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Last week, the threat of a U.S. recession came into sharper focus, as new data showed the country's gross domestic product had shrunk for the second quarter in a row, and the Federal Reserve once again hiked interest rates to curb inflation.

On this episode of Bisnow Reports, we are talking about the real estate fallout of what may be a recession — or may not, depending on who you ask — but what is certainly a shift in economic conditions that is having real consequences in the market. Bisnow UK Editor Mike Phillips discusses how international real estate investors are behaving amid global uncertainty, where deals have been put on ice or stalled as a result of the market, and what it may take for the standoff between buyers and sellers to end. 

“There will be a point, if you own a property in a fund that is coming to the end of its life, at some point you will have to sell and give money back to investors,” Phillips said. "There will be issues with refinancing.”