November 2017 was the first down month for the Asia Pacific property sector since this past June, even as global economic growth prospects continued to solidify and provide tailwinds for property fundamentals heading into 2018. The –1.5 percent total return, primarily due to the two best-performing markets, Hong Kong and Singapore, taking a bit of a “breather” in November, lowered the region’s 2017 returns through November to a still quite respectable 29.3 percent, as compared with global property returns of 21.1 percent. Asia Pacific remains the best-performing region within the global property sector. Unlike most of 2017, however, in which the results were driven primarily by property developer strength, REITs were the clear drivers in November, up 3.6 percent regionally. While lagging developer returns for the year, 2017 REIT returns of 11 percent through this past November are very strong given we are multiple years into the sector’s recovery (with returns based on S&a