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Fear & Greed Index
Conducted jointly by John Burns Research and Consulting and CRE Daily, the Fear and Greed Index examines current commercial real estate investor sentiment and expectations over the next six months, as well as changes in access to capital and asset values.
| Sectors | Rating |
|---|---|
| Multifamily | 59 |
| Industrial | 60 |
| Retail | 61 |
| Office | 53 |
| Sectors | Rating |
|---|---|
| Multifamily | 58 |
| Industrial | 60 |
| Retail | 57 |
| Office | 51 |
| Sectors | Rating |
|---|---|
| Multifamily | 59 |
| Industrial | 59 |
| Retail | 58 |
| Office | 48 |
| Sectors | Rating |
|---|---|
| Multifamily | 58 |
| Industrial | 60 |
| Retail | 56 |
| Office | 47 |
| Sectors | Rating |
|---|---|
| Multifamily | 62 |
| Industrial | 63 |
| Retail | 56 |
| Office | 36 |
| Sectors | Rating |
|---|---|
| Multifamily | 58 |
| Industrial | 57 |
| Retail | 55 |
| Office | 43 |
| Sectors | Rating |
|---|---|
| Multifamily | 54 |
| Industrial | 56 |
| Retail | 54 |
| Office | 42 |
| Sectors | Rating |
|---|---|
| Multifamily | 53 |
| Industrial | 56 |
| Retail | 53 |
| Office | 40 |
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Per our sector-level Fear and Greed Index, retail is the strongest commercial sector. Office continues to lag.
Current CRE Investment Strategy Index
John Burns Research and Consulting, LLC; CRE Daily (Data: Feb-25, Pub: Mar-25)
This index gauges investor behavior in the most recent quarter by measuring the share of commercial real estate professionals who increased, decreased, or maintained their investment exposure across major asset classes. It provides a snapshot of real-time market positioning and indicates whether investors are leaning into growth opportunities or pulling back due to perceived risks.
Expected Investment Strategy Index
John Burns Research and Consulting, LLC; CRE Daily (Data: Feb-25, Pub: Mar-25)
This forward-looking index captures investor expectations over the next six months, based on whether they plan to increase, decrease, or hold their exposure to various CRE sectors. It reflects evolving sentiment around market conditions, interest rates, and asset performance, offering early signals of potential capital shifts across the industry.
Access to Capital Index
John Burns Research and Consulting, LLC; CRE Daily (Data: Feb-25, Pub: Mar-25)
This index measures changes in investors’ ability to raise debt or equity capital compared to the prior quarter. By tracking whether capital has become easier, harder, or stayed the same to access, the index highlights perceived liquidity in the market and helps gauge overall confidence in capital availability across CRE sectors.
Sector Breakdowns
Track sentiment, value trends, and capital access across Multifamily, Industrial, Retail, and Office. See where investors are buying, selling, or holding, with quarterly insights on confidence and pricing shifts.
Change in Values by Asset Class (% YOY)
Commercial Real Estate – Multifamily
John Burns Research and Consulting, LLC; CRE Daily (Data: Feb-25, Pub: Mar-25)
Expected Change in Values by Asset Class (Next 6 Months)
Commercial Real Estate – Multifamily
John Burns Research and Consulting, LLC; CRE Daily (Data: Feb-25, Pub: Mar-25)
Investment Strategy Trend
Commercial Real Estate – Multifamily
John Burns Research and Consulting, LLC; CRE Daily (Data: Feb-25, Pub: Mar-25)
Capital Access Sentiment
Commercial Real Estate – Multifamily
John Burns Research and Consulting, LLC; CRE Daily (Data: Feb-25, Pub: Mar-25)
Change in Values by Asset Class (% YOY)
Commercial Real Estate – Industrial
John Burns Research and Consulting, LLC; CRE Daily (Data: Feb-25, Pub: Mar-25)
Expected Change in Values by Asset Class (Next 6 Months)
Commercial Real Estate – Industrial
John Burns Research and Consulting, LLC; CRE Daily (Data: Feb-25, Pub: Mar-25)
Investment Strategy Trend
Commercial Real Estate – Industrial
John Burns Research and Consulting, LLC; CRE Daily (Data: Feb-25, Pub: Mar-25)
Capital Access Sentiment
Commercial Real Estate – Industrial
John Burns Research and Consulting, LLC; CRE Daily (Data: Feb-25, Pub: Mar-25)
Change in Values by Asset Class (% YOY)
Commercial Real Estate – Retail
John Burns Research and Consulting, LLC; CRE Daily (Data: Feb-25, Pub: Mar-25)
Expected Change in Values by Asset Class (Next 6 Months)
Commercial Real Estate – Retail
John Burns Research and Consulting, LLC; CRE Daily (Data: Feb-25, Pub: Mar-25)
Investment Strategy Trend
Commercial Real Estate – Retail
John Burns Research and Consulting, LLC; CRE Daily (Data: Feb-25, Pub: Mar-25)
Capital Access Sentiment
Commercial Real Estate – Retail
John Burns Research and Consulting, LLC; CRE Daily (Data: Feb-25, Pub: Mar-25)
Change in Values by Asset Class (% YOY)
Commercial Real Estate – Office
John Burns Research and Consulting, LLC; CRE Daily (Data: Feb-25, Pub: Mar-25)
Expected Change in Values by Asset Class (Next 6 Months)
Commercial Real Estate – Office
John Burns Research and Consulting, LLC; CRE Daily (Data: Feb-25, Pub: Mar-25)
Investment Strategy Trend
Commercial Real Estate – Office
John Burns Research and Consulting, LLC; CRE Daily (Data: Feb-25, Pub: Mar-25)
Capital Access Sentiment
Commercial Real Estate – Office
John Burns Research and Consulting, LLC; CRE Daily (Data: Feb-25, Pub: Mar-25)
Commentary from CRE investors
Unfiltered insights from the front lines, featuring direct quotes and key themes from commercial real estate professionals on interest rates, policy shifts, capital markets, and market outlook.
