Dr. Marcus Cieleback joined PATRIZIA AG in 2008 as Group Head of the Research. The focus of Dr. Cieleback’s work is the risk-return based analysis and comparison of European and global real estate markets and the development of 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. Before joining PATRIZIA, he worked for Eurohypo AG as Head of Research and for MEAG where he developed real estate investment strategies and accompanied property transactions. Dr. Cieleback studied Economics at the University of Freiburg und London School of Economics. He achieved his doctorate degree at University of Bayreuth specialising in Real Estate Finance. He is a frequent speaker at international conferences, a lecturer at domestic and international universities and a member of the German Society of Property Researchers. Dr. Cieleback was also a member of the INREV research Committee and is currently member of the Training & Education committee of INREV.