The method of intersection spaces associates rational Poincar\'e complexes to
singular stratified spaces. For a conifold transition, the resulting cohomology
theory yields the correct count of all present massless 3-branes in type IIB
string theory, while intersection cohomology yields the correct count of
massless 2-branes in type IIA theory. For complex projective hypersurfaces with
an isolated singularity, we show that the cohomology of intersection spaces is
the hypercohomology of a perverse sheaf, the intersection space complex, on the
hypersurface. Moreover, the intersection space complex underlies a mixed Hodge
module, so its hypercohomology groups carry canonical mixed Hodge structures.
For a large class of singularities, e.g., weighted homogeneous ones, global
Poincar\'e duality is induced by a more refined Verdier self-duality
isomorphism for this perverse sheaf. For such singularities, we prove
furthermore that the pushforward of the constant sheaf of a nearby smooth
deformation under the specialization map to the singular space splits off the
intersection space complex as a direct summand. The complementary summand is
the contribution of the singularity. Thus, we obtain for such hypersurfaces a
mirror statement of the Beilinson-Bernstein-Deligne decomposition of the
pushforward of the constant sheaf under an algebraic resolution map into the
intersection sheaf plus contributions from the singularities