Institutional Real Estate Americas

October 1, 2015: Vol. 27, Number 9

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From the Current Issue


Emerging funds are a study in contrasts

Conventional wisdom holds emerging fund managers have a much harder time raising capital than established managers do. The numbers pulled from Institutional Real Estate, Inc.’s FundTracker database, however, indicate emerging funds launched since 2013 have had about the same success as non-emerging funds launched during that time.


Target acquired: As the target-date fund grows in popularity, real estate is finding its place in the mix

Many managers are beginning to construct the target-date funds to resemble the portfolios of defined benefit pension funds, with the same alternative investments, including real estate. This is tricky due to the propensity — or at least the possibility — of defined contribution employees to pull money from their accounts, and investments such as real estate being essentially illiquid.


Connecting the dots: How China's economic malaise could affect U.S. real estate markets

In recent months, a series of major economic events occurred in China, starting with a stock market sell-off that sparked investor concern around the globe. Meanwhile, U.S. real estate investors have been watching things unfold safely outside the impact zone of this economic malaise, treating it primarily as a peripheral issue. In all likelihood, that is the right approach — but what if it’s not?


Are the Very Serious People wrong? Rising interest rates will not necessarily increase office cap rates

Very Serious People have stubbornly maintained over the past five years that interest rates (and inflation) would rise and increased interest rates would necessarily increase cap rates (and depress property prices). But compelling evidence contradicts the received wisdom: Rising interest rates will not necessarily increase unleveraged property capitalization rates and, thereby, depress prices.


Real estate investment managers consolidate power

The amount of capital flowing to the real estate asset class has continued to increase year-over-year, as reflected by the growth in total real estate assets under management reported by the 208 firms in the Global Investment Managers 2015 survey.


Apartment rents are up, but can it last?

It is a good time to be an investor in apartments. Rents are up strongly in markets across the country, according to Zumper, an apartment search service, but especially in the San Francisco Bay Area, where a hot tech market is pumping up the apartment market.

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