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The Zell/Lurie Real Estate Center hosted the 2006 Pension Real Estate Association (PREA) Institute at The Wharton School on June 8-9, 2006. Professor Peter Linneman opened the Institute with a talk on "Real Estate Economics and Capital Markets." The second session, examining the view from the industry side, was led by Professor Joseph Gyourko, joined by panelists Albert Behler, Paramount Group; Michelle Felman, Vornado Realty Trust; William Hankowsky, Liberty Property Trust; Roy Hilton March, Eastdil Secured; and Frederick Tuomi, Equity Residential. The Institute's luncheon speaker was Professor Janice Madden, who gave a fascinating talk on the economic impacts that will accompany the Baby Boomers' aging. Professor Gyourko kicked off the afternoon session with a look at "Housing Market Cycles: What Will the Markets Look Like After the Great Boom?" He discussed the nature and causes of housing price cycles, how housing prices revert or cycle, how cycles differ across markets, what drives them, and how long they can last. The final session of Thursday afternoon was "The Real Estate Investment Boom in Germany: Opportunity or Dead End?" led by Professor Linneman. This was not only an educational session on a foreign market, but an opportunity to begin analysis of other countries' real estate markets and economies. Richard Mully, Grove International Partners (UK) joined Linneman as a panelist.  PREA Institute Committee Chairman Jeff Barclay at right together with Institute participant Zell/Lurie Associate Director Asuka Nakahara launched Friday's sessions with a look at "Real Estate Investment Management: Convergence or Divergence?" His panel focused on the rapidly changing environment of money managers in the real estate investment business. Panelists included Jeff Barclay, ING Clarion Partners; Kevin Christenson, Ferguson Partners; and Andy Isikoff, Perry Capital. Carl B. Tash, Cliffwood Partners; James S. Corl, Cohen & Steers Capital Management; and Edward A. Glickman, PREIT were panelists for Friday's second session, "The Public vs. Private Markets in Real Estate," moderated by Professor Gyourko. Professor Andrew Metrick, Associate Professor of Finance, The Wharton School, delivered the Institute's closing speech, "New Developments in Private Equity Investing," focusing not on real estate, but on capital flows to private equity in general, as well as changing risk and return parameters relevant to this market. After the Institute's two days of intensive lectures and discussions, reading materials and group projects supplemented and enriched the classroom experience. The participants were very appreciative of the high level of scholarship and the exceptional setting that contributed, once again, to a very successful Institute.
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