Table of Contents 1 Overview 3 1.1 Sector Allocations 3 1.2 Market Allocations 4 2 Commercial Real Estate Fundamentals 4 2.1 Economic and Structural Demand Drivers 5 2.2 Real Estate Supply 6 3 Commercial Real Estate Capital Markets 8 3.1 Public and Private Equity 8 3.2 Public and Private Debt 9 3.3 Co

2.1 Economic and Structural Demand Drivers Absorption across the apartment, office. retail, and warehouse sectors has closely tracked the economy over time, advancing (as a share of inventor