In this interview, Darbi and Dan speak candidly about the year ahead and what kind of challenges face commercial real estate investors in 2009 and beyond.

DARBI: So, Dan, obviously at this point we are no longer talking about if the commercial real estate investment market is in trouble. But the question really is, how much, how much trouble?

DAN: Well, it's pretty difficult to sugarcoat what's going on right now. This is the most difficult time I've seen in my 10-year career as a commercial real estate analyst. The debt markets are very much tied up right now. There is a significant amount of dislocation in this space. And as everyone knows, the commercial real estate industry is an industry that relies on debt in its normal course of business. So it's not a surprise to me that the industry would be under a lot of pressure given the state of the financial markets.

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SOURCE: WSJ Online

Owners and developers of multifamily buildings are trying to stay afloat as the deteriorating economy and escalating job losses create difficulties in raising rents and shortfalls in projected revenues from these buildings.

While sharp declines in retail and office sectors of commercial real estate have commanded attention in recent months, some analysts say deterioration in the multifamily sector is may soon be catching up.

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