Somewhat as expected, the global real estate markets continued their oscillation between up and down this past November as the markets continue to assess the fortunes of the real estate asset class in a mixed economic and interest rate environment. The Asia Pacific region was not immune to that volatility in November, to the downside, as the market posted negative total returns of –2.2 percent, according to SNL Financial, with regional returns denominated back to US dollars and country returns in local currency. This exemplified the volatility that existed in the public real estate markets during 2013.

This past November marked the sixth time during 2013 that the Asia Pacific market exhibited total returns greater than 2 percentage points, whether positive or negative. Net of these movements, 2013 has been quite mediocre for the asset class, with January through November total returns of 1.9 percent, which lagged