The McGladrey Commercial Real Estate Index, which tracks the current market sentiments and future expectations of Connecticut brokers and other industry representatives, rose to its highest level since the index was formed in 2010.
An index reading of 28.3 for the second quarter represented a 7 percent increase from the previous quarter and a nearly 29 percent increase from the second quarter of 2012.
The overall index reading incorporates two figures ”“ a current conditions index and a future expectations index. Respondents to the second-quarter survey were slightly less optimistic about the current market conditions than they were in the previous quarter, causing the current conditions index to fall about 5 percent.
However, respondents were far more optimistic about the market’s future prospects, with the future expectations index rising 19 percent.
More than 100 real estate professionals representing all of Connecticut’s counties participated in the most recent survey. The index, which was published May 23, is sponsored by McGladrey L.L.P. and is a collaboration of the Connecticut Economic Resource Center Inc., the Connecticut Business & Industry Association and DataCore Partners L.L.C.