Property insurance, utilities, property taxes, and government regulations are hurting multifamily significantly. Combined with inflation in goods, services, and payroll, income statements and disposition/sale models do not pencil.
If tariffs and inflation aren’t addressed, the CRE market will experience a recession.
Geopolitics is causing confusion, uncertainty, and distress.
Rent control and aggressive tenant-rights movements make operations difficult, as do anti-landlord policies.
The cost of capital and debt is causing me to pause and wait to see what happens with rates and demand. My area is overbuilt, and it will take time for the market to absorb the units and retail space…You need deep pockets to hold underperforming assets and still fund new projects.
Many developers are waiting to sell, hoping cap rates and interest rates move enough to bring their properties back to peak pricing. While I think peak pricing will return, we are still years away.
Value estimation is tricky because there haven’t been enough sales to judge. Very few distressed multifamily deals have cleared the market yet, which is artificially keeping average sale prices higher.
Interest rates have been too high for too long. I expect the negative spiral to continue until there is a change at the Fed.
The South Florida office market is stronger than any other market.
[Texas] leasing fundamentals are very strong.
Small-bay industrial is the hot spot right now.
I’m seeing signs that tenant velocity (leasing activity) in Kansas City is strengthening. As macroeconomic conditions stabilize and debt becomes more accessible, confidence is returning…If these trends hold, 2026 could be an active and compelling year for industrial real estate in Kansas City.
Fear & Greed Reports
Download Fear & Greed reports for a full quarterly breakdown of sector indices, asset values, capital trends, and investor strategies.
Q4 2025
The index ticked up as investors lowered their 2026 expectations, even as access to capital improved for the first time in the survey’s history.
Q3 2025
The index ticked up slightly as capital access improved, though investors still face challenging financing conditions.
Q2 2025
The index ticked up slightly as capital access improved, though investors still face challenging financing conditions.
Q1 2025
Sentiment steadied as investors favored Industrial and Multifamily; Office lagged amid capital concerns.
Q4 2024
Investor confidence improved slightly as Industrial and Retail sectors gained momentum; Office remained under pressure despite signs of stabilization.
Q2 2024
Investor sentiment held steady as optimism grew in Multifamily and Industrial; Office remained weak despite early signs of stabilization.
Q1 2024
Sentiment stayed balanced as investors held steady; optimism ticked up in Industrial and Retail while Office remained cautious amid tight credit.
Q4 2023
Sentiment remained balanced as investors paused on new exposure; Industrial showed resilience while Office faced ongoing challenges and tightening capital access.
Methodology
What the index measures
The Fear and Greed Index gauges sentiment in the U.S. commercial real estate market by assessing whether investors are expanding or contracting their activity. It reflects trends in investment behavior, capital access, and overall market outlook across four major sectors: multifamily, industrial, retail, and office.
How it’s calculated
The index is a proprietary diffusion score ranging from 0 to 100. It’s derived from a weighted average of three sub-indices:
- Access to capital – whether it’s easier or harder to raise capital compared to the prior quarter
A score above 55 signals market expansion (greed), while below 45 signals contraction (fear). - Current investment strategy – whether investors are increasing, holding, or decreasing exposure
- Expected investment strategy – anticipated changes in the next 6 months
Who participates
The index reflects input from commercial real estate professionals across the U.S., including owner-operators, general partners (GPs), limited partners (LPs), and brokers. Participants represent a broad range of activity across the multifamily, industrial, retail, and office sectors.
Sample Details
Responses by segment:
Multifamily
36%
Industrial
19%
Retail
19%
Office
17%
Other
9%
John Burns Research and Consulting, LLC; CRE Daily (Data: Feb-25, Pub: Mar-25)
