A lack of access to financing continues to plague the commercial real estate industry, which could continue to drag on the construction industry and related sectors such as construction equipment, according to a new survey.
The Real Estate Roundtable sentiment survey for the second quarter 2009 found that commercial real estate executives believe access to capital will ease slightly over the next 12 months, and market conditions should be "somewhat better," according to the Roundtable.
"If current conditions are allowed to weaken further, the possibility of widespread commercial real estate loan defaults will transform today's threat into an ominous reality," said Roundtable president and CEO Jeffrey D. DeBoer.
"It is clear that the nation's frozen credit markets currently do not have the capacity to meet a looming wave of commercial real estate loan maturities," DeBoer added.
A significant majority of the 120-plus survey respondents continue to report eroding market conditions, with 83 percent saying real estate markets are worse today than one year ago. But when asked their perspective on today's market compared to one year from now, 59 percent said conditions would be better.
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