Market confidence for a swift recovery is growing. According to the May 2020 LightBox Market Confidence Index, 47% of all respondents expect a fourth quarter or early 2021 recovery. At an early survey in April, only 36% of respondents expected a recovery by the end of the year or early 2021, showing a marked improvement.

"The sentiments of real estate professionals across the U.S. are improving, but are still extremely cautious," Dianne Crocker, principal analyst with LightBox, tells GlobeSt.com.  The LightBox Market Confidence Index in June continued to reflect the market's transition away from the widespread worsening of conditions in April to a market making its way down the path to recovery."

The sentiment has changed since April, which many are now seeing as the depths of the pandemic. "The most dramatic change in respondents' sentiments in June was a collective sense that commercial real estate hit bottom in April and is now largely "stabilizing" or "improving." As employees venture back into offices, a growing number of stakeholders are beginning to re-initiate property deals that were stalled during the market shutdown, but the pace of recovery is slow," says Crocker. "Concerns about rising COVID-19 infections in many states over the past month is injecting uncertainty into the market forecast and could drive down July readings."