Investors’ increasing demand for fixed income alternatives has led them to embrace real estate as a key component of their mixed-asset portfolio. As a result, institutional capital fl ows towards the sector have flourished in recent years. This has not simply been a U.S. phenomenon. There has been an influx of capital into commercial real estate across the globe, particularly into stable, income generating prime real estate located in major gateway cities. Due to the recognition of commercial real estate as a separate asset class and rising demand for strong current income, competition for investing in property has risen. Given the direct commercial real estate market’s highly competitive nature as well as its finite inventory of core real estate available for sale, investors are increasingly investing in listed REITs as a liquid proxy for direct real estate.