Since October 2008 Dr. Marcus Cieleback is heading the Research department of PATRIZIA Immobilien AG. His focus includes the risk-return based analysis and comparison of European and global real estate markets and the development of econometric models for forecasting the commercial and residential markets to develop individual investment strategies. Within these analyses special focus is given to the institutional framework of the markets, especially in the residential sector, as it provides the “rules of the game”. He is a frequent speaker at international conferences and a published author in various international journals. He studied economics at the University in Freiburg and the London School of Economics. He completed his doctorate at the University of Bayreuth in 2001 in the area of real estate finance, focussing on option theoretic aspects of special German mortgage contracts. A year later he joined MEAG, the asset management company of Munich Re Group. At MEAG, Dr. Cieleback was responsible for the strategic real estate market analysis and comparative asset class studies, advising on asset allocation aspects regarding real estate. Later he joined Eurohypo AG, the global German mortgage bank, as Head of Research.