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Now that some of the fear that has gripped the industry over the past two years is abating, there is a renewed emphasis on getting back to the basics of business. Commercial real estate is moving toward the old-school type of investing-when real estate meant bricks and mortar, not just a quickly traded, sliced and-diced commodity. A key component of that is asset management, explains Susan Smith, director of PricewaterhouseCoopers’ real estate advisory practice in New York City.

She argues that during the heady days, from 2005 to 2007, most people in the industry lost sight of focusing on tangible assets while fundamentals were good. She believes we won’t be so myopic again.

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