GlobeSt.com: Does this report find any particular real estate sector performing poorly in the future?

Jacobstein: The purpose of the report is to talk about trends. As detailed as it is, it cannot get down to the level of every single city and every single geographic area and what the positive and negative implications are. They tried to do it on a top down basis. The message that I read from it is that there are going to be, in most places, significant increases in population. There will also be a stabilization in some places. The opportunities exist in the developed countries nowhere near to the extent that they do in the developing countries because those countries have been incredibly undeserved in terms of housing and retail.

Will the retail be as robust in the United States and Europe, for example, as it was in the last 15 or 20 years? The answer is probably "no." To that extent you can say they're taking a hit, but it's really more of a slowdown. But this is more looking at opportunities than any particular sectors of the industry that are going to be negatively affected. And where there's negative impact, the opportunity exists to do something else somewhere else. Companies that are well-positioned and have the vision to do global work are the ones that are probably going to be the most successful.