After five years of uncertainty and caution, the global real estate market has survived without a second catastrophe. Investors are finally ready to ease back on risk aversion, expand past primary markets and begin chasing higher yields. But investor demands are very different from a half-decade ago, and it’s up to asset managers to find ways to adapt in a highly competitive fund market, while simultaneously preparing for rising interest rates and the eventual removal of accommodative policies implemented by the Federal Reserve. Navigating these murky waters is the focus of EY’s Global Market Outlook.

According to the report, 80 percent of investors plan to maintain or raise their real estate allocations in the near term as everyone senses the market finally entering a new positive growth cycle. But, with roughly 425 real estate funds currently on the market, and the 10 largest funds attracting half of the available capital, competition for investor