The growing prominence of capital markets in today's real estate industry has led to greater investor focus on global real estate opportunities. The trend is manifested through increased economic sophistication of real estate entities and growing capital flows for international investment and development. To explore these themes, Christopher Mayer, the Paul Milstein Professor of Real Estate and director of the MBA Real Estate Program and the Paul Milstein Center for Real Estate at Columbia Business School; Cheryl Carruthers, associate director of the Milstein Center; Camille Douglas, former CFO of Canary Wharf; and 25 students took part in a real estate tour of London and Berlin to gain further understanding of these markets.