Real estate has rewarded investors with strong returns in a world of falling interest rates and established 

business models.The positive outlook for the global economy is an encouraging sign that the rewards will continue for some time to come.Yet there is an undercurrent of caution. in the three regional Emerging Trends in Real Estate® reports, and more so from the 24 senior professionals interviewed for this Global Emerging Trends edition.These industry leaders all acknowledge that this is a late-cycle property market influenced by a gradual reversal of monetary policy. There remains a disconnect between the sheer volume of capital raised and the opportunities in the market to deploy it effectively in assets that can withstand a downturn.Real estate is continuing to evolve into something that is less about ownership and more about access – or services and outcomes. In simple terms, this means that we are seeing a relative value-shift from the passive “bricks and mortar” component to a more dynamic, operational business. This is important for investors – who either need to  find innovative and cost-effective ways of accessing operational expertise and innovation, or face diminishing  returns. As the interviewees for Global Emerging Trends all agree, these are challenging times for an industry  that must somehow strike the right balance between risk management, innovation and entrepreneurship.