There are a wide range of opinions on what 2005 will hold in the way of total returns for the publicly traded real estate industry. Forecasts from industry professionals ranged from 16.7 percent growth to a decline of 10 percent. The highest prediction came from Stephanie Krewson at BB&T Capital Markets, who anticipates a 16.7 percent return. On the low end was Jay Leupp at RBC Capital Management, forecasting anywhere from no growth to a 10 percent decline. As for specific sectors, the majority of those polled by Portfolio said the mall and office sectors are the most likely to outperform in 2005.

Looking Ahead
Name	Company	Total Returns Range	Top Projected Sectors(s)
Stephanie Krewson	BB&T Capital Markets	16.7%	Apartment, Hotel
Ross Smotrich	Bear, Stearns & Co.	12% to 14%	Retail, Commercial Mortgage/Specialty Finance
Martin Cohen	Cohen & Steers Capital Management	12%	Apartment, Office
David Fick	Legg Mason	10%	Office
Steve Sakwa	Merrill Lynch	5% to 10%	Mall, Industrial
Ralph Block	Essential REIT Publishing	9%	Hotel
Greg Whyte	Morgan Stanley	0% to 5%	Mall, Industrial
Louis Taylor	Deutsche Bank	-5% to 5%	Regional Mall, Industrial
Jay Leupp	RBC Capital Management	-10% to 0%	Mall, Office