The primary conclusion of the Survey is that institutions are poised to allocate significant capital to new real estate investments. The weight of this capital can be expected to have broad implications for the industry, including with respect to transaction volumes, fund raising, lending activity and property valuations. Although certain industry research has indicated that the property markets are frothy, we believe that the supply of capital may sustain current valuation and financing metrics (including capitalization rates and the cost of debt capital). This is not intended to diminish the risk of low economic growth, inflation or rising interest rates, but rather identify an important factor for industry participants to consider.