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  A Special Research Report  
 

Conservative Investor Outlook Extends Real Estate Cycle as Economy Approaches 10th Year of Growth

Investors kick off 2019 with a favorable, though more cautious, outlook; Sentiment remains on par with past peak.

  
 

Investors coming off another robust year of investment sales activity appear to be adopting a more conservative outlook, but sentiment levels point to an active 2019.

Exclusive research from the first half NREI/Marcus & Millichap Investor Sentiment Survey shows that the Investor Sentiment Index notched back slightly from the 150 recorded in the second half 2018 survey [Figure 1].The caution weighing on sentiment likely reflects sensitivity to interest rates and the length of the growth cycle.

  

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Survey Methodology
National Real Estate Investor’s research unit and Marcus & Millichap emailed invitations to participate in this online survey to public and private investors and developers of commercial real estate. Recipients of the survey included Marcus & Millichap clients as well as subscribers of NREI selected from commercial real estate investor, pension fund, and developer business subscribers who provided their email addresses. The survey was conducted between February 7th and 27th, with 661 completed surveys received. Survey respondents represent a broad cross-section of industry respondents that include private investors, developers, advisors, lenders and REITs. The largest percentages of respondents are private investors at 36 percent and developers at 14 percent. Respondents are invested in a variety of property types with a majority of 64 percent invested in apartments, followed by retail at 37 percent and office at 35 percent. On average, respondents have $37.2 million invested in commercial and/or multifamily property.

 

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