'Nimble' quality will be attractive attribute in '05.

The article reports that real estate is expected to remain an attractive asset class for institutional investors in 2005. Insiders say investors will need to be nimble and focus on risk management. This maturity means that institutional investors will need to optimize the value that they have in their portfolios because there will continue to be an abundance of capital chasing fewer opportunities. In December 2004, the $182.3 billion California Public Employees' Retirement System, Sacramento, decreased its allocation to real estate to 8% from 9 per cent.