TOBIAS JUST is a Professor, Doctor, and Managing Director at the IREBS Immobilienakademie and Professor for real estate at the University of Regensburg, Germany. After his apprenticeship at Otto-Versand, Dr. Tobias studied economics in Hamburg and Uppsala, Sweden. In 1997 he graduated and started to work at the University of the Federal Armed Forces Hamburg. His PhD-dissertation on the effects of globalization on fiscal and monetary policies was awarded the university science prize in 2001. Since 2001 Dr. Tobias has been working at Deutsche Bank Research, the economics research unit of Deutsche Bank, focussing on real estate and regional economics as well as developing risk tools. In summer 2006, Dr. Tobias was Research Fellow at the American Institute of Contemporary German Studies at the Johns Hopkins University in Washington DC. Since 2008 he has been heading Deutsche Bank Research’s sector and real estate research and has been member of Deutsche Bank’s group wide Environmental Steering Committee. Besides his more than 60 reports within Deutsche Bank series, Dr. Tobias has published more than 70 papers in professional and academic journals and books--particularly on real estate topics and regional economics. He published a book on the impacts of demographic change on real estate and a very recent reader on German real estate markets. Since November 2011, Dr. Tobias has been Managing Director at the IRE|BS Immobilienakademie and has a chair for Real Estate at the University of Regensburg.