MIT Turns to (RE)Meter for Commercial Leasing Analytics
2017-07-05
MIT is no stranger to innovation in engineering. Continuing its reach into the heart and growth of communities worldwide, MIT established in 1983 its Center for Real Estate—offering “an unparalleled education in real estate practice . . . that is rigorous, concentrated, multidisciplinary and geared toward direct application.” Since then, the institute has been collaborating with industry leaders that excel in leveraging technology to understand and improve real estate on a global scale. Earlier this year, MIT chose (RE)Meter to assist graduate students of MIT’s capstone course, “Real Estate Development Studio: Complex Urban Projects,” in the area of commercial leasing.
What is “Real Estate Development Studio: Complex Urban Projects?”
Led by Dennis Frenchman, this capstone course explores what it takes to make “a good city” in the 21st century. Dr. Frenchman explains in a YouTube video, “This kind of work begins with people,” and includes the implementation of what he calls, “New Century Cities.” These cities, for which this course has designed large scale, mixed-use projects, are expected to synthesize the many variables of a complex development into successful, sustainable communities. The course involves a hands-on, working approach to problem solving rather than a theoretical or research-based approach. Other partner organizations supporting MIT/CRE projects throughout the world include CBRE, CARR Properties, Gensler, JLL, Boston Properties, LaSalle Investment Management, and others. While each partner brings its own unique expertise, MIT’s Center for Real Estate regards its ideal partners as companies that “see immediate benefits in Center-derived tools, data, and products, and seek positive lasting change by bringing new knowledge, talented personnel, and innovative approaches to real estate worldwide.”
How does (RE)Meter fit into MIT/CRE?
An important piece to designing and developing new century cities is the careful consideration of credit and industry risk of commercial lease tenants. This is where (RE)Meter’s expertise is serving graduate students of the program best. Many of our reports, including one of the most effective tools in commercial lease assessment, the TIL Score, is providing graduate students with accurate and timely facts on local industries’ economic health. Choosing which type of tenants are most suitable for a city based on the health of the tenant’s industry is a wise step in the commercial leasing process.
(RE)Meter has also provided resources for MIT/CRE graduate students to understand and assess tenants’ ability to afford rent. Both of these factors—industry economic health and ability to afford rent—continue to help the MIT capstone course, “Real Estate Development Studio: Complex Urban Projects,” understand risk associated with lease underwriting.
