The 2017 Allocations Monitor includes research collected on a blind basis from 244 institutional investors in 28 countries. The 2017 participants hold total assets under management (“AUM”) exceeding US$11.5 trillion and have portfolio investments in real estate totaling approximately US$1.1 trillion. Our survey consisted of 25 questions concerning current and future investments in real estate, portfolio allocations to the asset class, investor conviction, investment management trends and the role of various investment strategies and vehicles within the context of the real estate allocation (e.g., direct investments, joint ventures, private funds). We also included questions regarding historical and target returns as well as environmental, social and governance (“ESG”) policies.