Believe it or not, not really. I'm in commercial real estate, specifically retail, and I'm in Canada. If I were in the US then yes, I'd be freaking out. Retail sales were actually up in Canada in September if you take out Auto Sales, and things are better still in Western Canada. Obviously things aren't as good as they were 6 months ago, but the sky isn't falling. 2009 will be a thin year, but a lot of the stuff I'm working on is 2010 stuff so I think I'm ok.
A lot of people, especially in Western Canada, are welcoming this downturn because costs have been out of control. You haven't really been able to build a movie theatre for the past 2 years or so anywhere out here because costs have been so high. Developers (provided they have a good source of financing, which many still do) are happy.
The biggest thing that a lot of us got out of the conference is that the strong (Wal-Mart, among others) will get stronger, and the weak (Linen's N Things, among others) will probably fail. An example between the US and Canada is Starbucks announced a little while ago they were closing 900+ stores in the US, but they are still very bullish on Canada and want to do deals. They don't plan to close any stores in Western Canada.
Residential is a different story though, doesn't really matter where you are. Even Manhattan is getting hit.