Listed REITs have had a dramatic effect on the commercial real estate industry, says Ken Rosen, chairman of Rosen Real Estate Securities and Rosen Consulting Group. Real estate used to be an illiquid investment with little transparency. Now, he says, instead of investors buying a building, they can buy a portfolio of buildings, a management team and a capital structure. For this reason -- along with listed REITs' resiliency during the Great Recession -- Rosen foresees greater adoption of the listed REIT model in the U.S. and throughout the world.

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