presented at the American Real Estate Society (ARES) annual meeting in Denver from March 29 to April 2, 2016.

The ARES annual meeting is one of the most prestigious real estate conferences, bringing together academic and professional real estate thought leaders from around the world to present new research, discuss current issues, and learn about new trends over a broad spectrum of real estate related topics.

College of Charleston faculty members whose papers will be presented at the meeting include:

  • Lynn Hammett, adjunct professor of finance in the School of Business, and Elaine Worzala, executive director of the Carter Real Estate Center and professor of real estate in the School of Business, on “Positive and Negative Impacts of Government Incentive Based Development Programs After a Disaster: Lessons Learned from Florida after the 2004 Hurricane Season;”
  • Jocelyn Evans, professor of finance in the School of Business, and Garrett Mitchener, associate professor of mathematics in the School of Sciences and Mathematics, on “An ownership network framework for managers’ accelerated SEO decisions: The importance of connected institutional investors in the real estate industry,” co-authored with Timothy Jones, Xaviar University;
  • Christopher Cain, assistant professor of real estate in the School of Business, and Norman Maynard, assistant professor of economics in the School of Business, on “Solving Old Puzzles with New Tricks: Addressing Endogeneity and Nonlinearity in Housing Research,” co-authored with Justin Benefield, Auburn University;
  • Christopher Cain, Daniel Huerta, assistant professor of finance in the School of Business, and James Malm, assistant professor of finance in the School of Business, on “Owning Paradise: Living where others vacation when the bubble bursts;” and
  • David Wyman, assistant professor of management and marketing in the School of Business, and Christopher Mothorpe, assistant professor of economics in the School of Business, on “The Ultimate View – A Spatial Analysis of Visual Amenities.”
Dr. Elaine Worzala, executive director, Carter Real Estate Center.

Dr. Elaine Worzala, executive director, Carter Real Estate Center.

Worzala, Evans, Cain and Wyman will be in attendance at the meeting to present their respective papers.

“The American Real Estate Society is one of the premier real estate associations in the United States, so I am thrilled to have such a strong representation from the College of Charleston School of Business at its annual meeting,” said Worzala, who currently serves as a board member for ARES and has attended the annual conference for more than 25 years. “I look forward to continue building our reputation as a prominent research team in the real estate industry.”

In addition to presenting her research, Worzala will be serving as moderator for a panel entitled, “Issues that Vex and Perplex the Global Valuation Profession.” She will also present on a panel called, “Using Competitions, Technology and Professional Associations in the Classroom,” in which she will discuss relevant learning opportunities available to College of Charleston students, including the annual ARGUS Software University Challenge and Alpha Sigma Gamma, the International Real Estate Honorary Society.

The College of Charleston School of Business is one of only a handful of universities in the U.S. to offer an undergraduate minor in real estate.

More than 300 individuals comprised of real estate thought leaders, researchers and educators from around the world will attend the 32nd annual, five-day conference.

About the Carter Real Estate Center

The College of Charleston School of Business’ Carter Real Estate Center (CREC) brings together students, faculty, and industry leaders including alumni to develop further understanding of real estate knowledge, skills, and trends in the local industry and in targeted regions around the world.  The CREC builds relationships with the business community to support our students’ professional development while providing brokers, developers, investors, property owners, and other employers with talented, ready-to-work graduates.

Business students and real estate professionals joined together for a webinar on the new ARGUS Enterprise Software™ at the College of Charleston School of Business. The webinar, hosted by the Carter Real Estate Center, was conducted by ARGUS-certified instructor Bob Rajewski who called in from Washington, D.C. on Friday, November 13.

argus

Students joined industry professionals for a three-hour webinar on ARGUS Enterprise Software™.

The three-hour workshop served as an introduction to ARGUS Enterprise (AE), a comprehensive asset and portfolio management system, which has become the industry standard in commercial real estate investment analysis and is used to project cash flow for office, industrial and retail properties.

Rajewski shared with students the fundamental use of AE within the real estate industry, while explaining the value of the software academically. Rajewski is a seasoned commercial real estate professional and professor of real estate at Johns Hopkins University.

