The Real Estate Roundtable's Q3 Current Conditions Index has reached the highest level in its 13-year history with a rise of 7 points from the previous quarter to 85. But uncertainty about the recovery from the pandemic led the Future Condition Index to decline by 4 points to 71.

The perspectives come from CEOs, presidents, and other top commercial real estate industry executives.

In the poll, the leaders cited a continued abundance of available debt and equity capital, which has led to significant amounts of capital sitting on the sidelines waiting for attractive deployment opportunities. One of the executives quoted in the report said industrial is going gangbusters on both sides—tenant and investor—with absurd amounts of capital seeking any quality asset. Another C-suite member expressed surprise that industrial cap rates have gotten tighter and lower, forming a bubble from capital that is available, but fundamentals seem to back it up. For office, respondents noted there was investment demand but a long-standing issue was in the way of sales. "In the office sector, if sellers would give a little, there would be a lot of activity, however we see separation between bid and ask," one respondent said.