MIAMI—As deal flow and pricing reach ever-higher levels, it's important to ask whether investor confidence is being checked by discipline. Akerman LLP's Richard Bezold tells GlobeSt.com that by and large that a disciplined approach is evident, even as the firm's sixth annual Akerman US Real Estate Industry Outlook Survey finds that investors are more optimistic about the health of commercial real estate and the underlying fundamentals than they've been in quite some time.

“Our clients are very disciplined in looking at the properties,” say Bezold, chair of the real estate practice group at locally based Akerman. “They spend a lot of time on due diligence and on crafting the kind of right capital stack to put together. In some areas, they are more conservative than they were in 2007.”

In common with the previous market peak, investors are being pushed by low cap rates into secondary and tertiary market opportunities they might not have considered a few years ago. Yet Bezold says they're looking at these markets with a different mindset than they evinced in '07. “They're being very disciplined in the way they deploy their funds, whether it's debt or equity,” he says.

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Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.