December 1997, Vol 22, No 3

Abstract: Has there been a fundamental change in the real estate capital cycle? The author thinks not, but only after analyzing the impact of securitization, consolidation, technology, globalization, and the like. After surveying the state of the real estate capital markets, the author concludes that the trend toward public markets for real estate capital will continue. Along with such growth in public markets comes a requirement for much greater information about real estate. This enhanced flow of information could fundamentally change the private nature of real estate finance. Those who control such information databases will be the big winners in the next real estate cycle.