The real estate quadrant approach has been around for 20 years and has evolved over time. Investors are now looking at blending different real estate strategies to maximize returns and reduce risk. The study found that diversification benefits are significant when using different forms of real estate exposure. Public real estate debt is the main transmitter of shocks among the quadrants, while private real estate equity is the most significant receiver. Blended real estate portfolios can improve the performance of purely private real estate investments.