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CREFC Sentiment Index Tilts Upward After Five Consecutive Quarterly Declines

The CRE Finance Council (CREFC) said its Fourth-Quarter 2022 CREFC Board of Governors (BOG) Sentiment Index represented the first upward movement after five consecutive quarterly declines. Overall sentiment increased to 68.6 in Q4, up 12% from 61.4 in the prior quarter, which marked the lowest level since the survey’s inception in Q4 2017.  

The BOG’s sentiment was flat to slightly upward in all nine questions. The questions with the most significant movements revolved around expectations for investor demand for CRE assets, borrower demand for financing, and liquidity in the CRE debt capital markets. Conversely, the outlook for all CRE finance businesses remained firmly in negative territory. 

“This most recent survey accurately captures the concerns of the industry at large at this time,” said CREFC executive director Lisa Pendergast. “While not a cause for celebration by any means, we hope this is the beginning of a positive streak.”  

She continued, “The reality remains that the Fed will continue to raise rates and the potential of an economic downturn still exists. We remain optimistic, however, that we are in a much better position and stronger place than we were in 2008.”  


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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).