RT Journal Article
SR Electronic
T1 The Changing Face of Real Estate Investment<br/>Management
JF The Journal of Portfolio Management
FD Institutional Investor Journals
SP 12
OP 23
DO 10.3905/jpm.2011.37.5.012
VO 37
IS 5
A1 Clayton, Jim
A1 Fabozzi, Frank J.
A1 Giliberto, S. Michael
A1 Gordon, Jacques N.
A1 Hudson-Wilson, Susan
A1 Hughes, William
A1 Liang, Youguo
A1 MacKinnon, Greg
A1 Mansour, Asieh
YR 2011
UL http://jpm.pm-research.com/content/37/5/12.abstract
AB 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