WASHINGTON— Since April 2020, the Society of Industrial and Office Realtors® (SIOR) has surveyed its members, for a monthly Snapshot Sentiment Survey. The results help continually assess the impact of the COVID-19 pandemic on the commercial real estate market.
After six months of results, the survey has produced a clear picture: the market is slowly and steadily improving, despite many of the negative narratives. The entire report can be found on SIOR’s Thought Leadership page.
September’s results show a market that is firmly on the upswing, with several highlights:
- The office sector’s on-time transactions rose to 46.4% from August’s 36%. This is more than double April’s rate of just 22%.
- On-schedule transactions now account for 61.1% of all deals in the industrial sector, up from August’s 49.7%, the largest one-month gain since the start of the survey and more than twice April’s 28.9%.
- Cancelled transactions dropped again for both office and industrial, now only accounting for 11.5% and 6.7% respectively.
- Broker’s future market confidence rating of 6.57 is virtually unchanged, down only one-tenth of a point from August’s 6.58, on a 10-point scale.
“Beyond the forecasts, models, and speculation, the SIOR Sentiment Survey has become a fantastic tool for understanding what is truly happening across North America,” says SIOR Global President Mark Duclos, SIOR. “These are the best brokers in the world, driving the trends and leading the market forward. Getting their insight and feedback from their respective regions is invaluable in understanding what’s really going on in commercial real estate during one of the most turbulent periods in modern history.”