LoopNet, the largest commercial real estate listing service online, conducted a survey of more than 1,500 members asking when they expected commercial real estate sale market to bounce back. The respondents, including commercial real estate investors, brokers, and owners, logged their thoughts from May 7 to May 21 and only 33% expect Commercial Real Estate sales transaction activity to recover in 2009. "A significant contingency, about one-quarter, don't think the recovery will come until 2011 or later," Mike Manning, LoopNet’s vice president of marketing, told CPN.
According to LoopNet, nearly half (46%) of respondents see access to capital as the most significant obstacle to recovery. Economic uncertainty, which in turn significantly influences asset pricing, was the second most cited obstacle, at 29% of respondents. Close to a quarter (23%) of respondents explicitly cited differences in pricing expectations between buyers and sellers as the most important obstacle. While the results were largely consistent across all three major participant segments, owners rate the importance of access to capital slightly higher, and differing price expectations slightly lower, than brokers or investors.
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