The purpose of this paper is to understand how the managerial cognitive capabilities within the real estate industry are manifested and used to develop strategies to encounter economic decline. Based on the framework of dynamic capabilities (DC) and the related concept of managerial cognitive capabilities, the present study offers deeper insights in the strategic management of the real estate industry. Since the case study method allows a deeper understanding of investigated phenomena, new empirical conditions can be revealed and theory developed. Based on ten case studies, we identify the managerial micro-foundations at the individual level. Thereby, we explain how managers’ managerial cognitive capabilities affect and create the real estate company’s strategy. The results will be compiled in tables and analyzed by first-order categories, second-order themes, and aggregated theoretical dimensions, which enables us to present a strategy-based configuration of the real estate managerial cognitive capabilities.