Hundreds of industry leaders and alumni visited Leeds last fall to coach, teach and get to know students.

Every semester, business leaders come to Koelbel to share their expertise and stories with students. This fall was no different—Leeds saw hundreds of executives, trailblazers and influencers visit classrooms, events, case competitions and more.

“We’re so lucky to have countless accomplished professionals come to speak at Leeds,” said Katherine Ratledge, a program manager for the Center of Ethics and Social Responsibility (CESR). “It is enormously valuable to our students who use the opportunity to network and ask questions, hear new perspectives and—most importantly—see an example of what they could be in the future.”

Guest speakers are often alumni, board members and Leeds‘ corporate partners—the best and brightest minds from the Leeds community. From sustainability to sports or banking, these speakers share their knowledge of modern business and provide students with inspiration and resources for their future careers.

"A great speaker can change a career trajectory, and that’s exactly what happens when leaders come to Leeds to share their expertise,” noted Amanda Hansen, director of the Career Development Office.

Organic advice

CESR, in partnership with the Burridge Center for Finance, hosted Geneviève Piché (pictured above left), the head of sustainable finance at Wells Fargo. At a pivotal moment in her career, Piché launched Wells Fargo's sustainable finance division, focused on creating positive impact through finance.  She stressed the need for businesses to use inclusive language when communicating about climate and sustainability and emphasized the need for investments across ecosystems.

Supported by the Deming Center for Entrepreneurship, Techstars co-founder David Brown—one of the most influential figures in the entrepreneurial world—visited Leeds for a fireside chat. A lifelong entrepreneur and investor, he talked about his 40-year career of starting and building sustainable companies, including Pinpoint Technologies, Techstars and Zintinus. He stressed the importance of learning from failure, balancing risk and rewards, and advocating for DEI at small companies.

Organized by Leeds Student Government and in partnership with the ŷ���ڱ���Ƶ Freeride club, CEOs and founders of POWDR advised students on ways to break into the outdoor industry. This leader-packed event featured John Cumming (founder and chairman), Justin Sibley (CEO), Raj Basi (vice president of sustainability), Maria Guarnieri (chief of staff) and Megan Fearnow (vice president of marketing). They discussed how everyone’s path to success is different, and even if you don’t start in the outdoor industry, it doesn’t mean you can’t end up there. They also advised students on networking with the right people and surrounding themselves with those who have similar interests.

Other influential leaders who visited this fall included:

• Matt Pozzi, BAE Systems

• Jeff Brown, BlackRock

• James Calano, Boulder Investment Group

• Angela Schwartz, Danone North America

• Ben Lerman, Danone North America

• Regan Ebert, Danone North America

• Samantha Cotlov, Danone North America

• Arden Gehl, Deloitte Consulting

• Carson Smail, Deloitte Consulting

• June Yuan, Deloitte Consulting

• Lindsay Determan, Deloitte Consulting

• Shreya Naik, Deloitte Consulting

• Zachary East, Deloitte Consulting

• David Williams, Fisher Investments

• Erica Brown, Fisher Investments

• Karson Jones, Fisher Investments

• Chris Fogler, FTI Consulting

• Claire Schaffer, FTI Consulting

• Francheska Pokora, FTI Consulting

• Leanne Sigman, FTI Consulting

• Ryan Rule, FTI Consulting

• Siobhan Cleary, FTI Consulting

• Jamie Gardner, Google

• Brandon Wilcox, KPMG

• Colin Ellis, KPMG

• Hope Cahoon, KPMG

• Jordan Akiyoshi, KPMG

• Jorge Velasquez, KPMG

• Mat Groh, KPMG

• Malcom Craig, McCaffery Interests

• Michael Hovey, Morgan Stanley

• John Cumming, POWDR

• Jane Miller, Rudi’s Organic Bakery

• Amy Halvorson, Starbucks Coffee

Get connected with opportunities to influence and inspire students.

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For nearly 20 years, University of ŷ���ڱ���Ƶ real estate alumnus Ben Woolf has been giving back to his alma mater. This year, he is taking on a new challenge as chairperson for the International Advisory Board (Iר) for the University of ŷ���ڱ���Ƶ Real Estate Center (ŷ���ڱ���ƵREC), a role he will helm for two years. Woolf earned his MBA with a real estate focus in 2004 from the Leeds School of Business.

