People who do not have careers in real estate often think of the industry as a monolith or, at most, they will differentiate between residential and commercial properties. But people looking to invest in real estate need to understand the differences among property types and regions, and they need to know that real estate runs not in one cycle, but in many overlapping cycles in which different property types flourish and languish at different times.

Most industry insiders agree that, overall, 2016 will be a good year to invest in real estate in big or small ways. The market is on the upturn; debt remains readily accessible; development of new properties is still on the increase. Some investors will feel inclined, in view of market conditions, to make a major allocation to real estate. That in itself will not be a bad idea, but most pundits are warning against highly speculative plays. This, they say, will be a year for investing in properties that can be improved and re-sold