As an alternative to a REIT, any thoughts on TIAA's Real Estate Account [1]? It seemed like a popular retirement investment choice when I worked in higher educa

As an alternative to a REIT, any thoughts on TIAA's Real Estate Account [1]? It seemed like a popular retirement investment choice when I worked in higher education. (IIRC it's only available in retirement accounts and only for employees of nonprofits, education sector, etc.) If I understand correctly, they mostly invest directly in commercial real estate, and they keep their LTV ratio quite low (20%). I'm curious about how it might perform during a plummeting market for office space... perhaps it'll drop but not as badly as REITs? [1] https://www.tiaa.org/public/retire/financial-products/annuities/retirement-plan-annuities/tiaa-real-estate-account https://www.tiaa.org/public/retire/financial-products/annuit...