“I feel a sense of responsibility to give back to ŷ���ڱ���ƵREC, Leeds and the students by stepping into the chairperson role," Woolf said. “For the past 20 years, I have seen time and time again ŷ���ڱ���ƵREC’s impact on students and the real estate industry, and I know I wouldn’t be where I am today without ŷ���ڱ���ƵREC. I look forward to serving the center in this new capacity.”

Leeds and ŷ���ڱ���ƵREC benefit from a robust and engaged alumni community and a powerful group of industry supporters. The Iר, an invitation-only board, consists of C-suite leaders from the nation’s leading real estate firms who commit significant resources to support the academic and co-curricular work of ŷ���ڱ���ƵREC. The board provides counsel, curriculum advice, mentorships, financial support, industry insights and career opportunities for the program.

“Ben’s commitment and involvement with ŷ���ڱ���Ƶ since he graduated has been tremendous. He is strategic and thoughtful in all he does, and I can think of no one better to step into the chair role for the Iר. Ben has taught the MBA Real Estate Principles class at ŷ���ڱ���Ƶ the past several years, so he has seen firsthand the impact that ŷ���ڱ���ƵREC has had on hundreds of ŷ���ڱ���Ƶ students and alumni,” said Julie Gibson, executive director of ŷ���ڱ���ƵREC. “He is enormously respected by the real estate industry, and we are thrilled to welcome him as the new Iר chair.”

Woolf, who is co-founder and director of commercial investments for Conscience Bay Company, a private equity firm focused on real estate assets in and around ŷ���ڱ���Ƶ, was part of the ŷ���ڱ���ƵREC alumni board for 15 years. He joined ŷ���ڱ���ƵREC's advisory board in 2023. He has also worked for the ŷ���ڱ���Ƶ Real Estate Foundation in a project manager (asset manager/portfolio manager) role and was president of the Leeds MBA alumni board in 2018-19.

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The Business Research Division has served communities across the state for more than 100 years.

When you read the business forecast report published annually by the Business Research Division (BRD) at the Leeds School of Business, you’ll see data points from every corner and pocket of ŷ���ڱ���Ƶ. It represents the business landscape in its entirety—small, family-owned restaurants and farms, to global corporations and every business venture between.  

To contribute to the state’s economic prosperity and thriving business community, BRD makes a deliberate effort to provide every sector with the tools they need to be successful.  

“We feel that the University of ŷ���ڱ���Ƶ is an extremely important part of the state economy, and we think it is extremely important that we analyze the economy, and we give people actionable information so that they can lead better lives through education,” said Richard Wobbekind, Leeds associate dean of business and government relations and senior economist. “What we're doing is taking the information we produce to the people.” 

Leeds’ BRD has been around for more than a century, nearly as long as the business school itself. From its inception, the division prioritized community engagement—its work is co-created with the ŷ���ڱ���Ƶ communities it serves. 

“It is a long-running unit within this school of business that was really designed to interface with the broader business community in terms of both presenting material and doing research projects,” Wobbekind said.  

“Beyond doing individual projects for companies or local governments and forecasting projects like the annual outlook report, more broadly we disseminate our information in a wide variety of channels and a lot of that information is available for free on our website. In many ways, it is about the access to trusted business information.” 

They're working on an economic dashboard that lives on the site that provides a barometer of key economic indicators in the state, with an emphasis on recent economic developments and the resulting impacts and implications on the ŷ���ڱ���Ƶ economy. It will provide a handful of charts with brief analysis and be updated as key data are released. 

“The work that we do is raising the quality of life in the state, one person at a time, one business at a time.”

Richard Wobbekind, Leeds associate dean of business and government relations and senior economist

The center publishes a quarterly Leeds Business Confidence Index, which gauges ŷ���ڱ���Ƶ business leaders’ opinions about the economy and how their industry will perform in the coming quarter. Additionally, it produces the ŷ���ڱ���Ƶ Business Review, which provides specific analysis on a particular topic or industry, and the Quarterly Business and Economic Indicators report, produced in conjunction with the ŷ���ڱ���Ƶ Secretary of State’s Office to reveal the correlations between various business filing data and economic metrics. BRD has been partnering with the secretary of state’s office since 2011. 

