NEW YORK CITY—”Real estate continues to shine,” according to the subtitle of Colliers International’s Global Investor Outlook report, issued Monday. Yet the report, based on a survey of more than 600 investors managing a combined $15 trillion in real estate assets across the globe, also sees an increased level of caution, as well as new phase of the market driven by debt more so than equity.

More than half the survey respondents plan to increase their allocations to real estate investing in 2016, while only 11% plan to allocate less. However, the survey results suggest that while investors are likely to carry forth the momentum they’ve established over the past few years, they’ll be working from a revised playbook this year.  

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