Value shifts and real estate

From a 2003 interview on real estate investment trusts:

Saltzman: Investing is about relative value. There have been capital inflows to real estate because it has offered better returns than fixed income or stocks in recent years. No doubt real estate is getting bid up as part of that equation. Will real estate continue to be perceived as a good value or has it reached equilibrium? It's certainly possible that investor perceptions of relative value will shift once again.