(Editor's note: Readers may click on the below links to view GlobeSt.com stories that discuss the recession question)

GlobeSt.com has been covering the issue from the perspective of the real estate industry. Even through that prism, though, opinions still vary about impact and duration. For analysts at Global Insight, the recession is a done deal—all that is left is for it to become official. The only question is whether it will be a mild or severe one. Right now, they are banking on a mild slowdown. (http://www.globest.com/news/1092_1092/washington/168219-1.html).

At a New York City event -- law firm Morrison & Foerster LLP's fourth real estate investing seminar – participants were equally gloomy about the next six months (http://www.globest.com/news/1083_1083/newyork/167850-1.html). One comment from Martin Cicco, formerly of Merrill Lynch, "People are questioning cash flows in every asset class. There's a real concern of a recession."

The outlook varies -– sometimes substantially-- though when the topics narrow to specific asset classes and/or certain markets. Michael Fishbin, national director of hospitality and leisure services for Ernst & Young in New York City, for instance, believes the hospitality sector will remain relatively unscathed (http://www.globest.com/upclose/upclose/168330-1.html) by a slowdown. Travel and lodging are still activities in demand among Americans; a weak dollar means more international tourists. Also, he notes, the last hotel cycle -- in which existing supply was exhausted before new construction began -- will also temper volatility. When supply has been strongly constrained, "it creates an opportunity for existing hotels to hold, if not somewhat increase, their rates," Fishbin explains. "On an overall basis, occupancy levels will be flat, and room rates will continue go up."