However, the challenges of obtaining credit still weigh on investors and mitigate against investment activity. "There is more interest out there; we're nearer to the bottom in terms of investor activity," says Rubinsohn. "Looking at some of the data from Real Capital Analytics, we have seen more transaction activity. But that's the case in most developed markets, although only to a limited degree." He adds that the look of mortgage financing "tells me the US market isn't going to rush back anytime soon."

Steve Williams, founding partner of Williams-Murdoch and global advisor to RCA, says in a RICS America release that "general economic indices look slightly more positive and confidence is guardedly returning, but tempered by concerns of rising short-term unemployment and long-term inflationary fears. While recovery theorists abound, the market has yet to confirm the veracity or resilience of the market's green-shoots."

Accordingly, Rubinsohn says RICS expects US professionals' expectations to remain "subdued" in the near term. "Some of the economic numbers may improve, and that may begin to seep through into seep through into sentiment in the fourth quarter," he says. "But let's not get carried away with any improvement. It's going to be very marginal at this stage."

Rubinsohn says it's "conceivable" that the markets could improve a little faster in centers such as New York City, with limited supply and high-quality product. "If the experience of the UK is anything to go by, we are starting to see that," he says. "The better assets in London have responded. It's partly overseas interest and it's partly the fact that these are always going to be good quality products with a reliable income stream. But when you look at the US as a whole, I suspect you're talking about a more subdued picture in Q4."