ArgusFactSheet.qxdSchool of Business students have access to the ARGUS Software™ thanks to its licensing commitment to the College that allows up to 50 students to use the recently released AE software package during the 2015-2016 school year. Valued at over $1,147,500, this software is currently being used by both large and small real estate companies, particularly for large commercial real estate properties and investment portfolios.

“We are so pleased to be able to offer our students these types of opportunities that give them practical knowledge and a unique skillset. Having them learn from a seasoned real estate professional – alongside seasoned real estate professionals – allows for a more industry-relevant dialogue that is extremely beneficial to the students,” said Elaine Worzala, professor of real estate and executive director of the Carter Real Estate Center. “Being able to use ARGUS and apply it knowledgeably in today’s real estate industry improves our students’ job marketability.”

While the Carter Real Estate Center has hosted in-person ARGUS training workshops, this webinar is the first of its kind offered at the School of Business. The on-line setting allows for more flexibility and greater access to highly qualified ARGUS-certified instructors throughout the nation.

The Carter Real Estate Center brings together students, faculty, and industry leaders including alumni to develop further understanding of real estate knowledge, skills, and trends in the local industry and in targeted regions around the world.  The CREC builds relationships with the business community to support our students’ professional development while providing brokers, developers, investors, property owners, and other employers with talented, ready-to-work graduates.

Elaine Worzala, executive director of the Carter Real Estate Center and professor of real estate, is one of 28 industry experts published in the book, Real Estate Success: 12 Leadership Strategies to Make Money Regardless of the Global Economy.

Dr. Elaine Worzala, executive director, Carter Real Estate Center.

Dr. Elaine Worzala, executive director, Carter Real Estate Center.

The publication, written by Margot Weinstein, president and CEO of MW Leadership Consultants LLC and broker associate for Metropolitan Real Estate Group Inc., provides tips to help real estate brokers, agents, investors and educators excel. Worzala lends her expert advice about how to succeed in the real estate industry in her 5-page interview. Chapter 40 highlights her experiences in academics and real estate over the last three decades.

“Margot Weinstein has done a terrific job capturing the viewpoints, experiences and advice of some incredible icons in the real estate industry,” said Worzala. “I am honored to be in this book both as a professional and as a woman,” she added.

The book is a resource for students to help them understand real estate and forge their career paths. CEOs and top producers provide insight into topics including teamwork and collaboration, mentoring relationships, professionalism, and entrepreneurial skills.

“Real estate fuels a significant portion of the global economy, and we are proud to have a world-class researcher on the topic here,” said Alan T. Shao, dean of the School of Business. “Elaine’s dedicated leadership of the Carter Real Estate Center and her industry-leading insights earn deserved attention and help elevate our programs.”

The Carter Real Estate Center brings together students, alumni, faculty and industry leaders to network and develop further understanding of the industry. The Center connects students with business professionals for post-graduate job placements.

For more information about the Carter Real Estate Center or the real estate academic program, contact Elaine Worzala at worzalaem@cofc.edu or 843.953.8121.

About the School of Business
College of Charleston’s School of Business has 2,300 students enrolled in ready-to-work programs including eight undergraduate majors, an Honors Program in Business, several interdisciplinary minors, and two master’s programs in business and accountancy. The School of Business is recognized among the top 30 colleges for studying business abroad by the Business Research Guide. The faculty’s scholarly research expertise is steeped in areas such as supply chain management, cross-cultural marketing, executive leadership, hospitality and tourism, political economics, financial investment, bankruptcy, entrepreneurship, commercial real estate, and consumer research. Visit http://sb.cofc.edu to learn more about our students’ achievements, undergraduate and graduate programs, faculty, and Centers of Excellence.

When Shopping Centers Today magazine profiled Charleston’s King Street and its shops and restaurants that are busy year round, reporter Matt Hudgins interviewed Elaine Worzala, associate dean of the School of Business, executive director of the Carter Real Estate Center, and professor of commercial real estate.  Worzala is an international researcher in commercial real estate and the go-to source for insight and understanding of the growth of Charleston and its impact on property values in the region.

Dr. Elaine Worzala, associate dean, executive director, Carter Real Estate Center.

Dr. Elaine Worzala, associate dean, executive director, Carter Real Estate Center.

