Reflecting on the REIT industry's impact on the investment marketplace, Steven Roth, chairman of Vornado Realty Trust, says listed REITs have made "liquid real estate investment" possible. "The shares of listed REITs are much more liquid, much more tradable, much more price transparent than the real underlying real estate. So that is an enormous advantage," Roth says. The access to capital available to public REITs also proved an enormous benefit after the Great Recession. "The first harbinger of a recovery was public real estate became liquid, capital markets opened up and that was a wonderful thing for listed REITs."