Abstract
Executive Summary. This paper uses a composite index to examine the attractiveness of 66 countries worldwide for institutional real estate investments. The index construction is based on the parameters found in prior research that determine real estate investment activity on an aggregated country level. The index reveals a country ranking that correlates reasonably with commercial real estate investments, as proven by back-tests over six years. The findings increase the transparency of market variables for decision-making in global real estate asset allocation and provide the key determinants that shape real estate markets within countries. The results also highlight the strengths and weaknesses of developed, emerging, and challenged economies