They are also a resource for conducting research studies on specific areas, entities and industries. For example, the recent University of ŷ���ڱ���Ƶ 2023 Economic Impact Study and the 2019 ŷ���ڱ���Ƶ Natural and Organic Industry Study.  

Just released is on the nonprofit industry, completed with the ŷ���ڱ���Ƶ Nonprofit Association. It showed that nonprofits contributed $62 billion to the state’s annual economy and supported 262,000 jobs. 

Commitment to ŷ���ڱ���Ƶ 

Wobbekind and Brian Lewandowski, executive director of the BRD, deliver frequent presentations to the business community and the community-at-large all over the state, both virtually and in person.  

“We really try to disseminate the work that we do and the information we collect to a wide variety of audiences both geographically and industry-wise,” Wobbekind said. “Whether we’re talking about the economy to the nonprofit community or hospitals or healthcare groups, we are customizing that information and making it useful.” 

He continued, “We share general information, but when we are in Northern ŷ���ڱ���Ƶ, we are highlighting data that is important to Weld and Larimer counties, and when we’re in Grand Junction, for instance, we’re highlighting important industries in that geographic area like agriculture, tourism, manufacturing, natural resources and mining.”  

The BRD will celebrate the release of its 60^th forecast report in December 2024 at its Annual ŷ���ڱ���Ƶ Business Economic Outlook Forum. There’s always an in-person kickoff with webinars and virtual opportunities for alumni and business leaders. Again, accessibility is key to effectiveness and true impact. 

“The annual report features input from more than 130 business and government contributors from around the state of ŷ���ڱ���Ƶ, so part of the annual kickoff is highlighting all of this work and data collection, but the ultimate goal is converting it all to usable data for business and government decision-making,” Wobbekind said. 

Serving through teamwork  

Three people make up the BRD team: Wobbekind, Lewandowski and Adam Illig, the BRD’s data scientist.  

The division also hires five to seven undergraduate students, many of them Leeds students, to help proofread the annual report and create data charts. The students help keep the tone of the report engaging and accessible, and they learn how to interpret data and other useful economic research skills along the way.  

Often, the annual report contributors around the state include ŷ���ڱ���Ƶ and Leeds alumni. Wobbekind describes how helpful it has been over the years when Leeds MBA graduates contribute to their research projects, lending invaluable perspective from their vantage points working across the ŷ���ڱ���Ƶ business landscape.  

It is a true collaboration for ŷ���ڱ���Ƶ and with ŷ���ڱ���Ƶ, because everyone involved cares about the people and ultimate prosperity of the state. 

“We're really trying to help people across the state of ŷ���ڱ���Ƶ understand the economy better, understand the environment they're operating in better to make better decisions,” Wobbekind said.  

In the media, they are frequently called upon as experts at making sense of the economy’s twists and turns, including fluctuations in the housing market, unemployment and rate of business formation. 

“I think what we’re doing, the work that we do is raising the quality of life in the state, one person at a time, one business at a time. We're helping the state be more successful. We are helping the government and business leaders be more effective at their jobs with spending and hiring. And we’re helping people be prepared for the things that we see as potential clouds on the horizon so they can be ready for change.” 

On March 11, representatives from Japan and ŷ���ڱ���Ƶ came together at the Japan-ŷ���ڱ���Ƶ Business Seminar, presented by the Leeds School of Business in partnership with the Denver Consulate-General of Japan. Panelists and presenters discussed the strengthening economic ties between Japan and ŷ���ڱ���Ƶ and how they are thriving.

Vijay Khatri, the Tandean Rustandy Endowed Dean of Leeds School of Business, shared that Japan is the seventh largest exporter to ŷ���ڱ���Ƶ making up 4.3% of its total exports, and it is the 21st largest importer of ŷ���ڱ���Ƶ goods. The substantial investment Japan has made in the U.S. makes its one of our strongest trading partners.

Chief Executive Director Akira Kajita of the Japan External Trade Organization (JETRO) shared that there are currently 80+ Japanese companies operating in ŷ���ڱ���Ƶ, supported by JETRO, which helps enable Japanese companies to expand their businesses in the U.S. by assisting with outreach and relationship-building.

