## Figure 3.3. Institutional Investor Participation Has Been on the Rise

## Source details

**Canonical URL:** [Figure 3.3. Institutional Investor Participation Has Been on the Rise](https://www.imf.org/-/media/files/publications/gfsr/2018/april/chapter-3/pdf/figure3-3.pdf)

## Other formats

- [Markdown version](/-/media/files/publications/gfsr/2018/april/chapter-3/pdf/figure3-3.pdf.md)
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### Real Estate Investment Trusts (Market capitalization of REITs normalized by the total market capitalization; index, 2005:Q1 = 100)
- Series included:
  - Developed markets: overall
  - Developed markets: residential
  - United States: overall
  - United States: residential
  - Developed markets (excluding United States): overall
  - Developed markets (excluding United States): residential
- Index normalization: 2005:Q1 = 100
- Chart axis markers visible: 50, 100, 150, 200, 250, 300
- Time coverage indicated on the chart: 2005:Q1 through 2017:Q1 (quarterly ticks shown)
- Note: REITs = real estate investment trusts

### Weighted Average Target Allocation to Real Estate: All Institutions (Percent)
- Series shown: Weighted average target allocation to real estate for all institutions
- Exact values shown on the figure: 8.5 and 10.5 (percent)
- Time coverage indicated on the chart: 2013 through 2018 (annual ticks shown)
- Axis markers visible for allocation: 9.0, 9.5, 10.0

### Key takeaways
- The figure conveys a rising participation of institutional investors in real estate through two indicators:
  - Relative market capitalization of REITs (index, 2005:Q1 = 100) across developed market aggregates and the United States, with chart scaling up to 300 on the index axis.
  - An increase in the weighted average target allocation to real estate for all institutions, with depicted values including 8.5 percent and 10.5 percent over the 2013–2018 window.
- Chart annotations and classification:
  - Developed markets correspond to the aggregate REITs series compiled by Thomson Reuters Datastream in line with Morgan Stanley Capital International and Dow Jones country classifications.

*Sources: Jones and Weill (2017); Thomson Reuters Datastream; and IMF staff calculations.*

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_Source: https://www.imf.org/-/media/files/publications/gfsr/2018/april/chapter-3/pdf/figure3-3.pdf_