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Real Estate Market Cycles, Transformation Forces and Structural Change Stephen E. Roulac Effective real estate investing depends to a very large extent on understanding real estate market cycles, transformation forces and structural changes. Differentiating market cycles, transformation forces and structural change from trends that may reflect a nonrecurring, short-lived pattern of preference or activity is basic to effective real estate portfolio management. The real estate market ultimately is influenced by what happens in the overall economy, for it is the space-using needs of businesses, households and community services that create the demand for real estate. Understanding real estate cycles requires consideration of the cycles that occur in the capital markets broadly and the interaction of real estate and the broad capital markets specifically. Understanding both the new economy and the new real estate market is fundamental to addressing the relevance of the real estate market cycle.