Kajita shared, “JETRO LA has had an increased focus on bettering the ties between Japan and ŷ���ڱ���Ƶ’s business communities…Just as ŷ���ڱ���Ƶ businesses are making successful entries into Japan, the reciprocal is happening with Japanese companies here in ŷ���ڱ���Ƶ.”

Brian Lewandowski, executive director of the Business Research Division and organizer of the seminar, pointed out that in planning the seminar, “we worked closely with the Deputy Consulate General, Isamu Azechi, to ensure that we had Japanese and American representatives on the panel. It was phenomenal hearing about Japanese companies doing business in ŷ���ڱ���Ƶ, and ŷ���ڱ���Ƶ companies doing business in Japan. Panelists shared stories about cultural experiences and economic opportunities.”

The discussion provided a great opportunity for community members to gain in-depth insight into international business relations in the state.

"Just as ŷ���ڱ���Ƶ businesses are making successful entries into Japan, the reciprocal is happening with Japanese companies here in ŷ���ڱ���Ƶ."

Akira Kajita, chief executive director of the Japan External Trade Organization (JETRO)

Business leaders on the panel included Elise Hamann, global business development manager in the office of economic development & international trade in ŷ���ڱ���Ƶ; Jonathan Coors, CEO of CoorsTek; Keita Yasuda, vice president of strategic planning for Panasonic Smart Mobility; Gregory P. Hanes, CEO of Cattlemen’s Beef Board; and Takahiro “Taka” Fukuo, senior business development analyst of Terumo BCT.

Sharing their experiences working with both countries, the panelists pointed out the benefits that come from collaboration in large markets like the agriculture industry to the partnership on high-tech products like the Reveos Machine—a one-of-a-kind product created by Terumo BCT, a Japanese company that specializes in blood and cell technology and has based its global headquarters in Lakewood, CO for the past 56 years. Bringing together minds from different cultures and backgrounds, Terumo BCT created the Reveos to help the U.S. address its platelet shortage.

To learn more about the event,

Leaders and alumni from the biggest and the best companies impart sage advice to Leeds students.

Glenn Sanford, CEO and Founder of eXp Realty, collaborated with a student team working on an assignment to write a strategic brief for his company. Photo by AJ Canaria.

Access to industry: It’s one of the most valuable aspects of a business education and something that the Leeds School is particularly effective in facilitating. Each semester, hundreds of experts from nearly every industry walk the halls of Koelbel, eager to give students real-world perspectives beyond textbooks and advice that informs their career preparation.

“It’s important that our students connect what they’re learning in the classroom with the realities of what’s happening in industry,” said Vijay Khatri, who serves as the Tandean Rustandy Endowed Dean at Leeds. “It also gives students an opportunity to ask questions about what it’s truly like to work in a particular field or occupation.”

Guest speakers typically include alumni, board members and Leeds’ corporate partners, including leaders from some of the most recognizable brands in business. Last fall’s roster of speakers was no exception.

Lessons from luminaries

Nike’s Chief Sustainability Officer, Noel Kinder, explained how to ‘Just Do Good’ at a fireside chat last fall.

During a fireside chat sponsored by the Center for Ethics & Social Responsibility, Nike’s Chief Sustainability Officer Noel Kinder shared the company’s commitments to a sustainable future and also shared his career journey, including how his time in the Peace Corps shaped his future trajectory.

and Leeds Advisory Board Chair Emeritus, revealed the key traits required to be successful in the CPG industry at the Natural and Organic Bootcamp workshop, a highly interactive two-day intensive workshop for students who want to break into the natural products industry.

Pete Anderson, former chief ethics and compliance officer at Carnival Cruise Lines, ran a workshop on ethics in the workplace and provided students with insights about how company culture affects whether people consistently do “the right things, in the right ways, for the right reasons.”

The Women’s Collective event for MBAs and MS students also featured a substantial slate of prominent guest speakers, including , who shared her professional journey and tips for success.

“We are so grateful to all of our speakers who gave their time and shared their expertise with our students this fall,” said Carolyn Gleason, assistant dean of advancement at Leeds. “Business leaders bring concepts to life and enrich the learning experience. We’ve seen a 20 percent increase in the number of guest speakers since last year and look forward to welcoming even more alumni and leaders this spring,” she said.

