"The 9th edition of the European Real Estate Challenge (EREC), an international educational programme on commercial real estate markets, has ended. Cushman & Wakefield, a leading global real estate services firm, was for the seventh time the exclusive sponsor of EREC in Poland in cooperation with the Investment and Real Estate Department of the Warsaw School of Economics in Poland and Kingston University in the United Kingdom.
The primary objective of the EREC programme is to enable US and European universities to share their experience in real estate markets. The recent edition began in October 2012 and ended with a presentation in Hamburg on 15 January 2013. Three students from Poland, selected by the representatives of the Investment and Real Estate Department of the Warsaw School of Economics and Cushman & Wakefield’s employees were qualified for the final round of the project.
The objective of the three-stage project assignment was to find the best possible headquarters for an imaginary company Entertainment Co. During the first stage the students reviewed the client’s requirements to prepare a relocation strategy for the company’s headquarters. The second stage was a two-week stay in Hamburg with a three-day trip to eight European cities to explore the local commercial real estate markets. The final round involved the preparation of a presentation of a new office location for the client. An additional requirement was to find a historic office property. The participants also had to work through regulations for real estate revitalization and explore potential opportunities of state aid.
Dorota Skowrońska, Head of Human Resources, Cushman & Wakefield, said: “We are convinced that EREC is one of the most valuable educational programmes on commercial real estate in Europe. We are the exclusive sponsor of this programme in Poland and have established successful cooperation with the Warsaw School of Economics and Kingston University in the United Kingdom. We support both students of the Warsaw School of Economics and the group of foreign students visiting Poland.”
Paweł Nowakowski, EREC coordinator, Investment and Real Estate Department of the Warsaw School of Economics, said: “Participation in the final round of the EREC project is extremely prestigious for students. Only a handful of students from each country stand a chance of taking part in it. Through EREC they gain practical knowledge of the commercial real estate market and an opportunity to work with students from US and European universities.”