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CHICAGO-The majority of commercial real estate professionals have a bearish outlook on the commercial real estate industry and more than half have had transactions affected since the “credit crunch,” according to a study by DLA Piper that is being released today. The company, based here, conducts an annual “State of the Market” survey but conducted an additional survey this year to find out if, and how, the subprime mortgage crisis has affected real estate professionals. The survey was conducted by emailing questions to 2,500 top executives within the real estate industry.

Of the 332 executives that responded, 68% said that their outlook for the commercial real estate industry is bearish, according to DLA. The response is drastically different that the 78% of 274 respondents who considered the outlook bullish in May, says Jay Epstien, co-chairman of the Global Real Estate Practice at the law firm. Epstien had been surprised by the confidence the executives had back in May and the real estate fundamentals have not really changed since that time, he tells GlobeSt.com.

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