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Inside this issue

• Many investors are adopting a wait-and-see attitude

• Commercial mortgage-backed securities have all but ceased to function since the credit squeeze started

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Content

Overview: Fear and opportunity

UK gloom contrasts with optimism elsewhere, says Daniel Thomas

Analysis: A dearth of deals makes pricing difficult

Daniel Thomas on the Catch-22 of calling the market

CMBS: Fear stalks a market

A critical financial instrument has been hit by contagion, writes David Oakley

US market: Trouble ahead – but no subprime

Retrenchment is proving uncomfortable, writes Dan Pimlott

Case study: Moment in history for Private Eye target?

Claer Barrett reports on speculation of a wave of consolidation in a struggling sector

Financial tools: Shrinking market for opco/propco

The heady days of cheap capital have gone, says Laura Chesters

John Richards: Outperforming in tough times

Daniel Thomas talks to the veteran chief executive of Hammerson

Mipim has a more international flavour

Daniel Thomas argues that the industry has yet to feel the full effects of the downturn

Architecture: E Europe redefines its identity

Edwin Heathcote looks at how these emerging states are discovering their own vernacular

Just when you thought it was safe...

Guest columnist Stewart Webster of New Star says that fears in the UK market are overblown


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