"The fear is that business and residential tenants may be suddenly unable to pay rent beyond the sectors already impacted and struggling to come back," DeBoer added.

Among other issues, respondents also reported the stay-at-home orders impaired their ability to accurately value commercial real estate assets, which has slowed real estate transactions.

One respondent stated: "We have been focusing on helping people pay rent and keep their stores and apartments. We haven't had a lot of thought going into growing and developing new properties."

As previously reported by GlobeSt.com, Real Capital Analytics found that many investors are making the choice to sit on the sidelines when it comes to making CRE deals. And Real Estate Roundtable's report also found respondents believe there is plenty of equity capital on the sidelines but without price discovery, there's an unwillingness to invest in the market.

But there is optimism for the future. Along with the Q2 Overall Sentiment Index, the report gives a Current Conditions Index, which dropped to 13. But the Future Conditions Index is 62, which is higher than Q1′s score. The difference between the two scores shows there is optimism after the pandemic has run its course.

DeBoer says his association is encouraging Congress to create a temporary assistance program to help residential and commercial tenants meet their rent obligations.

"Such a program will assist CRE executives cope with the current dive in market conditions until an eventual medical solution can underpin renewed economic growth for individuals, businesses and the country," DeBoer said.