Over the last fifteen years, the commercial real estate sector has undergone a massive capital structure transformation, moving from private debt to both public and private market equity as the primary source of growth capital. As a result of greater connectivity to the broader capital markets, the real estate industry has experienced an increase in pricing efficiency On a larger scale, the author believes that the sector is only at the halfway point of full maturation, and will continue to evolve over the next ten to twelve years. Going forward as real estate becomes correctly priced, operational efficiency will also increase, making the ability to add value to real estate critical.
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