UBC Sauder wins 2025 NAIOP Western Canada Real Estate Challenge on home turf

The UBC Sauder School of Business had won 11 out of the 21 times it had competed at the 2025 NAIOP Pacific Northwest and Western Canada Real Estate Challenges. So, when the case competition came to Vancouver for only the second time, the expectations—and stakes—were naturally high.  

Each year, the Vancouver chapter of the NAIOP, the Commercial Real Estate Development Association, pits UBC Sauder students against teams from the University of Alberta, University of Calgary and University of Manitoba to create a robust, real-life and comprehensive development proposal for a commercial site.  

This year was no different, as seven UBC BCom students took a crack at what was described as a 'challenging' case site: two properties, separated by a road, spanning 6.2 acres in Lower Mainland's False Creek Flats. The competition was judged by five senior executives from Canadian real estate firms.

The result? UBC Sauder students cemented their place as champions, registering one more win in an already impressive legacy of the competition. The team also walked away with $4,000 in cash prize.  

“I am really proud of this team,” said Tsur Somerville, Associate Professor at the Strategy and Business Economics Division, who also mentored the students. “They worked really hard and came together to present a compelling vision and business case for a commercial project at the site.” 

Jen Lum, member of the winning team and a fifth-year student specializing in real estate at UBC Sauder, said: "This win feels really special because this case was one of the most challenging in recent times, owing to the complicated nature of industrial zoning, the unconventional layout of the site and the fact that we're in a market downturn."  

Deep-rooted in knowledge of Vancouver's real estate 

Over a period of two months, the team members divided tasks based on their diverse skills and approached the site with multiple tools: from market analysis and financial modeling to zoning laws and site design.  

"There was a lot of back-and-forth and it wasn't a straightforward process,” said fourth-year student Anikha Khan. “But we problem-solved together as a group and consulted with their mentors at all stages."

UBC Sauder alumni and external mentors provided invaluable support. Korbin daSliva, Senior Director of Development at Townline and Jaraad Marani, Vice President of Development Advisory at Colliers, as well as the team’s corporate sponsor Fiera Real Estate gave feedback and strategic direction at key stages of the preparation. This helped in creating a realistic and industry-ready proposal that impressed the judges. “Our solution was in sync with the actual market dynamics,” said fifth-year student Bruce Yu. “We underbuilt, which is counterintuitive, but it was the right move for current market conditions.” 

'Most valuable experience' 

Yu also said the extensive UBC Sauder alumni network in Vancouver's real estate market, their understanding of the developer’s financial and ESG goals and their long-standing experience with commercial sites gave the team an edge.   

The hands-on nature of the project, combined with the opportunity to be mentored by and work with industry professionals, made it an unparalleled educational experience. 

“This was probably the most time-consuming and challenging experience I’ve ever had at the school," said Khan. "But it was the most valuable experience I’ve had throughout my degree.” 

"The number one thing I’ve learned is how to utilize your network,” said Lum. “Every single member of the team talked to so many different industry professionals to get more insights and apply them to the case.” 

Lum also highlighted the mentorship that came from the school, specifically from Professor Somerville. "“He was so, so helpful. He held our hand throughout the process, checking in and making sure we were okay.” Khan echoed: "Tsur (Somerville) always emphasized that as long as we had fun and learnt from the experience, then it was all worth it. But the win definitely made it extra rewarding." 

Yu encourages current and future UBC Sauder students to participate in this real estate challenge, as it provides an opportunity to apply classroom learnings to a real-time project, gain hands-on experience, make connections and launch into a successful real estate career.

The team members, it turns out, were no rookies. Here are the names of the winners at the 2025 NAIOP Western Canada Real Estate Challenge: 

• Anikha Khan   
• Charlie King 
• Jen Lum  
• Arjun Manro   
• Anvith Mulpuri  
• Daiwik Shah  
• Bruce Yu