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- June 1, 2015: Vol. 27, Number 6

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The money talks: Industry professionals gather to discuss the state of the commercial real estate markets

by Loretta Clodfelter

The number one question at the spring meeting of the Editorial Advisory Board of The Institutional Real Estate Letter – Americas was, “Where are we in the cycle?” And the answer — well, the answer varied depending on who was talking.

For the past couple of decades, Institutional Real Estate, Inc., has been gathering the brightest minds in the institutional real estate investment community and providing a forum to discuss what is keeping them up at night. And, for a period of broad economic expansion, the mood was a bit hesitant in the La Jolla, Calif., conference room. “Cautious optimism” was bandied about. The events of 2008 are still very fresh, and no one wants be caught on the wrong side of a correction — if and when it occurs. (And any “correction” may simply be a reversion to the mean.)

Attendees were asked to forecast, using instant polling technology, when they thought the expansionary phase of the real estate cycle would turn. Hardly

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