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SAN FRANCISCO-The doom-and-gloom opening bell of the Association of Foreign Investors in Real Estate members meeting, being held here, has given way to a more practical approach to surviving the market meltdown. A panel of debt and equity types gathered in a second-day session entitled Chaos in Capital Markets to explain how they are navigating the choppy waters. Mark Gibson, executive managing director of Holliday Fenoglio Fowler, moderated the session.

"The tone of our investors varies by their circumstances," stated Jeffrey A. Barclay, managing director and head of acquisitions for ING Clarion Partners and one of two speakers representing the equity side. "Some are sitting on the sidelines, and others are looking for specific investments to fill out their portfolios."

Those are the pockets of opportunity in an otherwise wait-and-see environment, he said. "But there's no doubt that investors want real estate. The question is not whether but when."