Commercial real estate investor sentiment has stabilized with a neutral outlook now dominating, according to the CREFC Board of Governors survey for the second quarter of 2026. The survey shows 68% of respondents are neutral on the market, the highest neutral rating since at least 2022, while only 8% hold a negative view and 24% are optimistic. This marks a sharp shift from the first quarter when 22% expressed pessimism, and 58% now expect the U.S. economy to remain about the same over the next year. Transaction volumes have been volatile, with JLL reporting $113 billion in U.S. CRE deals in the first quarter, up 25% year-over-year, but April sales fell 33% to $25 billion before rebounding to $42 billion in May, driven largely by M&A activity. Stable property fundamentals are counterbalancing caution, as 52% of respondents expect occupancy, rents, and net operating income to hold steady, and only 11% foresee further deterioration, the lowest negative outlook since mid-2024.
Jones Lang LaSalle IncorporatedArticle mentions JLL's report on volatile transaction volumes, but overall sentiment is neutral and no direct impact on JLL's business is stated.