Faculty & Research

Tom Musil

Assistant Professor : Finance Department

MCH 358
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Tom Musil is a real estate professor in the Department of Finance.

Formerly, he held positions as the director of the Master of Science Program in Real Estate and the Shenehon Center for Real Estate Education (1993-2009) at the University of St. Thomas, director of the Real Estate Education Program at the University of Minnesota (1980-1988) and director of the Minnesota Center for Real Estate and Housing Education at St. Cloud State University.

Musil has written several papers and articles on business, real estate and economic development topics, and is a member of professional and academic editorial boards for leading real estate journals including the Journal of Corporate Real Estate and the Journal of Real Estate Literature. During the past 30 years, Musil has served on numerous committees and boards in real estate related government, nonprofit and professional organizations.


Academic Background

B.A., political science, Macalester College
Higher Education Consortium for Urban Affairs Participant,
Planning and Land Use Studies, University of Oslo, Norway
M.B.A., University of St. Thomas
D.P.A., Doctorate in Public Administration, Hamline University

Research Specialties

  • Community Benefits Agreements
  • Impact analysis practices in real estate development
  • Real estate ethics and standards of care 
  • Real estate damages 
  • Business interruption and lost profit analysis
  • Forensic economics and damages

Current Research

  • Agencyissues in real estate disputes
  • Community and developer relationships and communication processes
  • Nature and structure of Community Benefits Agreements
  • Real estate economic impact analysis using input-output modeling

Major Works

  • "The Sleeping Giant: Community Benefit Agreements and Urban Development," The Urban Lawyer, University of Missouri, Kansas City and American Bar Association 44:4 (2012).
  • Musil, T. and J. Halloran, "Arbitrating Real Estate Agency Disputes: A Diverse and Changing Landscape," Dispute Resolution Journal, 67:4 (2012).
  • "Evaluating Economic Impacts of Corporate Real Estate Activities," Journal of Corporate Real Estate 13:3 (2011): 181-196.
  • "Evaluating Development and Community Benefits of Shopping Malls: A Case Study Using Input-Output Analysis," Journal of Financial Management of Property and Construction 16:2 (2011): 111-125.
  • Musil, Thomas and J. Halloran, "Arbitrating Multiple Peril Crop Insurance Disputes," Dispute Resolution Journal (2009): 38-41.
  • "What Development Regulatory Variables Say---or Don’t Say---About a Municipality," Journal of Real Estate Research 29:2 (2007): 159-171.
  • "Critical Issues in Corporate Real Estate: Developing a Better Understanding of Public Sector Project Impact Analysis Practices," Journal of Corporate Real Estate 8:3 (2006): 151-162.
  • "Integrating Business School Curricular Resources into Real Estate Practitioner Professional Development," Journal of Real Estate Practice and  Education 8:1 (2005): 133-149. This paper won the 2004 American Real Estate Society Manuscript Prize in Real Estate Education.   
  • "Impact Analysis Practices in Economic Development," Economic Development Review 17:4 (2001): 111-116.
  • "How Cities Measure the Benefits of Economic Development and Subsidies," Business Xpansion Journal 2:10 (2001): 32-38.
  • "Project Impact Analysis: Insights for Developers," Site Selection 46:2 (2001): 146-151.
  • "Valuation of Development Impacts: A Review of Critical Cost Benefit Analysis Opportunities, Issues and Pitfalls for Appraisers," Valuation 2000: Papers and Proceedings (2000): 187-192.
  • Karvel, G., Thomas Musil and R. Sebastian, "Minnesota Business Migration: Relocation, Expansion, and Formation in Border States," American Experiment Quarterly 1:2 (1998): 67-85.

Honors and Awards

  • Certified Valuation Analyst (CVA)
  • National Association of Certified Valuators and Analysts 
  • Certificate of Recognition for outstanding leadership on the Board of Directors of Minnesota/Dakota’s Chapter of the CCIM-Commercial Investment Real Estate Institute. 2004.
  • Named a Distinguished Fellow, The National Association of Industrial and Office Properties, 2002.
  • Certificate of Recognition for Outstanding Service, Appraisal Institute, 2001.
  • Selected as a Member of the Appraisal Institute Leadership Development and Advisory Council, 2000.
  • Building Owners and Managers Institute International Award for Outstanding Service, 1990.
  • Certificate of Recognition from the Minneapolis City Council for Service to the Zoning Board of Adjustment, 1989.
  • Certificate of Appreciation, Minnesota Department of Commerce, 1986. 

Current Community Relationships

  • Editorial Board, Journal of Corporate Real Estate, 2006 to Present.
  • Co-editor, Journal of Real Estate Literature,2005 to Present.
  • Editorial Board, Minnesota Real Estate Journal,2005 to Present. 
  • Arbitrator for the National Commercial Panel and Real Estate Arbitration Panel, American Arbitration Association, 1988 to Present. 
  • Arbitrator, International Centre for Dispute Resolution,2003 to Present.


  • American Arbitration Association
  • American Real Estate Society
  • National Association of Forensic Economics 
  • Corporate Real Estate Network (CORNET)
  • National Association of Certified Valuators and Analysts
  • Urban Land Institute
  • International Council of Shopping Centers