Close to 400 guest speakers from finance to fashion, and sustainability to supply chain management made connections with students between August and December. The following list is but a sampling of those who took the time and effort to influence students’ lives.

Select guest speakers in fall 2023:

• Ellen Balaguer (Fin, Psych’82), retired Global Managing Director at Accenture & Leeds Advisory Board Chair Emeritus, inspired countless MBA women at the Women’s Collective last year.

  Ellen Balaguer, Retired Global Managing Director of Human Resources and Learning BPO services at Accenture
• Eric Blank, Chairman of ŷ���ڱ���Ƶ Public Utilities Commission, ŷ���ڱ���Ƶ Department of Regulatory Agencies

• Jeff Brown, Director at BlackRock

• Courtney Carter, Contracts Administrator at Ball Corporation

• Ali Clifford, Solution Engineer at HubSpot

• Luke Giusto, Client Services Associate at Trailhead Wealth Management

• Mark Hedstrom, retired COO of Colony Capital, Inc.

• Demesha Hill, Head of Diversity & Community Relations at Janus Henderson Investors

• Chas James, Investor Relations & Corporate Strategy at Crocs

• Mo Jensen, Former Talent Acquisition Specialist at Charles Schwab

• Jordyn Johnson, Events and Entertainment Coordinator of the Baltimore Ravens Football Club

• Liv Landblom, Director of Project Management at Patagonia

• Gary Lutz, Executive Vice President & Regional Managing Director at Wells Fargo Bank

• Sarah Lyons, Manager of Procurement Sustainability at Danone North America

• Matthew McConaty, Client Strategist at Bank of New York Mellon (BNY Mellon)

• Christopher Miller, Head of Global Activism Strategy at Ben & Jerry's

• Glenn Sanford, CEO and Founder, eXp Realty

• Matthew Siayap, Account Strategist at Ogilvy

• Andrew Siegmund, Delivery Practice Manager, Global Financial Services at Amazon Web Services

• Ian Silverman, Business Technology Analyst at Deloitte Consulting

• Craig Smith, Retired Chairman at Owens & Minor

• Larry Swonke, Principal Architect at Microsoft Corporation

• Anna Tam, Core Assurance Associate at Pricewaterhouse Coopers (PwC)

• Lucas Thelosen, Head of Product at Google

• Adam Warner, President of KeyBank

• Roland Warns, Former Executive Team Leader of Logistics at Target

• Brock Weatherup, CEO and Founder of Metamorphosis Partners

• Jeff Yorzyk, Senior Director of Sustainability at HelloFresh

Dean Vijay Khatri, faculty members showcase research and discuss third-quarter economic indicators.

Vijay Khatri, Tandean Rustandy Endowed Dean of the Leeds School of Business, was among the faculty members who met with journalists during Leeds Media Day.

Leeds Business School held what organizers hope will be an annual Media Day on Oct. 24, featuring faculty experts and the release of ŷ���ڱ���Ƶ’s third-quarter economic indicators report.

Attended by local and regional media including 7News, BizWest and the Denver Gazette, the event at the Koelbel building included remarks from ŷ���ڱ���Ƶ’s Secretary of State Jena Griswold and Dean Vijay Khatri, the Rustandy Endowed Dean of the Leeds School of Business. 

Khatri welcomed members of the media and highlighted strategic initiatives for Leeds, including developing a framework around a culture of care; enhancing momentum in research; accelerating student-centered education; and engaging alumni, recruiters and the community.

Four Leeds faculty members then provided brief overviews of their research and expertise:

• Jeffrey York, associate dean for strategic initiatives and research director of the Deming Center for Entrepreneurship, discussed what drives the success of entrepreneurial organizations. 
• Kai Larsen, a professor of information systems in the Division of Organizational Leadership and Information Analytics, highlighted the use of artificial intelligence in an ongoing study about the drivers of stress.
• Tony Kong, associate professor of organizational leadership, reviewed his research on building inclusive workplaces. 
• Heather Kennedy, a teaching associate professor and consumer marketing specialist, spotlighted Boulder’s unique place in the natural and organics industry. 

The event included the release of the Quarterly Business & Economic Indicators report, produced by the Leeds Business Research Division on behalf of the ŷ���ڱ���Ƶ Secretary of State. 

