Mirante says the US is "considered the most transparent andliquid market, with over 200 properties sold in excess of $200million in 2005." However, "if interest rates continue to rise andthe equity markets improve, it is fair for us to assume realestate's historical yield advantage over other asset classes willdissipate and eventually there may be a moderation of the capitalflowing into real estate," Mirante told the CFA Conferenceattendees.

If that scenario should occur, the Cushman & Wakefieldexecutive said he still "does not see this having any meaningfulimpact on pricing." He is confident "pricing would remain strongbecause of the expanding global economy, improving real estatefundamentals and strong investor desire for real estate."

Mirante is equally confident real estate will be "a preferredinvestment alternative for the foreseeable future. I see downsideprotection against the bubble in the large amounts of capitalacross all asset sectors allocated to real estate and the rapidlyimproving fundamentals."