WASHINGTON, DC-The commercial real estate industry is soberly awaiting the results of the presidential election. Until executives know whether they will be dealing with a President Obama or President Romney—and his respective policies—they prefer to remain guarded in their outlook and activities. So says The Real Estate Roundtable's Q4 Sentiment Index, which edged only slightly upward for the quarter.

"In the wake of the Presidential and Congressional elections, industry leaders await how the results will translate into public policies that need to quickly address the nation's economic woes, respond to potential slowdowns in Europe and Asia and generate economic growth in commercial real estate markets outside core 'gateway' areas," Roundtable President and CEO Jeffrey DeBoer says in a prepared statement.

The survey's overall index is now 65--up two points from Q3 2012 and six points compared to Q4 2011. The good news is that respondents do view the commercial real estate industry on a generally favorable incline now and expect slightly improved market conditions during 2013. Some 66% of respondents say real estate market conditions were "somewhat better" or "much better" than one year ago--compared to 60% who responded the same way in Q3.

The overall score is based on the average of two indices--the Current Conditions Index (68 for Q4--up 4 points since Q3) and the Future Conditions Index (62 for Q4--unchanged since Q3). The survey also highlights the still-bifurcated nature of the markets in this country.

Respondents say that asset value increases are not spreading beyond prime properties in core gateway commercial real estate markets. Capital market conditions also reflect a bifurcated market: one commercial real estate industry respondent commented that while is plenty of equity and debt for top locations and cities, "it is difficult to find good pricing and on debt for any type of B property."