Real estate in 2009, 'the great deleveraging' -- Global economic outlook, facing up to a severe recession -- Real estate capital markets, investors reappraise risk -- Real estate performance 2008, a weaker year -- Global real estate outlook, the end of the cycle: retail sector, shoppers drooping?; industrial sector, trade winds slowing?; healthcare properties, a strong pulse?; residential sector, shelter in the storm?; office sector, white collar roller-coaster?; supply, not excessive but a challenge nonetheless -- Risks to the outlook, realising the risks -- Conclusion, realising value in 'the great deleveraging'

Reports on the international conditions and opportunities for real estate investment in the continuing aftermath of the global economic downturn. Suggests that economic conditions will continue to be painful, with a fall in capital values and weakening fundamentals as the market corrects itself. Predicts that there will not be a rapid return to profits made through debt-funded real estate investment and that the market will return to traditional metrics. For institutional investors, this will figure largely around risk premiums and cash flow. Authors propose a return to capital and income growth by 2011 as the market becomes increasingly deleveraged.