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The Journal of Portfolio Management

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The Changing Face of Real Estate Investment
Management

Jim Clayton, Frank J. Fabozzi, S. Michael Giliberto, Jacques N. Gordon, Susan Hudson-Wilson, William Hughes, Youguo Liang, Greg MacKinnon and Asieh Mansour
The Journal of Portfolio Management Special Real Estate Issue 2011, 37 (5) 12-23; DOI: https://doi.org/10.3905/jpm.2011.37.5.012
Jim Clayton
is a vice president of research at Cornerstone Real Estate Advisers in Hartford, CT.
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  • For correspondence: jclayton@cornerstoneadvisers.com
Frank J. Fabozzi
is a professor of finance at EDHEC Business School in France.
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  • For correspondence: frank.fabozzi@edhec.edu
S. Michael Giliberto
is an adjunct professor in the Graduate School of Business at Columbia University in New York, NY.
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  • For correspondence: michael.giliberto@verizon.net
Jacques N. Gordon
is global investment strategist at LaSalle Investment Management in Chicago, IL.
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  • For correspondence: jacques.gordon@lasalle.com
Susan Hudson-Wilson
is a board member at Hawkeye Partners in Austin, TX.
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  • For correspondence: hudwil@gmail.com
William Hughes
is the head of U.S. research at UBS Realty Investors in Hartford, CT.
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  • For correspondence: william.hughes@ubs.com
Youguo Liang
is managing director of investment research at Prudential Real Estate Investors in Parsippany, NJ.
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  • For correspondence: youguo.liang@prudential.com
Greg MacKinnon
is the director of research at the Pension Real Estate Association in Hartford, CT.
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  • For correspondence: greg@prea.org
Asieh Mansour
is the head of Americas research at CB Richard Ellis in San Francisco, CA.
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  • For correspondence: asieh.mansour@cbre.com
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Abstract

The real estate investment management industry has been undergoing a process of change over the last two decades. The market is far more transparent than it once was due to the availability of far more, and more detailed, market information. Combined with the increasing integration of real estate with the broader capital markets, this has led to a market that reacts more quickly to events, exhibits more volatility, and in which the nature of risk has changed. These ongoing changes in the market, combined with the lessons of the financial crisis, have resulted in risk management becoming a topic of primary importance in real estate investment. Changes in the nature of real estate risk and the increased emphasis on risk management have the potential to create substantial changes in the real estate investment management industry going forward. The greatest challenge for the industry will be cultural—an understanding of risk, its sources, and its management will need to become central to investment decision making.

TOPICS: Real estate, pension funds, CMBS and commercial mortgage loans

  • © 2011 Pageant Media Ltd
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The Journal of Portfolio Management: 37 (5)
The Journal of Portfolio Management
Vol. 37, Issue 5
Special Real Estate Issue 2011
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The Changing Face of Real Estate Investment
Management
Jim Clayton, Frank J. Fabozzi, S. Michael Giliberto, Jacques N. Gordon, Susan Hudson-Wilson, William Hughes, Youguo Liang, Greg MacKinnon, Asieh Mansour
The Journal of Portfolio Management Sep 2011, 37 (5) 12-23; DOI: 10.3905/jpm.2011.37.5.012

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The Changing Face of Real Estate Investment
Management
Jim Clayton, Frank J. Fabozzi, S. Michael Giliberto, Jacques N. Gordon, Susan Hudson-Wilson, William Hughes, Youguo Liang, Greg MacKinnon, Asieh Mansour
The Journal of Portfolio Management Sep 2011, 37 (5) 12-23; DOI: 10.3905/jpm.2011.37.5.012
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  • Article
    • Abstract
    • INFORMATION AND EFFICIENCY
    • RISK MANAGEMENT: THE NEW FRONTIER
    • THE QUANTITATIVE CHALLENGE AND THE SOFT SIDE OF RISK MANAGEMENT
    • RISK, DIVERSIFICATION, AND THE GLOBAL VIEW
    • CHANGE IS HERE TO STAY
    • ENDNOTES
    • REFERENCES
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