R. Scot Sellers
Chairman & CEO, Archstone-Smith
"REITs will no longer be confined to a specific asset class. The leading public real estate companies will be much larger, and will be leading investors, developers and operators (all very successfully) of multiple asset classes. In addition, pension funds will invest in real estate almost exclusively through public companies. If a pension fund decides to invest in other asset classes today (say restaurants, for example), they don’t go out and purchase individual restaurants—instead, they buy equity positions in leading public companies in the industries they have selected. This same approach will (finally) be the strategy of choice in the real estate industry."

Scott Crowe
Director, Global Real Estate Strategist, UBS
"REITs help overcome the three main barriers to entry for real estate investment: large lot sizes, illiquidity, and inefficient information. As a result, I expect to see an increasing widening of the capital base and REIT market capitalizations doubling globally over the next seven years. This will be combined with increased consolidation (bigger vehicles) and more cross-border investment by REITs (particularly retail companies)."

Christopher Nassetta
President & CEO, Host Marriott Corporation
"In the next decade and beyond, trading in real estate securities will become more efficient and transparent as real estate continues to evolve into a true investment class. As the world economy becomes more interconnected, investors will increasingly look to buy and sell real estate securities on a global basis. As a result of the efficiency of the REIT structure, we should continue to see it expand around the globe."

Richard Ziman
Chairman & CEO, Arden Realty, Inc.
"The real estate industry has got to evolve, and in order to evolve successfully, it must take an increased role in the political arena. It has to be involved federally, statewide and locally. We must accommodate and create the best quality of life as possible. The greatest challenge is for the real estate industry to be a part of the process of what will be in the future."