In the aftermath of a global economic recession, institutional property investment in emerging markets has declined. But the BRIC countries, for the most part, continue to march ahead.

In 2001, Goldman Sachs economist Jim O’Neil coined the term BRIC to denote the fast-growing developing countries of Brazil, Russia, India and China. These new markets were flush with opportunity and everyone seemed to want to take part. The credit crisis and resulting global recession, however, quickly changed the investment landscape and investors’ plans and strategies.

Today emerging market opportunities look quite different to U.S. institutional investors, as both yields and risks have changed. A majority of tax-exempt investors — pension funds, endowments and foundations — plan to “play it safe” in 2010, emphasizing investments in core assets and real estate debt, focusing primarily on domestic pro