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

Jacobstein: The purpose of the report is to talkabout trends. As detailed as it is, it cannot get down to the levelof every single city and every single geographic area and what thepositive and negative implications are. They tried to do it on atop down basis. The message that I read from it is that there aregoing to be, in most places, significant increases in population.There will also be a stabilization in some places. Theopportunities exist in the developed countries nowhere near to theextent that they do in the developing countries because thosecountries have been incredibly undeserved in terms of housing andretail.

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 isprobably "no." To that extent you can say they're taking a hit, butit's really more of a slowdown. But this is more looking atopportunities than any particular sectors of the industry that aregoing 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 globalwork are the ones that are probably going to be the mostsuccessful.