Word in the hallways is investors are becoming nervous about this cycle. But this defensive stance does not mean they are out of the market. It simply means they are being disciplined, and they would rather be underallocated than commit to a fund they are not totally happy with. The increase in core and core-plus funds, as well as debt funds, shows managers are listening and providing products that meet the industry’s needs. Because of this response, the time funds are on offer has continued to creep down. In fact, debt funds proved to be the fastest-closing funds in 2016, averaging 14.7 months in the market from start to finish, according to Institutional Real Estate, Inc.’s FundTracker database.

The mean time for funds to be in the market has fallen steadily since 2013, when the average fund was marketing for 21.3 months. Funds holding a final close in 2014 had been marketing 19.3 months, on average. Those closing in 2015 had been open for 18.9 months. And t