Real Estate has been shown to be a cyclical asset class over the years that has mostly followed economic cycles. This paper looks at the physical real estate cycle of demand and supply driving the occupancy cycle which drives the rent cycle. The length of historic cycles is compared and contrasted to the magnitude of these cycles in different property types. This information is then used to forecast future cycle lengths and magnitudes. Finally the real estate financial cycle of property prices is compared to the physical cycle as the two cycles determine total returns for investors.