In your opinion, what is the most complex real estate asset class?
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[View Poll](https://www.reddit.com/poll/mmdwgt)
[{"id": "gtqtoma", "text": "On one hand you're asking what is the most complex real estate asset class and on the other hand you're asking what is seemingly most challenging to underwrite and understand the numbers. I think hands down office leases include some of the most complicated reimbursement structures there are, so I chose office. The lion's share of responses at this stage is hotel...and I'd venture to say it's one of the easiest asset classes to underwrite, with the caveat that it's hard to peg go-forward performance at this stage due to T-12 statements being crap.", "replies": [], "depth": 1}, {"id": "gtqvhaj", "text": "Mixed use highrises, hands down.\n\nYou need an option for that. Any individual class is a joke compared to building a skyscraper with a hotel, residences, and retail in the base.", "replies": [], "depth": 1}, {"id": "gtqvs9g", "text": "I didn\u2019t vote. Not a great question. Each asset class has their own complexities. Not sure what they\u2019re trying to determine with the poll.", "replies": [], "depth": 1}, {"id": "gtqx055", "text": "Hotels have the highest standard deviation of any proper real estate asset class. \n\nRetail is the most complex in terms of tenant fit and operating revenue. \n\nOffice is structurally the most complex in terms of negotiation and customary lease form.", "replies": [], "depth": 1}, {"id": "gtqze0o", "text": "I will cast my vote for hospitality (for a fun internet poll) - operators, cyclicality, deal structure...but where is Retail in the poll?", "replies": [], "depth": 1}]