Several factors appear to be limiting growth and profitability for real estate institutional investors. Faced with higher risks and competition, commercial real estate (CRE) investors posted negative average annual returns in 2018, both globally (-5.6 percent) and in the United States (-4.1 percent).1 In comparison, average annual returns were 6.4 percent and 6.9 percent globally and in the United States, respectively, during the 2014 –2017 period.2 Deloitte's 2018 Global Real Estate Institutional Investor survey of 500 global institutional investors seems to show respondents remain committed to CRE as an asset class: 97 percent of the respondents plan to increase their capital commitment through 2019. However, their investment decisions are likely to be challenged by geographic market, tenant, and financing/interest rate risks (see figure 1).