More commercial real estate transactions coming in the next six months? That’s what Altus Group is predicting. And that’s good news for CRE professionals.
Altus Group Limited on March 26 released its first quarter 2024 CRE Industry Conditions & Sentimement Survey, one that includes feedback from nearly 470 CRE professionals representing more than 120 firms in the United States and Canada. Altus collected the opinions of these commercial real estate leaders from January 23 through February 9 of this year.
And the results? They should bring a smile to the face of commercial real estate pros who have been waiting for commercial sales to finally pick up again.
According to Altus’ report, a whopping 80% of survey respondents said that they expect their near-term transaction activity to pick up over the next six months. These respondents indicated that they are ready to sell, buy or both.
Of course, respondents aren’t viewing all commercial properties equally. Survey respondents said that they were most interested in buying or selling industrial and multifamily properties. Respondents said that they expected office assets to be the worst performers during the next 12 months.
Also interesting? U.S. respondents ranked retail assets as being more favorable today than both multifamily and self-storage properties.
“The survey findings underscore the intricate relationship between the commercial real estate asset class and the macroeconomy and capital markets, which Altus’ portfolio analytics increasingly validate are impactful drivers of asset performance,” said Omar Eltorai, director of research at Altus Group.
“With recession concerns moderating and notable improvements in capital expectations, the first quarter of 2024 survey results show signs that the CRE industry at large has a robust transaction appetite and is anticipating a stabilizing environment ahead.”
