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LOS ANGELES-Cautious optimism, that hard-working phrase that is always much in evidence at the start of a recovery, is making a comeback. The gloomy mood that permeated the commercial real estate industry has given way to some more positive outlooks, albeit with realistic reservations, according to a quarterly survey by Lee & Associates’ Investment Services Group and the Allen Matkins/UCLA Anderson Forecast.

Lee’s survey asked thousands of its clients nationwide eight key questions facing private real estate investors and found that, among other things, “Most think we are starting to see commercial real estate strengthen.” The Allen Matkins/UCLA Anderson Forecast, covering seven major markets throughout California, found “a distant glow of light at the end of the tunnel.”

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