The founder of the Zell-Lurie Real Estate Center at Wharton reflects on the changes that have taken place in the industry in the last 25 years. He traces the development of real estate from purely a local business to the publicly owned REITs of today. Looking forward, the author sees the greatest opportunities for growth in the emerging markets, and concludes that the Zell-Lurie Real Estate Center needs to understand this new, global environment.
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