Still reeling from last fall’s financial market meltdown, real estate managers are assessing damages and charting their course for the perilous year ahead.

When BlackRock announced its third quarter earnings in October, it was evident that the impact of the capital market crisis and the frozen financial systems had finally made its way to the commercial real estate sector. The asset management titan’s net losses for the quarter included $13.4 million in losses from real estate products compared to net gains a year ago of $26.9 million.

BlackRock is not alone. In the midst of October’s economic upheaval, nearly all fund managers are taking hits in the face of a myriad of pressures: a limping property investment market, a souring global economy that threatens to undermine rent and occupancy fundamentals, and virtually no credit. Against that dark ba