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CHICAGO-The majority of commercial real estate professionalshave a bearish outlook on the commercial real estate industry andmore than half have had transactions affected since the “creditcrunch,” according to a study by DLA Piper that is being releasedtoday. The company, based here, conducts an annual “State of theMarket” survey but conducted an additional survey this year to findout if, and how, the subprime mortgage crisis has affected realestate professionals. The survey was conducted by emailingquestions to 2,500 top executives within the real estateindustry.

Of the 332 executives that responded, 68% said that theiroutlook for the commercial real estate industry is bearish,according to DLA. The response is drastically different that the78% of 274 respondents who considered the outlook bullish in May,says Jay Epstien, co-chairman of the Global Real Estate Practice atthe law firm. Epstien had been surprised by the confidence theexecutives had back in May and the real estate fundamentals havenot really changed since that time, he tells GlobeSt.com.