There are exciting changes afoot at the Massachusetts Institute of Technology (MIT). Having led the Master of Science in Real Estate Development Program (MSRED), Walter Torous, senior lecturer at both the MIT Department of Urban Studies & Planning and the MIT Sloan School of Management, will be stepping into the role of executive director at the MIT Center for Real Estate (CRE) from July 1, 2026.
But, Torous isn’t alone. Accompanying him is Justin Steil, who will assume the mantle of faculty chair of the Academic Curriculum Council at CRE. Professor Steil specializes in law and urban planning, bringing a diverse skill set to the team. Enthusiastic about this leadership duo, School of Architecture and Planning Dean Hashim Sarkis stated confidently, “Together, Walter and Justin will guide CRE’s academic and strategic direction as it continues to strengthen its role within our school and the Institute.” The appointments underline the crucial role CRE plays at the intersection of finance, design, planning, technology, and public policy.
Before joining MIT in 2013, Torous held noteworthy roles at UCLA’s Anderson School of Management and the Ziman Center for Real Estate. His leadership at CRE will be in continuation of the tenure of STL Champion Professor Siqi Zheng, who led the institute from between July 2020 to June 2026. As the torch passes, Torous will not just oversee the center’s staff, budget, and strategic direction, but also actively work with Steil on advancing CRE’s academic programs and industry engagement.
“Real estate, both commercial and residential, is undergoing tremendous change,” notes Torous. Much of this transformation is brought on by demographic shifts and technological advancements, which are greatly affecting the market. Torous therefore sees the center as a potent force in shaping future leaders equipped to navigate the complexities of an ever-changing real estate landscape. He has plans to expand the MSRED curriculum, incorporating more interdisciplinary content from other MIT departments.
For Torous, the invaluable resource of insights from the center’s 1,200-plus alumni, built over 43 years, will be a priority. His research, primarily focused on the financial aspects of the real estate market, such as mortgage defaults and Covid-19’s impact on commercial office markets, will be pertinent in making this realization. Moreover, Torous is keen to reflect the importance of growing technologies like AI and machine learning in real estate decision-making by integrating them in the curriculum.
All this said, it’s an exciting time as Torous looks forward to shaping a comprehensive, forward-thinking curriculum alongside Steil. Their vision aims to equip CRE students to become future leaders in real estate. Stay tuned for more updates or learn more from the original news release.
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