“We enjoyed meeting our media partners in person and connecting them with our school priorities and incredible faculty expertise,” Khatri said. “We're grateful for all that they do to inform and educate the public. Having ŷ���ڱ���Ƶ’s Secretary of State on-site made the event especially memorable and newsworthy for all of us.”

ŷ���ڱ���Ƶ Secretary of State Jena Griswold discussed the Quarterly Business & Economic Indicators report, produced by the Leeds Business Research Division on behalf of the ŷ���ڱ���Ƶ Secretary of State, during Leeds Media Day.

“Today’s quarterly economic indicators report underscores the resilience of ŷ���ڱ���Ƶ’s economy with continued job growth and growth in GDP, dropping inflation and evidence that existing entities in ŷ���ڱ���Ƶ are staying in business,” Griswold said. 

Brian Lewandowski, executive director of the Business Research Division, and Richard Wobbekind, associate dean and senior economist of the BRD, who prepared the report in conjunction with ŷ���ڱ���Ƶ’s Secretary of State, provided context on employment and job growth, business filings, inflation and other state-level economic measurements.

“This has been an interesting year, to say the least, when you talk about the national economy,” Wobbekind said. “I don’t think anybody anticipated two quarters of GDP growth being as strong as they were in the first two quarters of the year, but certainly not the third quarter being as strong as it is right now.”

He said economists expect GDP to be over 3% in the third quarter, and some see it slowing dramatically in the fourth quarter or into next year. 

“The real crux of the issue is the consumer and the ability of the consumer to come to the table,” Wobbekind said.

Following the indicators report release, Griswold, Lewandowski and Wobbekind answered reporters’ questions from members.

ŷ���ڱ���ƵREC’s new leader plans to partner with industry to provide top-notch experiences for students.

Following a comprehensive national search, the Leeds School of Business is pleased to announce the ŷ���ڱ���Ƶ Real Estate Center’s next Sherman R. Miller Executive Director, Julie Gibson. She will join ŷ���ڱ���ƵREC and the Leeds community in January 2024.

Gibson, who holds a degree in business administration from Pepperdine University and an MBA from Portland State, has served as director of the Portland State University Center of Real Estate for nearly two decades. She brings a wealth of experience leading a real estate center at the intersection of faculty, students, community partners, industry leaders and employers. Prior to her work in higher education, Gibson served as vice president for underwriting at PNC bank.

Julie Gibson, the ŷ���ڱ���Ƶ Real Estate Center’s next Sherman R. Miller Executive Director

Vijay Khatri, dean of the Leeds School of Business, praised the extensive work of ŷ���ڱ���ƵREC’s International Advisory Board (Iר) in conducting the robust search that ultimately identified Gibson as the right leader to take real estate education and student experience to the next level.

“In meeting with Julie, I was struck by her deep experience in real estate education and passion for the next generation of industry leaders,” said Khatri. “Our Centers of Excellence and the ŷ���ڱ���Ƶ Real Estate Center are vital to a positive student experience at Leeds, and I am hopeful that under Julie’s leadership, ŷ���ڱ���ƵREC will continue to contribute to our excellence in student-centered education, research impact and external community engagement.”

Gibson notes that industry partnerships are key to the center’s work to create awareness, education and pathways for students to land in commercial real estate careers. She plans to work collaboratively to build an even stronger real estate student experience at Leeds.

“As I look ahead to joining the ŷ���ڱ���Ƶ Boulder team, I see an opportunity to leverage the strong industry and alumni partnerships already in place and grow opportunities for students to deepen their knowledge and connections in commercial real estate,” said Gibson. “With top real estate faculty and an outstanding international advisory board of leaders from a variety of commercial real estate sectors, ŷ���ڱ���ƵREC is positioned well to become a nationally recognized program.”

Want to upskill in real estate?

If you aspire to build a skill set in commercial real estate and also gain access to a built-in network of peers and instructors, the Executive Education Commercial Real Estate Certificate offers flexible courses that can be taken independently or combined to earn a certificate and continuing education credits.

Leeds School of Business is a leader in providing robust real estate education to all levels of students—from undergraduates to professionals, who can choose from the MS in Real Estate, MBA coursework, and Executive Education programs.

