There appears to be a spring in the step of CRE developers and building owners now that Spring 2024 has arrived. The gloom that pervaded their outlook for the year ahead in 2023 surveys has given way to a mild optimism as NAIOP's index of CRE sentiment rose above 50 for the first time in 18 months, in the expectation that conditions will improve over the next 12 months.

The index only reached 52, but it reflected a more positive outlook for every component except construction costs.

Significantly, respondents believe capital will start flowing more easily in the year ahead.

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