Several studies have analyzed the role of real estate in a multi asset portfolio, but little work has been done on how to formulate real estate strategies within the context of a multi asset portfolio. An unconstrained real estate strategy needs to take into account the impact of leverage as well as the impact of management fees. This paper explores how two different types of real estate assets, globally dependent office properties and locally dependent retail, residential and industrial can best be utilized over six investor domiciles, given different levels of leverage The results from the analysis indicates that leverage does have an impact on how real estate contributes to the overall portfolio efficiency, and that different types of real estate can be used for different objectives. It can also be concluded that real estate strategies composed of real estate with locally dependent tenant demand are generally preferable for diversification purposes over real estate with globally dependent demand, although not for all investor domiciles.