Prereq: 14.01, 15.010, or 15.011. Develops understanding of the fundamental economic factors that shape the market for real property, as well as the influence of capital markets in asset pricing. Analyzes of housing as well as commercial real estate. Covers demographic analysis, regional growth, construction cycles, urban land markets, and location theory. Exercises and modeling techniques for measuring and predicting property demand, supply, vacancy, and prices. Final examination.