According to Ralff, a large part of the reason why the global listed real estate sector has trebled in the past 10 years is because of a growing specialisation within the sector.
“Going back to 1990s in the US, you had retail, and industrial and office and lodging. And, not to say that there are not still opportunities there, now we have moved into cell towers and health care and self-storage and student living and even within health care you have medical office buildings and assisted living facilities.”
And, he adds you are seeing the same trend in Japan and Germany and England. “There is a real global trend toward companies doing what they do best and to specialise and try and not to be a catch all, and that is going to continue.”