In September 2022, CRE respondents surveyed for the NAIOP CRE Sentiment Index were primarily worried about the decreasing availability of debt and equity and rising cap rates. And they were indeed fretful, with the index registering a score of 47 for that month. Fast forward to the April 2023 survey and respondents are still concerned, giving the index the same score of 47, but their concerns have broadened to include economic fundamentals and property performance.
"Our members remain wary of the strength of the overall economy," says NAIOP President and CEO Marc Selvitelli in prepared remarks.
As a result, many of the respondents are paring their planned investments in new deals, the survey showed. They also are not adding to their employment ranks, a sure sign they recognize they don't need more staff to work on more new deals.
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