Future Real Estate Leaders Shine at Cornell’s International Case Competition

After five days of intense research, all-nighters, and heated discussions, Yudai Higuchi ’25 and his five teammates took the stage at the Cornell PropConnex International Real Estate Case Competition on November 15 at @Ease 605 Hospitality in New York City. Facing a panel of judges, the team launched into their investment proposal.

“These judges are very high up in their firms, and they were willing to listen to our presentations, ask serious questions, and network,” said Higuchi, president of the Cornell Real Estate Club. “I think that was really exciting for all of us.”

That’s one reason Daniel Quan, Robert C. Baker Professor in Real Estate at the Cornell Peter and Stephanie Nolan School of Hotel Administration at the Cornell SC Johnson College of Business, started the competition 16 years ago. He wanted to give students at Cornell and around the world the chance to show off their talent to industry leaders, including Cornell alumni.

Now, the invite-only competition, hosted by the Center for Real Estate and Finance, is the largest of its kind, drawing more than 120 undergraduate entrants and their faculty advisors worldwide. Many students come from colleges that offer entire courses preparing students for the event, and some earn an all-expenses-paid trip to the Cornell finals after winning a regional qualifier.

“Cornell is playing a leadership role, helping students around the world learn what’s relevant for a global, international real estate professional,” Quan said.

The crux of the competition is the case, written by Darren Wang ’12, which presents an actual real estate opportunity. The competition mimics a situation that a student would face on the job and offers students the chance to make mistakes before facing a high-stakes situation. This year, the case featured a shopping center complex in Florida listed at $98 million.

Each student team proposed how to move forward—or pass. Is this a deal worth pursuing? Would it be profitable to buy the properties, develop them, and resell? Is the list price reasonable? What were the projected rents and operating costs? What financing terms are favorable, and what are the assumptions and risks?

“Each case forces students to look at very detailed information about particular tenants, leases, cancellation policies, and so forth. They have to dig really, really deep,” said Quan. Judges often tell him that they’re “blown away” by the quality of the presentations. “In real estate, every day’s got to be an A-plus day. If you have an A-minus day, you’re in trouble.”

On November 15, the twenty teams were divided into four groups for the first round. The winners from each group moved on to the finals, and at the end of the day, the $10,000 grand prize was awarded to the Auckland University team.

Matthew Shore ’00, chief investment officer at DRA Advisors, gave a surprise presentation at the end of the day. His firm was behind the actual transaction, and he could show students how the deal played out in real life.

Higuchi said he was proud of his team—Berta Faktorovic ’25, Dhruv Jetley ’26, Dina Laeskogen ’25, Michael Mo ’25, and Ethan Nagasako ’26—and the work they did.

“All our team members worked really hard towards this, and we really cared about what we presented,” he said. “That was the driving power behind this team.”

Peter Liu, professor at the Nolan Hotel School, will continue the competition’s legacy next year, now that Quan is passing him the baton.

“This competition has become more than just an educational event,” Liu said. “It’s a vital platform for discovering and nurturing the top students in real estate investment.”