As the economy goes, so goes the real estate market. Historically high values and low capitalization rates continue to moderate as diminishing real estate fundamentals, the lack of available financing and continued uncertainty in the markets impact investor decisions. Increasingly, investors have replaced aggressive cash flow projections with a more conservative outlook and moderated expectations for reversion values. Well located and leased Class A trophy properties seem to be impacted the least (and arguably in some cases not much at all) in comparison to other not so well located Class B properties. It has become more difficult to quantify a pullback in values and capitalization rates with sales volumes significantly below recent historical highs.