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**Real Estate Roundtable’s Q4 Sentiment Index Maintains Guarded Optimism**
The Real Estate Roundtable (RER) reported that its Sentiment Index for the fourth quarter of 2025 held steady at an overall score of 67, matching the previous quarter. This continuation reflects a shift among commercial real estate executives from caution to guarded optimism, as market conditions stabilize, transaction activity begins to resume, and hopes rise for interest rate relief in 2026.
Breaking down the numbers, the Current Index increased slightly by one point to 64, while the Future Index saw a minor dip to 69. Together, these figures convey growing confidence that the most severe disruptions of recent years are behind the industry. However, lingering policy uncertainties and inconsistent access to capital remain key challenges influencing short-term strategies.
Executives surveyed for the Q4 2025 Sentiment Index attributed the more positive outlook to decreasing rate pressures and a noticeable uptick in market activity. These factors are helping to support a cautiously optimistic sentiment, even in the face of ongoing issues such as tariffs and fluctuating policy signals.
“Real estate executives see encouraging momentum,” said Jeffrey DeBoer, president and CEO of the Real Estate Roundtable. “Roundtable members are reporting steady improvement and renewed confidence across sectors.”
Still, DeBoer cautioned that several hurdles remain. “Despite improvements, tariffs continue to drive up development costs and complicate business planning. Moreover, the record-long government shutdown is disrupting infrastructure and construction permitting, and access to current economic data that companies rely on to plan,” he said. “Clear, consistent, and coordinated policies from Washington are essential to unlock capital and support long-term economic growth in communities nationwide.”
The Q4 2025 Sentiment Index reflects a fragile but real sense of optimism within the commercial real estate market, suggesting a sector that is gradually regaining its footing despite ongoing challenges.
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