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 Commercial Real Estate Total Returns 10 4 Industrial Sector 11 4.1 Cur