Among high-net-worth investors, 4 in 5 see more promise in commercial real estate than in the stock market during the next five years and plan to follow up on that expectation, according to a survey by IPA. Meanwhile, 45% of respondents express a preference for nonlisted real estate investment trusts, and 24% favor business-development companies. "They are confident about investing in real estate, and they're voting with their pocketbooks," IPA President and CEO Kevin Hogan said. "... In today's low-interest-rate environment, these ownership levels can help provide investors in nonlisted REITs and BDCs with significant current income potential over a multiyear investment horizon."

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