Key Takeaways
- Capital markets cycles: Recovery, Expansion, Hyper Supply, Recession; CMBS issuance tracks these phases.
- Institutional herding drives capital in after prices rise and out after prices fall.
- Allocation lags of 6-18 months delay institutional capital deployment past optimal entry points.
- The denominator effect forces institutional RE sales during equity market downturns.
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Test Your Knowledge
1.What is the typical duration of a full real estate market cycle?
2.What is "herding" in institutional real estate behavior?
3.What is forced selling in institutional real estate?