How exclusive is AFIRE?
James A. Fetgatter: AFIRE is a member’s only organisation and attendance at meetings is restricted to member companies. In order to maintain the intimacy of the meetings, further restrictions are placed on the number of individuals who may attend from each member firm. All membership applications must be approved by the Executive Committee. Real estate advisory firms, both US and non-US, may become Associate members provided they meet certain criteria. Restrictions are placed on the number of these members based upon a ratio to the Institutional or investor membership. Associate members must be sponsored by an existing Institutional member. Law and accounting firms may become Supporting members, but membership is limited to a total of 25 firms.

You have been a long time with AFIRE. Looking back, what were the most significant changes in that period?
James A. Fetgatter: When I became Chief Executive in 1992, the association had a negative capital balance and was losing many of the original cadre of Japanese members who had joined in the late 80’s. Shortly thereafter, the tax treaty between the US and the Netherlands was changed and most of the Dutch pension funds began to invest in US REITs. My challenge was to expand the membership base and to expand the appeal to organisations focused on indirect investment. Fortunately, the Germans showed up to assist in the mid-90’s.

AFIRE just finished the recent survey "International Real Estate Investors Outline New Strategies for 2007 and Beyond". Who was surveyed, and—even more interesting— what should the real estate markets expect?
James A. Fetgatter: A summary of the new AFIRE Foreign Investment Survey was recently released to the public. This year is the 15th year in which we have conducted this survey among AFIRE members. The AFIRE respondents reportedly own 600 billion US Dollars of real estate worldwide and 185 billion US Dollars in the US. Typically fairly conservative investors, the respondents have indicated a willingness to accept greater degrees of risk to achieve their acquisition placement and yield strategies. The US remains a strong contender for about half of their acquisition strategy, but a growing proportion is going into emerging markets in Asia and Eastern Europe.