The global credit market turmoil of 2007 is the backdrop to Expectations & Market Realities in Real Estate: 2008The Caution Flag Comes Out, which addresses how both the economic outlook and the investment climate are significantly altered. Increased investor caution is critical as the previous environment of mostly upside variances gives way to the heightened risk of downside variances. Although the repricing of risk is creating much uncertainty in the short term, we see this as a favorable development for the long-term health and viability of the real estate markets…