Thompson says that while Japan is finally emerging from a 13-year recession, the real up-and-coming markets to consider are China and India, but both are still first generation real estate markets.

"If you look at India there is tremendous growth there," Thompson says. The markets of Delhi, Bangalore and Mumbai are the main focal point for investors looking to enter the country. According to a Cushman & Wakefield report, "The Indian real estate capital market has evolved noticeably in a short span of time. Though it is still considered to be in its infancy the growth fundamentals are strong. Significant demand across product verticals induced by continued economic growth, infrastructure changes and favorable government policies is already beginning to lead the market towards a higher degree of maturity."

Thompson says some investors are turning toward development in order to enter the market and remarks that it is a necessary move. "There is a tremendous accumulation of capital, almost on a weekly basis, seeking investment opportunities that really don't exist. So what we've seen is that some of the more astute investors have become developers." Tishman Speyer Properties is one example Thompson cites. In April 2005, Tishman Speyer teamed with ICICI Venture Funds Management Co., an Indian private equity funds management company, to develop real estate in India, according to a release issued at that time. The new company is called TSI Venture Limited.