Against a backdrop of unstable capital market conditions and a growing and increasingly complex real estate market, some institutional decision makers have chosen to augment the traditional consulting services provided by a primary real estate consultant by adding a “bench” of one or more specialty real estate consultants that can be called upon on an ad hoc basis as needs arise.

Special project consultants (often known as independent fiduciaries) can be used in a variety of circumstances, but generally their work will fall into one of the following five general categories: 1) when the investor needs specialized investment expertise, 2) when the primary real estate consultant may have a conflict, 3) when timing issues necessitate the use of a firm other than the primary real estate consultant, 4) when the investor would like to look at an issue from a fresh perspective, or 5) so the investor can get a second opinion.

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