Many commercial real estate have-nots—investment managers who had limited access to capital following the 2009 recession—are likely to curtail their business or could even cease to exist over the next five years. Difficulty of raising new capital, more stringent regulatory requirements, higher standards for reporting and fee concessions could stir a dangerous mix for those firms, according to a new report from the National Association of Real Estate Investment Managers and FPL Advisory Group.

Capital Consolidation in Real Estate Investment Management was based on interviews with U.S. managers in the third quarter. A key finding of the report is that....

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