Redemption quest

Is the industry facing a liquidity crisis? Investors believe  so, according to the latest Investment Intentions Survey. Two experts explore whether they're correct.

INVESTOR VIEWPOINT

To me this outcome is surprising, not because of the liquidity issue itself but because of this being an issue at this point in the cycle.

In 2014, for example, secondary market transactions have increased to all-time highs on account of the wall of capital seeking real estate exposure, thereby decreasing the average discounts across the range.