Benchmarks have long been a staple of institutional real estate investing. They offer structure, comparability and a sense of discipline. In quarterly reviews and boardrooms alike, they provide a convenient shorthand for answering the enduring question: How are we doing?

After years of capital shifting toward secondary markets, international gateway markets are once again drawing attention from investors worldwide. Global gateway markets have seen a resurgence of megadeals this year. From the €850 million sale of the Capital 8 office complex in Paris to the ¥300 billion (€1.65 billion) purchase of the Dentsu Group headquarters in Tokyo, buyers are clearly back with the desire — and money — to acquire assets in primary markets.

Core is no more. Or at least, it is not what it was a decade back. That change is both a blessing and a curse. There is greater sophistication among investors, and an expanding pool of subsectors that could classify in the asset class. But today’s core also requires more intensive analysis of segments that are often operationally complex.