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 Last week I was in Memphis and St. Louis—two so- called “secondary markets” not getting much if any attention from institutional real estate investors. Secondary markets are low growth and too risky. “What’s the upside and where is the exit?” ask lenders and equity dealmakers.   With employment growth so anemic any place off the global pathways presents too big a gamble. And anyplace where you need a connecting flight to get to Europe or Asia is off the global pathways.

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