The Expansion of Real Estate
讨论了商业地产定义的变化：一方面被纳入更广泛的资产类别（如实物资产），另一方面向下扩展至更多专业物业类型，并分析了这些趋势的原因和后果。
The definition of commercial real estate for institutional investment purposes is undergoing a change in two ways. First, real estate is increasingly being absorbed upward into more broadly defined asset buckets, such as real assets or private markets, in which the distinction between real estate and the other asset types is becoming increasingly fuzzy. Second, the asset class is expanding downward to include more specialty property types that were previously not considered suitable for institutional investors. In this article, the authors discuss these trends and their causes and consequences and relate them to the other articles contained in this special real estate issue. <b>TOPIC:</b>Real estate