GlobeSt.com Survey: No Slump Yet, But Trend Is Clear

NEW YORK CITY-There’s one thing that’s clear from the results of GlobeSt.com’s second Quick Survey. Real estate executives don’t flinch easily. Despite all the talk of a recession, wild stock-market rides and softening of activity, these real estate types, sensing a downturn, are still not yet willing to throw in the towel and label the softness a full-blown recession.

Nevertheless, given that areas of softness are making themselves known throughout the five prime market sectors, most survey respondents say that multifamily will be the safe haven this time around. The Quick Survey pulled in responses from more than 1,500 participants, including lenders, sales and leasing brokers, developers and corporate real estate executives.

Asked point blank if we are in a recession, 60% of the respondents (roughly 900 respondents) voted no while 40% said yes. That’s not a wide split at all, and it narrows still more when asked if signs of a recession are evidenced yet in their businesses. While they avoid the R word, some 55% (825) of our respondents said that yes, indeed, some belt-tightening has taken place. Some 45% said no.