CHICAGO—The news about an economic slowdown in China sent a few jitters around the world this year, but the actual impact on the US real estate market probably won't match anyone's worst fears. That's one of the most important conclusions reached by Cornerstone Realty Advisers' recently published Global Listed Property Review. But that does not mean that the matter is of no concern.

"It's true that the slowdown has little day-to-day direct impact on the US economy, certainly not US real estate," Dave Wharmby, a managing director of Cornerstone, tells GlobeSt.com, since very little of the economy depends on trade with China. However, "it can cause a sentiment-driven contagion by having an impact on business owners' psyches. Many could decide to start putting off certain purchases," and therefore, set up a drag on the US economy.

And even though German exports to China don't amount to anything truly significant, it's also possible that this contagion could have a greater impact on the European economy. "The recovery in continental Europe is more nascent and fragile," Wharmby says, "and they don't need to scare the little green shoots that they're seeing back into the ground."