England has a genius for maintaining steadiness, whether the "Keep Calm and Carry On" posters of the Second World War, or the catchphrase of author Douglas Adams in his "Hitchhiker's Guide to the Galaxy": Don't Panic.

That may seem simplistic to CRE professionals in a time with abundant warnings of falling prices, collapsing transaction volumes, and the general difficulty of finding  financing with reasonable pricing and terms. But some sober and prudent sources that have traced some of the problems have begun warning to step back from the edge.

In a recent report on U.S. capital trends, MSCI made just this point. "Deal volume fell at double-digit rates in May, but the headline figures can overstate the severity of what is happening in the market," they wrote. "The retreat in sales volume is not as bad as that experienced during periods of economic weakness in the recent past."