Report finds jobs, GDP, income all rising in ŷ���ڱ���Ƶ, though momentum is fading.​

The Denver skyline on a clear day. According to a new report from Leeds and ŷ���ڱ���Ƶ's secretary of state, the economy is in a state of growing, but slowing, as key indicators like employment and GDP have started to lose momentum. 

Growing, but slowing. 

That’s the key takeaway from the Quarterly Business and Economic Indicators Report prepared by the Business Research Division at the University of ŷ���ڱ���Ƶ Boulder’s Leeds School of Business, in partnership with the ŷ���ڱ���Ƶ secretary of state’s office. 

“We’re seeing slower growth in jobs, GDP, personal income and retail, as well as declines in home pricing and construction,” said Brian Lewandowski, BRD executive director. “All of that contributes to the idea that ŷ���ڱ���Ƶ is in a growing, but slowing, economy.” 

While ŷ���ڱ���Ƶ has been among the national leaders in job recovery coming out of the pandemic, that rate is slowing down. Employment grew 1.2 percent year over year in March, though the state’s labor force participation rate ranked fourth highest in the country in March (68.3 percent). The labor force grew 0.7 percent year over year, and ŷ���ڱ���Ƶ’s per capita personal income ranked eighth at $75,206.

A very welcoming sign for businesses and the economy is an improvement in inflation. The Consumer Price Index increased 5.7 percent year over year in the Denver-Aurora-Lakewood metro area, only slightly ahead of the national rate of 5 percent.

Other highlights from the report, which summarizes activity from the first quarter of 2023: 

• New-entity filings soared 27.6 percent year over year, a record for the first quarter. Lewandowski attributed this to a fee credit that reduced limited liability filing fees to $1.
• ŷ���ڱ���Ƶ’s businesses generally are healthy. Business renewals increased year over year and over the previous quarter—1.2 percent and 13.3 percent, respectively—and the list of entities considered to be in good standing increased 7.4 percent over the year.
• The home price index fell for six of ŷ���ڱ���Ƶ’s seven metro areas. Only the Pueblo region recorded growth (0.5 percent). 

Read the full report here.

  Why Leeds     Business Research Division     Download full report

The revamped curriculum is designed to prepare graduates for the significant changes facing the field.​

The Denver skyline at sunrise. Changes in the commercial real estate industry in Denver and beyond helped highlight some weaknesses in the real estate master’s program at Leeds, but the school and industry collaborated to completely refresh the curiculum to create better-prepared graduates. Below is Christophe Spaenjers, faculty director of the program; Carl Koelbel (MBA’10) presenting an award at the ŷ���ڱ���Ƶ Real Estate Center's annual forum; and Michael Kercheval, ŷ���ڱ���ƵREC executive director.

If you were to ask Carl Koelbel why he approached the Leeds School of Business about refreshing its master’s program in real estate, you’ll get a fairly blunt answer. 

“Enlightened self-interest,” is how he put it. 

“There were a couple of instances where I was working—either as a judge or engaging with ŷ���ڱ���Ƶ students—and I did not see that level of fundamental understanding that I was looking for,” said Koelbel (MBA’10), chief operating officer of Denver-based Koelbel & Co. “And that was a major concern to us, because something like 10 percent of our workforce comes from ŷ���ڱ���Ƶ Boulder.” 

But when industry talks, Leeds listens, which is why the school just unveiled a completely revamped real estate graduate program for the fall.

“We were able to have a truly candid conversation with our partners about their needs for professionals coming out of the program,” said Michael Kercheval, executive director of the ŷ���ڱ���Ƶ Real Estate Center. “We want to be responsive to industry input, both because we’re asking them to hire our students and because we want to make the industry better.” 

Kercheval also noted that Leeds faculty were especially receptive to suggestions from industry partners. 

“We want to be responsive to industry input, both because we’re asking them to hire our students and because we want to make the industry better.”

Michael Kercheval, executive director of the ŷ���ڱ���Ƶ Real Estate Center

“That openness to input is part of our special sauce at the ŷ���ڱ���Ƶ Real Estate Center that other schools don’t have,” he said. “And that absolutely extends to the faculty teaching the real estate courses at Leeds.” 

