Cornell conference focuses on global, U.S. real estate challenges

President Jeffrey Lehman, left, talks with William Sanders at the 22nd Annual Cornell Real Estate Conference on Oct. 1 in the Statler Hotel Carrier Grand Ballroom. Sanders, who delivered the luncheon talk on global trade's impact on U.S. real estate, is a Cornell trustee. Frank DiMeo/University Photography

By Linda Myers

"U.S. Real Estate Decisions: Driven by the Global Economy?" was the title and theme of the 22nd Annual Cornell Real Estate Conference, held on campus Oct. 1. The conference brought together senior executives in real estate from across the United States and around the globe, many of them Cornell alumni who are members of the Cornell Real Estate Council, an advisory group.

President Jeffrey Lehman, who attended the event's luncheon talk, said that the conference theme revealed how important it is "to transcend local and national perspectives, to see how larger structural forces are reshaping our lives." He added that real estate, "a subject that at one time seemed immovable, rooted in local space, turns out to be every bit as susceptible to global forces as any other market sector."

C. Bradley Olson, director of Cornell's Program in Real Estate, an interdisciplinary graduate program, developed the agenda for this year's conference. He observed: "Real estate, traditionally viewed as a local business, is experiencing massive change, brought about by the rapidly growing global economy. The conference was an opportunity to learn how U.S. real estate owners, investors, developers and financiers are responding to these changes and the strategy shifts they recommend to stay competitive."

Benjamin Yeh, a student in the Cornell Program in Real Estate, said that the conference offered him insights from practitioners that complemented his classroom study. Yeh, who is co-president of the Associate Real Estate Council, a student group, commented: "It was interesting to see how current global trends have affected each leader's decision making, from a high-level strategic perspective to the impact on daily operations."

The morning panel looked at the impact of the global economy in U.S. real estate investing, finance, ownership, uses and development practices. Kenneth Rosen, professor of business administration, University of California-Berkeley, and a consultant, led the discussion. Panelists included Wesley Edens, chairman and CEO of Fortress Investment Group and Newcastle Investment Corp.; Kevin Fitzpatrick, vice president, American International Group Inc., and president, AIG Global Real Estate Investment Corp.; and Frank Sullivan Jr., managing director, ING Clarion Partners.

William Sanders, a member of Cornell Board of Trustees and founder and co-chairman of the Verde Group, LLC, delivered the luncheon talk, on global trade's impact on U.S. real estate.