The current push to realign the global trade landscape is sitting on top of longer-term trends of how we invest in real estate — and, fundamentally, what real estate is. And let’s not forget the effects of data science and artificial intelligence on the way we work and make decisions.

It’s a leading question to ask debt strategists to rate the importance of debt as a real estate investment strategy. However, it is safe to say they all feel it is underrated. “Real estate debt should be a critical component of an investor’s portfolio,” enthuses Richard Flohr, a partner at CrossHarbor Capital Partners, and the portfolio manager for debt strategies. He cites appealing returns, downside protection and low correlation with other types of investments as the chief attractions. But where does it fit? And why is debt in danger of being overlooked, and undervalued within so many portfolios?

We are likely at a historic moment when it comes to allocations to alternative property sectors. Interest runs high, there’s a sudden influx of investment from open-end funds with deep wells of capital, and index providers are expanding their definitions in a way that allows greater flexibility to add alternative exposure.