WASHINGTON, DC-The Real Estate Roundtable’s Q1 2011 index delivered the most positive results since the organization began conducting the survey in 2008. The overall sentiment score was 77--up three points since 4Q 2010--indicating that survey respondents expect slightly improved market conditions in the coming year. The overall score is based on the average of both current and future indices, which both registered 77.

For the overall index to reach 100, the highest possible score, all of the survey respondents would have to answer that market metrics are “much better” compared to one year ago, and also will be “much better” 12 months from now.

In general, the cautiously positive outlook held by many comes as a surprise to the industry, given the events of the past few years, the state of the economy and capital markets that were all but frozen for an extended period of time. Today, equity is broadly available and debt is becoming more available.

Other signs point to recovering real estate markets, Real Estate Roundtable’s CEO, Jeff DeBoer, tells GlobeSt.com. “Transaction volume picked up substantially at the end of 2011 and the publicly-traded REITs had a very good year.” All that said, there is still plenty to worry about, starting with an unemployment rate that is too high for any one’s liking.

The bifurcation in the commercial real estate markets still exists, DeBoer adds, but it is beginning to narrow as more investors move into secondary markets. Bottom line, he says. “I think we have weathered the worst.”