"The fundamental idea is still the same--to participate in steady cash flows through property ownership, " says Pomroy, who also notes that REIT prices have pulled back a bit from their highs and have now stabilized.
Pension funds also have been emboldened by the steady rise of commercial-property values since 2009 and a winnowing of some of the worst-performing funds.
Residential property values have held steady, for the most part, and the Institute for Regional Forecasting predicts substantial population growth in the Houston area over the years to come.
Its survey of European property suggests that far more Spanish houses were being built last year than are likely to be needed in steady market conditions, let alone a slump.