Institutional and large private investors have long concentrated their real estate investments in primary markets (such as Chicago, Los Angeles, New York and San Francisco), and in hot secondary markets (such as Austin, Charlotte, Denver and Phoenix). While they have done well with those locales over the years, those and similar markets have gotten crowded and expensive when real estate assets are performing well, begging the questions: How much money is being left on the table in tertiary markets? What are the challenges to investing in these markets, and how are they best evaluated and accessed?