Global sales on commercial real estate dropped 60 percent, according to Real Capital Analytics. The firm’s February issue of Global Capital Trends breaks down the grisly details. Overall, $82.8 billion in retail properties changed hands around the world in 2008—a 58 percent drop from 2007. The firm tracked 1,318 retail investment transactions in 2008—half the 2007 volume.

Highlighting the distinctions that can emerge within global zones, cap rates in the United Kingdom and Australia moved up much more sharply than those in either Western Europe or Asia—indeed, caps in Japan and East Asia sloped south. United States caps also moved steeply upward, reflecting troubles at the retailer and consumer level.