SIOR's newest Snapshot Sentiment Report, reflecting fourth quarter 2020 conditions, now combines its Commercial Real Estate Index survey responses into one, in-depth look at current market conditions and how they compare with historical averages. SIORs are the elite experts as well as the top producers in their markets, and their opinions stated in this report are an excellent benchmark for the industry.
At the beginning of January 2021, SIOR distributed the newly revised Snapshot Sentiment Report and saw the following overall reporting:
- While overall confidence had been on the rise in the third quarter of 2020, SIORs reported a drop in market confidence in Q4 2020 to its lowest confidence since first reported in Q2 2020, noting a global confidence of 6.2 (out of 10) as opposed to 6.3 in the second quarter.
- Although overall confidence dropped, transactions across the board are moving forward at an improved rate, increasing 42% from Q3, to a reported 67% of on schedule transactions in Q4. On hold transactions dropped in Q4, while the number of cancelled transactions remained around the same.
- More SIORs (41%) reported that local economic conditions are having a more positive impact on their market in Q4, as opposed to 36% of national. Only 23% of SIORs said global economic conditions had a positive impact on their market.