In the 1980s and early 1990s, the University of Washington began offering graduate-level real estate courses through the Center for Community Development and Real Estate. During this period, George Rolf taught real estate development courses and helped establish a culture that continues to define the program today: bringing together academic scholars and practicing real estate professionals on both the faculty and Advisory Board to balance academic rigor with industry relevance.
In 1992, Bob Filley, a local real estate financier, joined the program on a part-time basis. Four years later, he left the private sector to focus full time on expanding and strengthening the university’s real estate program. His vision was to secure $2.2 million in pledges to establish a graduate program offering a Master of Science in Real Estate (MSRE) degree while also building a premier real estate research institution.
That vision gained momentum in 2000 with a $1 million gift from Jon and Judy Runstad. The newly endowed center later became the Runstad Center for Real Estate Studies, officially established in 2002. Initially, the center focused on expanding graduate-level coursework while developing a strong academic and industry-oriented research program.
These efforts ultimately led to the launch of the Master of Science in Real Estate (MSRE) degree program in 2009. Combining academic rigor with practical industry experience, the program prepares future real estate leaders through both foundational coursework and applied learning opportunities. Students study areas including development, finance and investment, corporate real estate, and housing. Since its launch, the MSRE program has graduated more than 250 students who are now leading professionals in the Real Estate industry in Puget Sound and throughout the US as well as internationally.
The research capabilities of the Runstad Center expanded further in 2012 with the transfer of the Washington Center for Real Estate Research (WCRER) from Washington State University to the University of Washington. WCRER became a focal point for applied real estate research, including the production of regular housing reports for the State of Washington.
In 2017, the Runstad Center officially became the Runstad Department of Real Estate within the University of Washington’s College of Built Environments. Achieving departmental status reflected the university’s growing commitment to becoming a world-leading center for excellence in real estate education and research. That same year, a major gift from the Jacobi family, founders of Windermere Real Estate, enabled the department to recruit housing-focused tenure-track faculty members and establish an undergraduate minor in real estate in 2018. This momentum continued with the launch of an undergraduate major during the 2020–2021 academic year.
Today, the Runstad Department of Real Estate fulfills its mission of training the next generation of real estate professionals by welcoming 30-35 new students in the MSRE annually along with teaching about 250 students in the major and 100 students in the major. In addition, it delivers a Graduate Certificate in Real Estate and a Graduate Certificate in Housing Studies. Students are taught by 6 full-time faculty members along with approximately 30 affiliate instructors who bring their professional expertise to the classroom and students in the undergraduate and graduate programs have the support of 2 dedicated academic advisors. The department also benefits from the continued support of the industry through the Advisory Board.