Master of Science in Real Estate Development

1 Years On Campus Masters Program

University at Buffalo SUNY

Program Overview

The Master of Science in Real Estate Development (MSRED) at the University at Buffalo SUNY is a 1.5-year, 48-credit, in-person program designed for students preparing for careers in real estate development and investment, combining architecture, urban planning, finance, construction, law, business, and investment. Students study how to evaluate and structure development opportunities while exploring place-making and urban design, mixed-income housing and community development, sustainable development, energy innovation, suburban transformation, and technology in the workplace.

Curriculum Structure

Year 1: The first two semesters establish the core development and investment skills through END 500 Processes of Real Estate Development, END 525 Financing Development Projects 1, END 543 Construction Management, END 526 Financing Development Projects 2, END 581 Market Analysis, and END 504 Structuring Deals and Transactions. Students also study END 521 Technology Colloquium and ARC 631 Design for Development, bringing technology, market analysis, finance, transactions, construction, and design together in a multidisciplinary development framework.

Year 1.5: The final semester moves toward advanced application through END 546 City & Environment in Real Estate Development, END 593 Capstone, and END 524 Building Technology, supported by an elective. The END 593 Capstone allows students to bring together development, market, financial, design, and building knowledge in a substantial real estate development project.

Focus areas: Real estate development, real estate finance, market analysis, development processes, construction management, deal structuring, design for development, building technology, city and environment, place-making, urban design, mixed-income housing, community development, sustainable development, energy innovation, and technology.

Learning outcomes: Students develop interdisciplinary knowledge across architecture, urban planning, finance, construction, business, law, and investment, with practical capabilities in development analysis, financial analysis, market assessment, transaction structuring, design, and project development.

Professional alignment (accreditation): Officially registered: The MSRED is officially registered with the New York State Education Department (SED). The University at Buffalo’s School of Architecture and Planning identifies the program as the only graduate real estate development course of study in the SUNY system.

Reputation (employability rankings): Top-ranked education: UB states that its MSRED has been recognized by Commercial Property Executive among the nation’s top specialized master’s programs in real estate development. UB also reports that its students and graduates obtain internships and post-graduate employment with major firms in the industry.

Experiential Learning (Research, Projects, Internships etc.)

The Master of Science in Real Estate Development (MSRED) at the University at Buffalo is built around a “community-as-classroom” approach, allowing students to apply development concepts directly to real projects in Buffalo and the surrounding region. Students work with developers, city officials, community stakeholders, and industry professionals, while the program’s signature capstone involves a real site, real client team, and real-world development constraints. The three-semester, 48-credit curriculum also connects finance, market analysis, construction management, architectural design, urban planning, and development law to professional practice.

Capstone Studio: Students work in multidisciplinary teams on a complex real estate development project involving an actual Buffalo site and client, bringing together market research, feasibility analysis, design, financing, and development strategy.
Real-World Development Projects: In the CRE Development Strategies and Practice capstone, students have acted as developers, researched market conditions, created business plans, selected real-world development sites, and developed proposals around actual project constraints.
Field Visits: The program uses Buffalo and the surrounding region as a learning environment, with students conducting fieldwork and examining development projects, urban conditions, and community contexts directly.
Industry Engagement: Students interact with developers, city officials, community stakeholders, and real estate professionals, gaining direct exposure to the decision-making processes involved in development.
Internships: UB reports that MSRED students and graduates receive access to internships and full-time employment opportunities with leading firms and organizations in the real estate industry.
Mentorship: The MSRED Advisory Council connects students with experienced real estate professionals, while the program's mentorship structure pairs students with two industry mentors—a trailblazer and a seasoned executive.
Real Estate Club: The UB Real Estate Club, formed by MSRED students, provides additional opportunities for site visits, industry lectures, and professional networking.
Financial & Market Analysis: Students develop practical capabilities in areas such as financial analysis and modeling, market analysis, development financing, and deal structuring, connecting classroom concepts with real development decisions.
Construction & Design Exposure: The curriculum incorporates construction management, building technologies, architectural design, and urban design, giving students an interdisciplinary understanding of how development projects move from concept toward implementation.
Community-Based Learning: UB’s MSRED places students directly within the Buffalo community to explore issues such as mixed-income housing, community development, sustainable development, suburban transformation, and urban design, turning the surrounding city into an active learning environment.
Affordable Housing Research: Students can engage with UB’s Affordable Housing Initiative, which develops affordable housing prototypes, building methods, and policies and provides opportunities for focused coursework and independent research.
Professional Network: The program maintains connections with industry organizations and professionals, including the Urban Land Institute (ULI) and NAIOP, supporting exposure to the broader real estate development profession.

Progression & Future Opportunities

Graduates of the Master of Science in Real Estate Development are prepared for roles across development, investment, asset management, project management, and commercial real estate finance. UB reports that MSRED graduates have been hired in project management, asset and portfolio management, commercial real estate lending, and development roles, with alumni working at organizations including M&T Bank, SmartCentres REIT, and TM Montante Development.

Career opportunities:

Real Estate Development: Development Associate, Real Estate Developer, Development Project Manager
Asset & Portfolio Management: Asset Manager, Portfolio Manager
Project & Construction Management: Development Project Manager, Construction Project Manager
Real Estate Finance: Commercial Real Estate Lending, Affordable Housing Finance and Development

Career services: UB’s School of Architecture and Planning provides career advising, portfolio and internship-search guidance, mock interviews, employer presentations, practitioner lectures, alumni mentoring, and professional networking. The UB Career Design Center also provides resume and cover-letter assistance, interview preparation, job-search guidance, and connections with UB alumni and professionals through Bullseye powered by Handshake.

Internships & employment: The MSRED program encourages students to pursue full-time paid internships, particularly during the summer between the first and second year, and permits up to 3 credits for an approved internship involving substantial individual work. Faculty and professional advisers use their national industry relationships to support internships and permanent employment.

Industry connections: Students benefit from the program's Real Estate Development Advisory Committee, whose members are experienced real estate executives who review the curriculum, mentor students, provide guest lectures, and sometimes contribute real industry projects as instructional cases.

Employer network: UB identifies employers of MSRED students and graduates including Arbor Realty Capital, Buffalo Urban Development Corporation, Ciminelli Real Estate Corporation, Cushman & Wakefield, Durst Organization, Jones Lang LaSalle, M&T Bank, Newmark, Property Markets Group, SmartCentres REIT, Turner & Townsend, and Uniland. These organizations represent areas such as affordable housing, development, asset management, portfolio management, construction project management, and commercial real estate lending.

Employment outcomes: UB's official MSRED pages confirm that students and graduates obtain internships and full-time postgraduate employment with leading firms, but the university does not publish a program-specific MSRED employment rate or salary range on the official pages reviewed. UB's School of Management publishes salary statistics for some other programs, but those figures should not be presented as MSRED outcomes.

Professional value: The degree is officially registered with the New York State Education Department, and its interdisciplinary preparation covers areas including development finance, construction management, planning and development law, urban design, affordable housing, architectural design, and economic development planning.

Graduation outcomes: Alumni examples demonstrate progression into positions such as Development Associate at SmartCentres REIT, Director of Development for the City of Buffalo's Office of Strategic Planning, Vice President/LIHTC Tax Credit Equity Asset Manager at M&T Bank, and Real Estate Developer at SAA/EVI.

Further Academic Progression: After completing the MSRED, students can pursue UB's collaborative MSRED + MBA pathway or the MS Finance + MSRED collaborative degree for additional business or finance specialization. The university also offers graduate study within its School of Architecture and Planning, including master's and doctoral-level programs in related built-environment disciplines.