This time is different, very different. And to be successful in the marketplace, investors and managers must reset expectations and adjust strategies. What’s worked in past cycles may not apply — demand is changing, technology dampens growth in the commercial sector, the industry does not require as many middlemen and returns will be lower. Advantage goes to proven operators with hands-on skill sets to manage properties and deliver performance as well as a few financial giants, which attract capital from institutional investors, seeking safety in gold-plated brands. Boutique allocators looking for value-add or opportunistic returns gain little traction — many cannot get out from under track records eroded in the recent crash. And no one wants to take a chance on new players. Of course, advisers who peddle financial structures over real estate acumen need not apply either.

I guess you could say I am an industry veteran — I started more than 40 years ago when major insu