Winter 1998/1999, Vol 23, No 4

Abstract: Recent events in the public markets for real estate debt and equity securities may be analyzed from the point of view of the competition between public and private sources of commercial real estate finance. The author summarizes the clash between the public and private marketplaces over recent decades; discusses the causes of the liquidity crisis in summer, 1998; projects likely outcomes for public market real estate securities; and concludes that there will be a continuing need for both public and private sources of real estate finance, with opportunities for profit for those who understand what happens when such markets clash.