An entirely reimagined curriculum

The enhancements to the master’s program were designed to incorporate the contemporary requirements of a real estate profession adapting to an environment where commercial real estate product supply is lagging shifting demand. The relaunched degree program includes new or substantially upgraded courses in law, modeling and analytics, along with a renewed emphasis on case studies and a special skills training course designed to ensure students have hard skills—like financial modeling and Excel. 

Christophe Spaenjers, faculty director of the master's program, said the changes draw on the strengths of Leeds' faculty, not just its ties to the industry.

“There’s a big focus on real estate research from our faculty, and we also have adjunct professors who have years—if not decades—of experience,” Spaenjers said. “That gives our program a combination of academic depth and real-world connections that is so valuable to students.”

Those areas were important to Cooper Williams (MBA’10), president and principal at Essex Financial Group.

“Coming out of the master’s program, it’s very important for students to have a good fundamental understanding of valuation and cash flow modeling,” Williams said. “I wanted ŷ���ڱ���Ƶ to get back to having more real-time cases, doing case competitions, getting that real-world practice in modeling, and understanding both capital and risk.” For Koelbel, the skills are crucial, but so is the fundamental knowledge and high-level perspective needed to understand how the different disciplines and players within the industry work together to get projects and deals done. 

“We need our new hires to have a close understanding of how all the players work together—the developer, the banks, legal, and of course the tenant or homebuyer—so that as environmental conditions change, they’re able to anticipate how that will impact different stakeholders and react accordingly,” Koelbel said. “That means they can find or structure a deal no matter what larger trends are shaping the markets.” 

Spaenjers is confident the program meets those demands. 

“The updates give this program a blend of that knowledge base—the sort of industry vocabulary they need—with exposure to specific software and databases, like ARGUS and CoStar. That ensures they’re ready to create impact from the start,” he said.

Top-quality students

One thing both executives want to see unchanged is the quality of students admitted to the program. 

“The character of student coming out of the master’s program is as high as I’ve ever seen it,” Williams said. “The recruiting of the student base has been fantastic, and I think that’s a credit to ŷ���ڱ���ƵREC’s leadership and history of engagement with the real estate community.” 

Unique to Leeds is the incorporation of societal challenges, such as sustainability, into the fabric of each course—crucial as the industry faces pressure on areas like climate change.

“For example, in my real estate finance course, I have a guest lecture by one of our faculty here, who shares research on how climate change effects house prices,” Spaenjers said. “Rather than packaging this in a separate course, we also try to bring those issues into our core materials.”

The master’s program isn’t the only real estate offering at Leeds. The school also offers an MBA with a real estate pathway, which offers a broader business and management degree that includes special courses and co-curricular experiences for students looking to take leadership roles in the industry. At the undergraduate level, Leeds offers an area of emphasis in real estate that prepares students for roles in development, brokering, investing, law and consulting, among others. 

The refreshed approach to the master’s program puts it firmly on par with these other offerings—and, Kercheval said, the updates aren’t done yet. 

“Now that we have this solid curriculum, we want to look at how the program is delivered,” he said. “Is there a way to create a part-time option, or a hybrid version of the program? We’ve addressed a pressing need in very short order—but it’s not a one and done. We’ll be continuing to innovate.” 

Prospective students are encouaged to visit the program website to learn more, or contact the Leeds graduate programs team at leedsgrad@colorado.edu or (303) 492-8397.

  Why Leeds     ŷ���ڱ���Ƶ Real Estate Center     M.S. Real Estate

Provost Russell Moore today announced his appointment of Vijay Khatri as the Tandean Rustandy Endowed Dean of the Leeds School of Business, effective July 1. Khatri will hold the first named endowed deanship at ŷ���ڱ���Ƶ Boulder, supported by a $5 million gift by Tandean Rustandy.

“Dr. Khatri demonstrates a deep and compelling understanding of the critical interrelationship between promoting a strong and welcoming culture and developing strong academic programs,” Moore said. “He articulates a vision that is truly consistent with Leeds’ focus on ethics and social responsibility.”

Khatri currently serves as the executive associate dean for strategy, innovation and technology at Indiana University Bloomington’s Kelley School of Business, where he spearheads Kelley’s strategic initiatives, integrates Kelley’s and the university’s global education initiatives, and spearheads innovations in schoolwide processes, including the underlying systems for those processes.

Read the full article here.