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Conditions in the commercial real estate sector improved in the first quarter, but investors and executives are worried about some of the commercial mortgages set to mature in the coming year and the market's general lack of interest in sub-A real estate assets, real estate executives said.
Executives in the industry provided this "luke warm" feedback in the latest Real Estate Roundtable quarterly sentiment survey.
The survey's overall confidence index is at 70, which shows confidence in the industry to be more favorable than not. Still, that index score is down from a reading of 77 in the first quarter of 2011, but up from a score of 59 in the fourth quarter of 2011.
To get the index number higher, the job market will have to improve, bringing demand for commercial real estate assets in the below Class-A category with it, the executives said.
"Fostering a commercial real estate recovery that extends beyond so-called class A or trophy assets in gateway markets still depends on an improved jobs picture, more confidence among businesses and consumers, and reduced uncertainty on looming tax and budget issues," said roundtable chairman Daniel Neidich. "Our Q2 survey confirms the need for swift policy action to boost employment, business investment, and economic certainty."
Another issue delaying full confidence in commercial real estate is the overall economy and uncertainty about how the U.S. will handle economic issues and issues related to employment and business investment.
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