1 Executive Summary 3
2 Global Economic & Political Highlights 4
3 Macroeconomic Implications to Real Estate 7
4 2016 Year in Review and 2017 Total Return Outlook by Country 10
5 Real Estate Capital Flows 13
6 Outlook for Real Estate Globally and by Region 16
6.1 Outlook and Opportunities for Asia Pacific Real Estate 16
6.2 Outlook and Opportunities for European Real Estate 17
6.3 Outlook and Opportunities for U.S. Real Estate 18
7 Global Portfolio Allocation Positioning 22
7.1 Australian Investor Allocation 23
7.2 Japanese Investor Allocation 23
7.3 South Korea Investor Allocation 24
7.4 German Investor Allocation 24
7.5 Swiss Investor Allocation 24
7.6 U.S. Investor Allocation 24
Important Information 26
Research & Strategy – Alternatives 28
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