As the economy of the future becomes increasingly high-tech, the retail sector must follow.

One of the dominant narratives in both the public equity and real estate markets over the past several years has been the idea that an unstoppable wave of online retailers — with Amazon and Alibaba Group at the forefront — will decimate traditional bricks-and-mortar retail businesses and the prospects of their landlords, the owners of retail real estate.

The price of property in Asia has, like one of the region’s many skyscrapers, been rising without pause. Now many investors think it has topped out, which means managers will have to work hard for their clients.