Many family offices and established family businesses have a great deal invested in real estate.  For some, these are active investments involving development, construction and sale.  For others, these are either residential properties in use or commercial properties held for the long term.  In any event, while the real estate markets have been strong in recent past, the horizon is not so clear.  Family offices and real estate-holding family businesses should be paying close attention to the signs of change as we transition out of a booming 2016 and into the unknowns of 2017.