Green Street's unlevered return spread is a great metric ... I think it shows pretty clearly that the sector is getting to the right place in terms of price - another 50bps off rates and the market will be cheap by historic standards and capital will begin to flow more freely ... my guess is that will come when the ECB bites down and realises that it can't carry on waiting for the Fed ...

The key thing we then need to focus on will be what will a decent core investment return on a forward looking basis ... my guess is its somewhere around a 8% unlevered ... core plus will be 9-10% unlevered ... which is going to start to feel attractive to LPs particularly if rates come down and leverage starts to become more accretive ...