Tenant base and capital markets are globalizing and up to 60 percent of investment -quality real estate lies outside the U.S. In spite of this, most efforts to create global quality investment portfolios have fallen short. In major foreign markets, outsiders must possess either significant value-added operating ability, or access to "hidden" deals in order to realize above-average returns. Japan remains insular and changes are too slow to attract foreign real estate investment. Many countries in Latin America, Asia and Africa pose high political and economic risk and lack markets with meaningful exit opportunities. Protectionism and local regulations may create a barrier to potential growth in Europe. Most global real estate investors must initially choose local partners and then build their own infrastructure as they generate business. Despite these obstacles, capital markets create a demand for global real estate operators who best service customers and yield the highest returns.
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