IIJournals JPM-Special Real Estate Article Collection | Seite 9

2011, which is broadly in line with the findings of Florance
et al. [2010], who estimate the size of the US institutional
real estate market at $7 trillion in 2009, using different data
and a different methodology. The estimated global market
sizes cited would therefore seem reasonable.
3
Source: World Federation of Exchanges.
4
Further, the expanding richness of real estate investment choices is blurring the boundaries between the quadrants, potentially making it tougher to put a single quadrant
label on any particular investment.
5
Source: Sovereign Wealth Fund Institute, August
2013.
6
Susan Hudson-Wilson insisted on the “four quadrant”
name, even though her industry colleagues frequently pointed
out that the number four was redundant.

REFERENCES
Alcock, J., A. Baum, N. Colley, and E. Steiner. “The Role of
Financial Leverage in the Performance of Private Equity Real
Estate Funds.” The Journal of Portfolio Management, Special
Real Estate Issue, Vol. ??, No. ? (2013), pp. ??-??.
Andonov, A., N. Kok, and P. Eichholtz. “A Global Perspective on Pension Fund Investments in Real Estate.” The Journal
of Portfolio Management, Special Real Estate Issue, Vol. ??, No.
? (2013), pp. ??-??.
Ang, A., N. Nabar, and S. Wald. “Searching for a Common
Factor in Public and Private Real Estate Returns.” The Journal
of Portfolio Management, Special Real Estate Issue, Vol. ??, No.
? (2013), pp. ??-??.
Cheng, P., Z. Lin, and Yi. Liu. “Is There a Real Estate Allocation Puzzle?” The Journal of Portfolio Management, Special
Real Estate Issue, Vol. ??, No. ? (2013), pp. ??-??.
Esrig, D., S. Kolasa, and L. Cerreta. “Assessing the Impact of
Real Estate on Target Date Fund Performance.” The Journal
of Portfolio Management, Special Real Estate Issue, Vol. ??, No.
? (2013), pp. ??-??.

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PORTFOLIO STRATEGY AND STRUCTURE TAKE CENTER STAGE

JPM-CLAYTON.indd Sec1:20

Fabozzi, F.J., S. Stanescu, and R. Tunaru. “Commercial
Real Estate Risk Management with Derivatives.” The Journal
of Portfolio Management, Special Real Estate Issue, Vol. ??, No.
? (2013), pp. ??-??.
Fiorilla, P., M. Kapas, and Y. Liang. “A Bird’s Eye View of
the Global Real Estate Markets: 2012 Update.” Prudential
Real Estate Investors, 2012.
Florance, A.C. , N.G. Miller, R. Peng, and J. Spivey. “Slicing,
Dicing, and Scoping the Size of the U.S. Commercial Real
Estate Market.” Journal of Real Estate Portfolio Management, Vol.
16, No. 2 (May–August 2010),