Abstract
This paper formed the basis of the keynote address to the Pacific Rim Real Estate Society conference in Melbourne in January 2005. In the asset allocation process, direct real estate investment suffers from some perceived disadvantages and this paper summarises recent research, funded by practice, into three of these perceived disadvantages; depreciation in value, liquidity (or lack of it) and the accuracy of valuations. It also discusses the tensions when undertaking industry funded research concerning the industry need for useable results and the academic need for a sound theoretical framework and research method.
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