Executive Summary -- Introduction: real estate and the region's prospects; unlucky 08 and what it may mean for 09; our base case scenario for the future -- Regional economic outlook: last down, first to recover?; strong policy response; deflationary concerns; summary of economic context -- Regional demographic outlook: bigger than ever; wealthier than ever; first tier, second tier, opportunity knocking -- Real estate investment markets: transaction volumes fall; investment universe continues to expand; benchmarking private equity property returns; public equity markets; public and private debt markets -- Real estate market fundamentals; overview of fundamentals; retail markets, cautious shoppers; industrial markets, global trade plummets; office markets, global city blues; residential markets, how to house billions?; alternative assets, hotels, hospitals and beyond -- Real estate investment strategy: portfolio construction process; an increasing play in the core/core plus arena; ideal market timing for value-added investments; the perfect storm for opportunistic investment -- Conclusion

Suggests that capital values in the region will continue to fall, resulting in negative total returns for all markets. Forecasts that there will be lower returns than recently, but that the levels of return and risk will be attractive to investors when compared with other asset classes other regions. Argues that the region's long term fundamentals are strong.