Investor confidence in commercial real estate continues to climb to new heights. The NREI/Marcus & Millichap Investor Sentiment Index rose to another record high in the first quarter of 2013—up 3 points to 174 [Figure 1]. That is a strong vote of confidence, especially given the timing. Respondents were surveyed in late December and early January—in the midst of uncertainty surrounding how the fiscal cliff debate in Washington, D.C., would be resolved. However, those concerns did not derail the enthusiastic outlook for real estate investment that has been building since the fourth quarter 2010.
“The great news is that investors continue to be optimistic about commercial real estate,” says Hessam Nadji, a senior vice president and managing director at Marcus & Millichap in Calabasas, Calif. “That is even better news for the broader U.S. economy, as we know that the Investor Sentiment Index has proved to be a very accurate foreteller of economic direction.”
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