In commenting on King Street’s ability to attract top retailers that rent storefronts for $60 to $65 per sq. ft., Worzala paid tribute to the city’s Mayor Joe Riley for outstanding planning and and nurturing of growth over the past three decades.  In the past five years alone, property values on the Charleston peninsula have been partly driven by higher-income shoppers and retirees who buy homes here.

The article also points to Charleston’s booming tourism industry that keeps King Street businesses hustling year round.  The College of Charleston’s students, parents, faculty, staff, and administrators and other major employers located downtown also frequent the nearby shops and restaurants and support the local economy.

Read complete article Worzala_ShoppingCentersToday.

Marketing and finance are the top two fastest growing majors at the College of Charleston.

Enrollment in both of these programs is up significantly over the previous year. In the case of marketing, it’s up 155 percent, and that program has only been offered since 2013. And finance, which has been in existence here for just two years, has seen a 118-percent increase.

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Clearly, some of the College’s newest majors are attracting strong interest. And that shouldn’t be surprising. It’s always been important for this institution’s curriculum to remain relevant to society’s evolving needs.

“The College of Charleston is committed to the timeless and enduring value of the liberal arts,” explained Brian McGee, Interim Provost and Executive Vice President for Academic Affairs. “That commitment is part of the wonderful heritage of our historic institution.

“Not surprisingly, however, as student interests shift and as new employment trends emerge, the distribution of students among our academic majors will change over time. These five undergraduate majors include some of our newer programs, or programs that have been significantly revised in recent years.  I am proud that we can provide such a rigorous and relevant array of academic programs for our students.”

WATCH: A finance grad excels at IBM.

Regarding relevance, the marketing major is a case in point. It’s not the College’s fastest growing major by accident. According to a forecast from the U.S. Bureau of Labor Statistics, the number of marketing specialists and marketing research analysts will increase more than 30 percent by the year 2022.

To prepare students for careers in this field, the College requires marketing majors to take courses in marketing concepts, marketing research, consumer behavior, international marketing and marketing management. That slate may imply specialization, but the background these students obtain is purposely broad and it will enable them to apply their skills and knowledge across a wide array of fields.

The same can be said for each of the other fastest growing majors. Graduates in public health go on to work in education, private practice, the nonprofit sector and government (as well as other realms) and those in arts management produce, perform, curate, administer, fundraise and teach. And finance and exercise science majors are just as likely to end up in private industry as in the public sector.

According to Interim Provost McGee, this kind of wide ranging placement for graduates shouldn’t be surprising either. “The size of our faculty and the diversity of the options available to our students differentiate us from many other liberal arts colleges.” And that, he adds, is the College of Charleston advantage.

See original article posted on THE COLLEGE Today by Dan Dickison.

King Street, located right next to the College of Charleston campus, has been named one of the 10 great streets in America by the American Planning Association.  You’d be hard pressed to find someone who doesn’t think King Street is great, but professors and students in the College’s Urban Studies Program explain the “why” behind King Street’s charm

RELATED: Read what the APA has to say about King Street.

1. King Street is a human-scaled street.

There are few tall buildings and many different types of commercial, residential, recreational and spiritual settings.

“Places are the most powerful when they provide many different settings in which people can linger and create meaning,” explains political science professor Kevin Keenan, AICP. “King Street provides a venue for people to experience life in the ways that they find meaningful – whether it is seeking solace in a quiet church, romping through an open field with Frisbee wielding teens, viewing the latest art or strutting around with a recently purchased Gucci bag or belt.

Second Sunday on King Street

2. It invites pedestrians.

“I especially like King Street on Second Sundays when the street is made ‘pedestrian only,” sociology professor Debbie Auriffeille says. “It easily transforms into a mobility utopia that brings people together. Children are running around everywhere, you see people you know, and it makes Charleston feel like one big ‘neighborhood’ out for a barbecue.”

“King Street has a European feel, especially on Second Sundays,” notes history professor Richard Bodek. “Families walking down the street, cafes and vendors set up on the sidewalks.”

3. It is natural smart growth.

“King Street effectively combines residential development with commercial, without losing the overall feeling generated by years of history,” says Ron Hanna III, a graduate student in urban and regional planning. “King Street is smart growth, which has occurred naturally due to the geographic constraints of the Charleston peninsula.”

