The still-stuttering global economy does not offer a lot of compelling venues for institutional real estate investors, or their brethren in equities or bonds. Institutional investors of all stripes are husbanding record hoards of cash, but bond yields are microscopic, stocks appear fairly to fully priced, and even the gold nuts are chary, a sure sign that today’s uncertain economies are especially choppy and unpredictable — and possibly unforgiving.

In such a scenario, it both makes sense and raises concerns that managers of capital should crowd into high-quality real estate — AAA or core or trophy — for its comforting refuge, some honest yield and the seductive promise of an upside should global boom-times ever make a return.

Too high a price?

Institutional real estate investors say the going is rich, but then one does have to pay to take part.

“Investors are reacting to unconventional times. Arguably present prime pricing is