CHICAGO—Two years ago, most commercial real estate executives had a sunny outlook on the industry, but recently that optimism has been tempered the economic weakness abroad and a suspicion that prices might be at or near a peak. According to DLA Piper’s 2016 State of the Market Survey, 62% of top executives remain bullish about the sector over the next 12 months, down from 89% in 2014. The law firm will unveil the full results of the survey at its Global Real Estate Summit, held today in Chicago.
“People are still relatively, cautiously optimistic,” Jay Epstein, co-chair of DLA Piper’s global real estate practice, tells GlobeSt.com. “But there is an obvious change in people’s feelings. We’re in a much different place than we were 18 months ago.”