4. King Street blends seamlessly into its surroundings.

“King Street brings the vibrancy of the city right into the heart of the College of Charleston,” notes Kendra Stewart, director of the Joseph P. Riley Center for Livable Communities. “I love the subtle reminders King Street offers of what is happening on campus, such as the white dresses that students wear at graduation in store windows each April.”

King Street 25. King Street reminds us of the past, with an eye to the future.

“King Street is where the historic architecture of the past provides the backdrop for present and future life,” says Barry Stiefel, historic preservation and community planning professor. “It is a captivating, four-dimensional place that encourages every generation’s appetite for social interaction.”

“King Street exudes how cities can evolve and stay true to their roots simultaneously,” says Deidre Carr, urban studies student.

6. King Street has energy.

“King Street’s food scene captures the dynamism and creative energy of the city,” notes history professor Lisa Pinley Covert. “There is so much to explore from the diverse offerings at the weekend farmer’s market to the upscale restaurants and the classic Lowcountry Sunday brunch spots.”

7. King Street fosters agglomeration economies.

Economics professor Chris Mothorpe notes, “King Street serves as the vital artery of the historic downtown Charleston area. Businesses and restaurants have located along the street to form an agglomerate that offers services to a diverse set of people and firms. This collection of institutions in close proximity to each other promotes even higher levels of social interactions.”

“I love the variety of King Street: Upper King with its design businesses, consignment stores, funky shops, and the mix of restaurants; Lower King and its antique stores, art galleries, and higher end stores; Marion Square, the centerpiece between the two arms of King, offering open space and a wonderful venue for music, art, occasional movies, and the Farmer’s Market,” says Melinda Lucka, urban studies faculty.

Link to The College Today article.

Dr. Elaine Worzala, director, Carter Real Estate Center

Dr. Elaine Worzala, director, Carter Real Estate Center

The Society of Industrial and Office Realtors featured an article written by Elaine Worzala, director of the Carter Real Estate Center and professor of real estate, and her former student, James Stanton ’14, on the importance of including real estate education at the undergraduate level.  The College of Charleston School of Business is one of only a handful of universities in the U.S. to offer an undergraduate minor in real estate.

The article, The Four R’s: Reading, Riting, Rithmatic, and Real Estate, was featured in the Society’s Summer 2014 edition.

 

 

If you didn’t know Brett Weyman and struck up a conversation with him, it wouldn’t be long before you thought to yourself, Is this guy for real?

Weyman football

You might think he’s exaggerating when he tells you he was one of the top college quarterback recruits in the nation coming out of high school in 2002. You might cast a suspicious eye when he talks about the months he spent living on the beach in Nicaragua, surfing giant waves and gorging on fresh-caught lobster. When he mentions the multimillion-dollar real estate portfolio of historic Charleston properties he amassed in his twenties, you might have to mask a snicker. Surely he’s pulling your leg when he recounts the three years he spent steering an ambitious business venture in West Africa’s challenging yet promising emerging economy.

But it’s all true. At 31, Weyman has already lived a fascinating and adventure-filled life. And as a nontraditional student in the College’s School of Business, he couldn’t be happier.

Born in Atlanta and raised in Charleston, Weyman excelled at sports and academics at Avon Old Farms boarding school in Connecticut and later at Fork Union Military Academy in Virginia. He was offered a scholarship at Louisiana Tech, where he redshirted before transferring to the University of Tennessee – a move that required him to sit out a year. While he sat, bigger-name recruits arrived. By the time he got onto the field, he was no longer The Man.

“I never found my way onto the field as a quarterback,” he says. “It was very emotional. I sacrificed everything for football.”

Around that time, Weyman received an offer from a friend’s father to oversee the rebuilding of apartments in Mississippi that had been decimated by Hurricane Katrina. The money was good, so Weyman packed his bags and left college in 2006.

Eight months later, after an insurance settlement that was to have bankrolled the project failed to materialize, Weyman moved back to Charleston. He studied his family’s business, and over the next couple of years built a real estate portfolio valued at nearly $5 million.

Weyman surfing in Nicaragua.

When the recession hit, he packed his bags again.

