Change, though it may be inevitable, is something few people feel comfortable accepting—which partially explains why almost every New Year's resolution ever made has inevitably failed.
In an industry as dynamic as private equity real estate, however, change can be a good thing. Take the example of legendary real estate investor Sam Zell, whose profile begins on p. 22. “If you look back through the annals of history,” he told me, “the truly successful people have been those who have been most adept at managing change.”
Good advice from a man who has invested through every real estate cycle of the past 40 years. In fact, Zell's observation may be even more true today: as capital moves freely across the globe and greater efficiency is brought to bear on worldwide property markets, real estate investors must be more nimble in seeking out the areas of greatest opportunity.
The Middle East, for example, is one area of the world that investors would not have even considered five years ago. Today, however, the region is undergoing a significant transformation, particularly in its real estate industry. Our special report on the region, which begins on p. 27, covers a number of different topics, from the boom (and possible bust) going on in Dubai to the developments taking place in Kuwait, Bahrain and the rest of the countries making up the Gulf Cooperation Council.
Private Equity Real Estate itself is not immune to the forces of change—in an industry that moves as fast as this one, we can't afford to be. So following a successful launch last year, we have created a new and improved publication for 2006 and beyond. Along with a revamped design, you'll also find expanded editorial coverage including more features such as The Four Food Groups, Nuts & Bolts and a comprehensive special report each month—future topics include in-depth looks at China and India, a review of the industry's 20 landmark transactions and our picks for the most influential people in the industry today.
As the forces of change continue to shape the private equity real estate industry, rest assured that we'll be there to document it.
Enjoy the issue and the new look,