"Inability to find and exploit non-traditional global opportunities," in sixth place, was apparently seen as less of a concern this year than in '08, when it ranked fourth overall. Appearing on the list for the first time this year was pricing uncertainty. "With few transactions taking place in the real estate market, valuations are a problem for existing owners, as well as buyers and sellers," the release states.

Rounding out the top 10 were "the green revolution, sustainability and climate change," up from ninth place in '08; "economic vulnerability and regulatory risks in developing markets," down from eighth place last year; and "volatile energy costs," new to the list this year.

"Nobody knows when the real estate markets will bottom out," writes Roth in the E&Y report. "However, many companies are proactively looking for ways to effectively manage risk and streamline operations so they can hit the ground running when markets begin to stabilize."

Mark Costello, Americas leader of E&Y's construction and real estate advisory services practice, says in a release that the industry as a whole is focused on "simplicity, transparency and quality deals. However, when things are going really well it tends to mask organizational inefficiencies. Companies which address those issues now and solidify their businesses will be in a much better position to address future risk threats."