The Forces Changing Real Estate Forever: Five Years Later

Peter Linneman

Zell/Lurie Center Working Papers from Wharton School Samuel Zell and Robert Lurie Real Estate Center, University of Pennsylvania

Abstract: The forces changing real estate have changed it forever, though more slowly than many thought. Nonetheless, scale and operational focus are common themes in real estate circles in a way not dreamed of ten years ago. Similarly, the emergence of substantial equity requirements continues to reshape the operation of real estate markets. Public equity mar-kets have dramatically grown in importance over the past five years. This pattern, along with the expansion of public debt markets, will continue over the remainder of the decade. The current weaknesses in property markets will feed the ongoing consolidation of the real estate industry. The end of decade will see a real estate company among the largest one hundred companies in the world.

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