GRADUATE PROGRAMS
Master of Real Estate Analysis & Development
Commercial real estate runs on financial analysis, market knowledge, and development expertise. In one year, you'll build all three through a STEM-designated program designed to get you working in the industry fast.
Build the Skills to Evaluate, Develop, and Lead in Commercial Real Estate
The Master of Real Estate Analysis & Development at Penn State Smeal College of Business prepares you to evaluate investments, guide development projects, and build a career in one of the most relationship-driven industries in business. There are two graduate tracks to choose from:
Master of Real Estate (M.R.E.): A nine-month professional degree for students pursuing careers in commercial real estate.
Master of Science (M.S.): A one-year, research-focused degree for students pursuing doctoral study, economic policy, or research-intensive careers.
Both tracks are STEM-designated, require no GMAT/GRE, and include preparation for ARGUS certification—the financial analysis platform used throughout the commercial real estate industry.
Through coursework, professional development, and hands-on experiences, you'll learn to:
Analyze commercial real estate investments and development opportunities
Apply valuation techniques to real estate assets and portfolios
Assess risk and return across property investments
Evaluate market trends, demographic shifts, and economic conditions
Drive development, acquisition, and asset management decisions
Navigate the legal and regulatory aspects of real estate transactions
Program Highlights
Duration: Complete your degree in one year
STEM Designation: STEM-designated program
Simple Admissions: No GMAT or GRE required to apply
Industry Certification: Built-in preparation for ARGUS Certification
Institute Access: Learn through the for networking and industry exposure
Where a Master of Real Estate Analysis & Development Can Take You
Real Estate graduates step into roles across commercial real estate development, investment, asset management, and financial analysis. Recent graduates have joined organizations including Deloitte, The Rockport Group, Valbridge Property Advisors, and World Wide Land Transfer.
100%
Employed Within One Year of Graduation
$80,000
Average Starting Salary
#14
Graduate Real Estate Program
U.S. News and World Report
Sample Roles & Career Pathways
Real Estate Financial Analyst
Evaluate investment opportunities, perform valuation analysis, and support acquisition and investment decisions.
Development Analyst
Support commercial real estate development projects through financial analysis, site evaluation, and market research.
Asset Management Analyst
Analyze property performance, evaluate portfolio opportunities, and support investment strategy decisions.
Property & Investment Associate
Support leasing, acquisitions, asset management, and investment activities across commercial real estate portfolios.
Why Choose Penn State Smeal?
Join a Network That Lasts a Lifetime
Connect with more than 98,000 Smeal alumni and more than 800,000 Penn State graduates working across industries and around the world.
Dedicated Graduate Career Support
Access personalized career coaching, employer engagement, networking opportunities, and recruiting resources designed specifically for graduate business students.
Customize Your Graduate Path
Expand your expertise by combining eligible master's programs, certificates, and electives to build credentials that align with your career goals.
Is Real Estate Right for You?
This program is for students headed in one of two directions: a career in commercial real estate or advanced research in real estate markets, economics, and policy.Launch a career in commercial real estate, development, investment, or asset management
Build specialized expertise in real estate analysis and development
Evaluate investment opportunities using financial and market analysis
Select the graduate track that best fits your professional interests
Learn in a small-cohort environment with direct faculty access
Prepare for doctoral study or research careers in real estate, finance, or economics
Earn a STEM-designated master's degree with industry-recognized technical preparation
Request Information
Which Track Is Right for You?
Master of Real Estate (M.R.E.)
Complete a 30-credit, nine-month degree focused on commercial real estate. Apply industry knowledge through a capstone site development proposal based on real-world opportunities.
Best For: Students pursuing careers in real estate development, investment, asset management, property management, finance, or entrepreneurship.
Master of Science (M.S.)
Complete a one-year, research-focused degree featuring advanced analytical coursework and an original thesis examining real estate investments, securities, markets, and economic trends. Build the research foundation needed for doctoral study and research-intensive careers.
Best For
Students pursuing doctoral study, academic research, economic policy, or research-intensive careers in real estate.
Your Pathway to Impact
Build Your Foundation
Develop expertise in real estate finance, valuation, market analysis, and investment decision-making through specialized graduate coursework.
Apply Your Expertise
Work with industry professionals, complete applied projects, prepare for ARGUS certification, and build connections through the Borrelli Institute for Real Estate Studies.
Launch Your Career
Launch your career in commercial real estate or continue into doctoral study and research, depending on the track you choose.
Hear From Real Estate Students and Alumni
The faculty actively prepared us for the workforce by bringing in alumni from all corners of real estate. This was both in formal and informal settings to help inform us about potential careers and to build relationships with those in the industry."
Maxwell Brown '23
Global Real Estate Analyst
I chose this program because of Penn State's dedication to providing the best education possible. This real estate program caught my eye, and the more research I did, the more I wanted to pursue this program."
Vanshika Agarwal '22
I think the combination of resources that the program offers, as well as the name recognition, is unbeatable. I was impressed with how knowledgeable and helpful the staff was, as well as how many opportunities I had to network with potential employers and make impactful relationships."
Brendan Barrett '22
Global Real Estate Analyst
CONNECTIONS THAT LAST
98,000+ Smeal Alumni Worldwide
Join a global network of more than 98,000 Smeal alumni working across industries and organizations around the world. As a student, you'll gain access to a community that provides mentorship, professional connections, career insights, and opportunities long after graduation.
Take the Next Step
Explore how a Penn State Smeal graduate degree can help you build specialized expertise, expand your professional network, and prepare for long-term career success. Connect with our admissions team to get started.
Learn From Real Estate Experts
Brent W. Ambrose
Program Academic Director, Jason and Julie Borrelli Faculty Chair in Real Estate
Real estate finance, capital markets, corporate finance, and investments.
Kyle John Kaplan
Clinical Associate Professor of Business Law
Business law, contracts, and the legal environment of business.
Mallory M. Meehan
Associate Clinical Professor of Real Estate
Real estate investment, market analysis, and property law.
Sajay Samuel
Clinical Professor and Program Director, One-Year MBA
Management accounting, business strategy, and managerial decision-making.
Liang Peng
Professor of Risk Management
Real estate finance, quantitative analysis, and risk management.
Lisa L. Posey
Associate Professor
Insurance economics, commercial insurance, and corporate risk management.