The country’s largest pension system is cutting its real estate investments in another warning sign for the New York commercial property market. The California Public Employees’ Retirement System plans to invest $3.95 billion in real estate in the current fiscal year, which began on July 1. That’s down from $4.6 billion last year and $7.9 billion the year before — a decline of 50 percent in two years, PERE reported. And CalPERS isn’t alone. Overall […]