RT Journal Article SR Electronic T1 Why Real Estate? JF The Journal of Portfolio Management FD Institutional Investor Journals SP 20 OP 32 DO 10.3905/jpm.2001.319820 VO 28 IS 1 A1 Susan Hudson-Wilson YR 2001 UL https://pm-research.com/content/28/1/20.abstract AB Institutional investors have traditionally viewed real estate as a risk–reducer, diversifying portfolios in line with the fiduciary responsibilities imposed by ERISA. This is not the only role that the asset class can fill. Real estate can obviously help make a portfolio market–neutral and more reflective of the overall investment universe. Can it also reduce the overall risk of a portfolio, provide high absolute returns, act as an inflation hedge, and offer strong cash flows? Recently, the equity market has faltered, and the specters of inflation and recession now haunt the collective psyche of the investor. Why real estate? Is the answer more compelling now than in the late 1990s? The author takes a detailed look.