From Street Broker to Academic Bridge Builder: How Real Estate Education Is Responding to Market Pressures

Written by:

Steve Marcinuk

Date:

21 Jan 2026

Share

Share via Facebook

Share via Linkedin

Share via X

Copy to clipboard

The real estate industry is undergoing a significant change in how professionals are educated and prepared for the workforce. At Arizona State University’s Center for Real Estate and Finance, Executive Director Thomas Johnston is working to close the gap between traditional academic curricula and the practical skills now required in a rapidly evolving market.

Johnston’s career path – from selling cardboard boxes to leading a university real estate center – mirrors the industry’s own shift toward greater complexity and specialization. He started at Cushman Wakefield in 1997 and spent more than twenty years working across multiple asset classes, from office leasing to managing brokerage operations, and later overseeing the sale of rental home portfolios spanning 20 states.

“I’ve worked in every asset class. I’ve worked across service lines,” Johnston says. “When ASU created the Center for Real Estate and Finance, they wanted someone business-facing, with a broad network, to connect students with the real estate community.”

Modernizing Real Estate Education

The traditional approach to real estate education – focused on static lectures and textbook theory – is being replaced to better meet the expectations of today’s digital-native students. Johnston’s team is developing new teaching tools that leverage technology in ways that were not possible just a few years ago.

“Today’s young professional is different than when I came out of college in the 1980s,” Johnston notes. “These are digital learners. They live with phones, iPads, and computers. So we want their input–how do we teach them?”

One major initiative involves building digital twins of real buildings for educational use. By using 360-degree photography and embedding interactive features, students can virtually tour properties and learn at their own pace.

“Through our mesh labs, students can explore digital buildings with hot spots or icons embedded in the structure. Clicking an icon might open a dialog box, a video, or a quiz,” Johnston explains. “We can take them onto the roof and through the entire building. If we click on a wall, that wall disappears, and students can see everything inside.”

These technologies serve two primary purposes: helping students understand building systems and providing hands-on due diligence training. By navigating digital properties, students learn to complete inspection reports, spot potential issues, and build the skills needed for real-world property analysis.

Developing Well-Rounded Professionals

Johnston’s emphasis on practical, broad-based training dates back to his time at Cushman Wakefield, where he helped launch the Junior Executive Trainee (JET) program. This program, which produced many of Phoenix’s leading brokers, was designed to offer more than just sales instruction.

“We wanted them to be a real resource to their clients, not just someone asking, ‘When’s your lease up, and how much do you pay?’” Johnston recalls. “We wanted them to have a well-rounded understanding of what the company did and the resources available.”

JET program trainees rotated through research, property management, appraisal, project management, and different brokerage specialties. This gave them a comprehensive view of how all parts of the business fit together.

“John Cushman taught me that the more arrows I have in my quiver, the better my chances,” Johnston adds. “The more resources I can offer, the more likely clients are to hire me.”

Current Market Insights

Johnston’s role at ASU provides him with a front-row seat to current market conditions through the Center’s Broker Sentiment Index, which surveys experienced real estate professionals across Phoenix. The most recent reading of 62.7% shows moderate optimism among brokers.

“The sentiment combines economic and political conditions with what’s happening in the marketplace–rents, vacancies, absorption,” Johnston explains. “At 62.7%, brokers are modestly optimistic. Every market sector was positive, though multifamily was the most cautious.”

He points out that brokers and investors often view the market differently. “Brokers can make a living in any market because there are always buyers and sellers. Investors tend to be more cautious,” Johnston notes.

Single-Family Rental Market: Facing Reality

With experience selling more than 2,000 rental homes in 20 states over three years, Johnston has a clear view of the single-family rental (SFR) sector. He sees a recurring problem: many small operators have unrealistic expectations when selling their portfolios.

“The challenge is that the average operator isn’t very sophisticated. They’ve acquired homes one at a time and paid a good price, but haven’t invested enough capital into them,” Johnston observes.

Many sellers expect to receive retail prices for each property, unaware that buyers are purchasing an investment stream, not individual homes. “They want retail pricing on every home–what you and I would pay to live there. They don’t realize they’ve created an investment vehicle,” he says.

Institutional SFR players are currently “net sellers versus buyers,” Johnston explains. “They’re selling homes that don’t fit their portfolio, often due to deferred maintenance.”

Trends in the Phoenix Market

While there are concerns about multifamily oversupply in Phoenix, Johnston sees continued strength in other sectors. “Retail is a landlord’s market. Industrial is still powerful. The office market is divided—Class A properties with amenities command high rents, but others lag.”

The arrival of TSMC has dramatically raised industrial land prices, jumping from $150 to $325 per square foot in just two years. “TSMC is bringing a multiplier effect. Their suppliers and service providers want to be nearby,” Johnston explains.

Looking forward, Phoenix faces significant infrastructure challenges as it prepares to absorb 1.1 million new residents over the next 15 years. “That’s the size of Tucson, Tulsa, or Buffalo. Where will these people live, work, and shop?”

The questions extend to basic infrastructure: power, water, transportation, and environmental impact. “What are we going to do about power with new data centers and manufacturers? What about water? What about transportation and roads?” Johnston asks.

Preparing for the Future

Johnston stresses that comprehensive training and a deep understanding of the market will be increasingly important as the real estate industry becomes more complex. The blend of technological innovation in education and practical market knowledge will be essential for preparing the next generation of professionals.

“It’s not about timing the market–it’s about time in the market,” Johnston reflects. “The longer you own something, the more value it gains. But you have to do your due diligence to understand the asset.”

The Center for Real Estate and Finance at ASU is working to set a new standard for industry education, combining academic rigor with hands-on experience delivered through technology that matches how students learn today. As the real estate sector adapts to greater complexity and faster change, this approach to professional development is likely to become the model for training the industry’s future leaders.