Andy Warren, of Principal Real Estate Investors, tells GlobeSt.com that as the economy slows, certain asset types will provide the best opportunity for value-add plays. On the asset side, development, and especially industrial projects, are key. Additionally, the best value-adds in the retail and office segment will be properties with a repositioning story, such as the enclosed mall that could be transformed into a lifestyle center.

"Another thing that we have to look at with the economy slowing down is that certain markets will be more active than others," Warren says. Houston, for example, is likely to continue to experience strong growth, while Detroit most likely will see no growth. Warren adds that the sunbelt and coastal states should remain vibrant markets.

In another move away from US core assets, foreign investors increasingly have been selling US properties to target other areas around the globe, Warren says. In markets, such as Eastern Europe and Asia, the investors are sometimes seeing double the returns realized on core assets in the US. Their experience as foreign investors in the US has made them comfortable to park their capital in other countries where the returns are greater, Warren explains.