Weyman and a former Tennessee teammate headed for Central America for “an extended period of reflection.” They surfed and tossed around business ideas. Another friend suggested they start a trucking business – in Mali, West Africa. Never mind that they’d never been to Africa or knew nothing about trucking. Off they went.

In Bamako, Mali, they found grinding poverty, political corruption and an economy built upon informal payments and favors, as well as a growing presence of Al-Qaeda–linked militants. Despite regular threats to his life and safety – he was assaulted and jailed multiple times – Weyman was not deterred. In fact, he immersed himself into society. Eventually transcending cultural barriers, he became an official trade and commerce attaché to a powerful Malian senator. His job involved forging deals between the local government and foreign businesses to build housing and other infrastructure.

Bret-Weyman-embed

Eventually, the extremists’ threats grew too great, and, following a government coup, Weyman’s local contacts turned their attention from business to survival. So, in March 2012, as Arab Spring uprisings in neighboring countries further destabilized Mali, Weyman headed back to the safety of Charleston.

He’s been at the College for two years, majoring in finance with a minor in real estate. He raves about his professors and the caliber of professionals and guest speakers associated with the business school. He’s had many aha moments when class lectures have shed light on a political topic or business concept that he encountered firsthand in the real world.

“Right now I’m filling in the gaps with my experiences in business,” he says. “My focus is trying to leverage those past experiences for what comes next.”

And, knowing Weyman, whatever comes next is sure to be … well, pretty unbelievable.

This article originally appeared in the summer 2014 issue of College of Charleston Magazine.

 

Elaine M. Worzala, director of the Carter Real Estate Center and professor of real estate at the College of Charleston School of Business, was named the recipient of the Graaskamp Award for 2014.

The award, which “recognizes extraordinary iconoclastic thought and/or action throughout a person’s career in the development of a multi-disciplinary philosophy of real estate,” was given by the American Real Estate Society (ARES), an association of real estate thought leaders dedicated to producing and disseminating knowledge related to real estate decision making and the functioning of real estate markets.

Dr. Elaine Worzala, director, Carter Real Estate Center

Dr. Elaine Worzala, director, Carter Real Estate Center

Worzala was accredited for fostering a multi-disciplinary philosophy of real estate that breaks significantly from that which had been widely accepted, through extraordinary iconoclastic thought, action, research, and service to her profession.

“Elaine is a superstar for what she does for our students, academic research, and the real estate industry,” says Alan T. Shao, dean of the School of Business.  “I’m so please that the ARES chose such a well deserving scholar and teacher.”

Worzala received the award on April 3, 2014 in San Diego, Calif.  View more about the award and past recipients.

“I am particularly thrilled, as I am the first woman, as well as the first student of Graaskamp’s to receive this award,” says Worzala. “It is an honor to be recognized professionally in this way.”

Worzala holds a doctorate degree in real estate and urban land economics and a master’s degree in real estate appraisal and investment analysis from the University of Wisconsin-Madison.  She has served as the president of both the American Real Estate Society and the International Real Estate Society and is currently serving as a board member for both organizations.

Previously, Worzala was a professor of real estate at Clemson University’s School of Business and director of the Richard H. Pennell Center for Real Estate Development.

About the School of Business
College of Charleston’s School of Business offers seven undergraduate majors (with one additional major pending), an honors program, an M.S. in Accountancy and an MBA.  Approximately 1800 undergraduate and graduate students attend from as far away as China, Germany and Brazil. The faculty has research expertise in areas such as global logistics, hospitality and tourism, political economics, financial investment, bankruptcy, real estate, business intelligence, and sustainable business practices. Visit to learn more about our undergraduate and graduate programs, faculty and Centers of Excellence.

About the Carter Real Estate Center

The Carter Real Estate Center (CREC) facilitates the teaching, research, and industry service by bringing together students, faculty and business community executives to better understand the complexities of commercial real estate assets and the changing dynamics within the industry today and to help prepare students for post-graduate job placements. The CREC was established and is supported with a generous gift from Ben Carter of Ben Carter Enterprises (Atlanta, GA), the Carter family, and other friends of the Center.  Visit http://go.cofc.edu/cartercenter for more information.

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