Deleveraging continues in the US Real Estate Market, providing and ongoing deal flow for opportunisitic investment strategies by asset managers able to discern and capture value at the asset level. Much of the deleveraging is via the necessary replacement of securitised debt in the form of commercial mortgage-backed securities (CMBS) with public and private equity. From 2000 to 2007, US$941 billion of CMBS was issued in the US market Deleveraging continues in the US Real Estate Market, providing and ongoing deal flow for opportunisitic investment strategies by asset managers able to discern and capture value at the asset level. Much of the deleveraging is via the necessary replacement of securitised debt in the form of commercial mortgage-backed securities (CMBS) with public and private equity. From 2000 to 2007, US$941 billion of CMBS was issued in the US market