In response to the COVID-19 pandemic, SIOR has developed a Snapshot Sentiment Survey to assess the impact of the virus on SIOR members' current transactions as well as their level of confidence in local markets six months from now. So far, three of these assessments have been completed, beginning in April 2020. An overview of the results can be found below, with the full report available on the SIOR Thought Leadership page.
For July 2020, survey respondents shared the following:
- Most notably, industrial specialists are reporting 42.3% of transactions are proceeding on time, compared to 32.5% for their office colleagues.
- Office specialists also share a lower level of confidence in their local markets within the next six months, compared with their industrial counterparts, 5.8 for office, compared to 6.5 for the industrial side (on a 10-point scale).
- Industrial brokers in the Global, Mid-Atlantic, and Northwest regions reported the strongest market confidence. The Canadian, Central, and Southeast regions were the only ones to report higher levels of confidence in office over industrial. The lowest levels of confidence were reported by office brokers in the Northeast, Northwest, and West regions, as well as industrial brokers in the Central region.
- Looking at the differences in local market confidence between independent and large firm/ network brokers, those in large firms and networks reported notably higher confidence in the Global, Canadian, South, and Southwest regions, compared to their independent counterparts.
In comparison to the June 2020 results:
- Overall, market confidence dipped, from 6.61 to 6.30 (on a 10-point scale).
- Regionally, the biggest gains in confidence were made by industrial and office brokers in the Global and Canadian regions. The biggest drops in confidence were made by industrial and office brokers in the West, Southwest, and Northwest regions and office brokers in the Northeast.
- There was continued improvement in the overall status of current transactions. On-schedule transactions steadily increased 37% to 39.2% with corresponding declines in 3rd party delays and delayed projects. The industrial sector continued to show steady gains, while the office sector showed ongoing uncertainty in the last month with on-schedule transactions gaining 30.5% to 32.5% but cancelled transactions increasing 16.1% to 20%.
To download the full report, visit the SIOR Thought Leadership page