France Media 2025 Forecast Survey for Brokers

Welcome to Our Annual Forecast Survey

Dear Commercial Real Estate Broker,

The editors of France Media are conducting a brief online survey to assess the commercial real estate outlook for the coming year. We welcome your participation in our 14th annual forecast survey, which should only take a few minutes to complete. The questions focus on your company's business specialty, property sectors that you are most bullish on heading into 2025, trends in deal volume, the movement of interest rates and the outlook on the office sector, among other topics.

We're also sending separate surveys to finance professionals as well as developers, owners and managers. The results will be compiled and published in the January issues of our regional magazines. Our editorial mission at France Media is to provide readers with indispensable information, and we couldn't do it without your help.

(Note: Please remember to click on "done" to properly submit the survey.)

Sincerely,
Matt Valley
Editorial Director, Real Estate Regionals

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* 1. In which region of the country do you personally conduct most of your business? (Answer required to allow France Media to place responses in the appropriate regional publication.)

Southeast (Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, West Virginia and Washington, D.C.)

Northeast (Connecticut, Delaware, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and Vermont)

Midwest (Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, Ohio, South Dakota and Wisconsin)

Western U.S. (Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, North Dakota, Oregon, Utah, Washington and Wyoming)

Texas and Oklahoma

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* 2. Which of the following best describes your company? (Please mark all that apply)

Global Brokerage Company

National Brokerage Company

Regional Brokerage Company

Local Brokerage Firm

Full-Service Real Estate Firm

Tenant Representation Firm

Landlord Representation Firm

Other (please specify)

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* 3. Check the box that best describes your job title:

President, Owner, Partner, Chairman of the Board, CEO

Chief Financial Officer, Chief Investment Officer

Real Estate Manager, Other Manager, including General Manager

Broker, Leasing Agent, Real Estate Agent

Other (please specify)

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* 4. Which property sector(s) do you specialize in? (Please mark all that apply)

Hotel

Industrial

Multifamily

Office

Retail

Mixed-use

Other (please specify)

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* 5. Do you expect your firm’s total transaction volume by dollar amount (leasing and investment sales combined) in 2025 to be higher, lower or the same as in 2024?

Higher

Lower

Approximately the same

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* 6. If you answered "higher" to the previous question, by how much?

Less than 5%

5% to 10%

11% to 15%

16% to 20%

More than 20%

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* 7. If you answered "lower" to the previous question, by how much?

Less than 5%

5% to 10%

11% to 15%

16% to 20%

More than 20%

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* 8. Generally speaking, which property sector(s) do you think will experience a high velocity of sales activity in 2025? (multiple answers allowed)

Hotel

Industrial

Multifamily

Office

Retail

Mixed-use

Other (please specify)

Question Title

* 9. Generally speaking, which property sector(s) do you think will experience a low velocity of sales activity in 2025? (multiple answers allowed)

Hotel

Industrial

Multifamily

Office

Retail

Mixed-use

Other (please specify)

Question Title

* 10. In your view, which property sector(s) will experience the greatest increase in valuations over the next 12 months?

Hotel

Industrial

Multifamily

Office

Retail

Mixed-use

Other (please specify)

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* 11. Do you expect interest rates to increase, decrease or remain relatively unchanged during the next 12 months?

Increase

Decrease

Remain relatively unchanged

Uncertain

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* 12. What is your best guess as to where the U.S. 10-year Treasury yield will stand at the end of 2025?

6.0% or higher

5.5%

5.0%

4.5%

4.0%

3.5%

3.0%

2.5%

2.0%

1.5% or lower

Uncertain

Question Title

* 13. To what degree will inflation, which has moderated but remains at an elevated level, have an impact on the commercial real estate industry over the next 12 to 18 months?

Significant positive impact

Some positive impact

Significant negative impact

Some negative impact

No impact

Uncertain

Question Title

* 14. What is your best guess as to how long it will be before office buildings in your market return to pre-pandemic levels of utilization?

Six months

1 year

1.5 years

2 years

2.5 years

3 years

Uncertain

Never

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* 15. Among the following property types, how do you think the volume of distressed properties in 2025 will compare to 2024?

	Increase significantly	Increase somewhat	Remain the same	Decrease somewhat	Decrease significantly	Uncertain
Industrial	Industrial Increase significantly	Industrial Increase somewhat	Industrial Remain the same	Industrial Decrease somewhat	Industrial Decrease significantly	Industrial Uncertain
Multifamily	Multifamily Increase significantly	Multifamily Increase somewhat	Multifamily Remain the same	Multifamily Decrease somewhat	Multifamily Decrease significantly	Multifamily Uncertain
Office	Office Increase significantly	Office Increase somewhat	Office Remain the same	Office Decrease somewhat	Office Decrease significantly	Office Uncertain
Retail	Retail Increase significantly	Retail Increase somewhat	Retail Remain the same	Retail Decrease somewhat	Retail Decrease significantly	Retail Uncertain

Question Title

* 16. Of all the potential factors, which do you think will affect the commercial real estate industry the most in 2025?

Interest rates

Inflation

GDP/job growth

U.S national debt

Geopolitical risk

U.S. political climate

Supply chain constraints

Rapidly changing technology

Labor availability/talent recruitment

Other (please specify)

Question Title

* 17. The Fed lowered its benchmark interest rate by 50 basis points in September and 25 basis points in November. How will this affect borrowers and lenders in the short run? (Please type in your comments here and include your name, job title, company name, phone number and email address so that we may follow up with you for additional information and/or attribute quotes to you if we include your comment in the article. You can also leave an anonymous comment.)

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* 18. What impact will Donald J. Trump’s re-election as president have on the commercial real estate industry in the near term? (Please type in your comments here and include your name, job title, company name, phone number and email address so that we may follow up with you for additional information and/or attribute quotes to you if we include your comment in the article. You can also leave an anonymous comment.)

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* 19. What do you see as the greatest opportunity and/or challenge for the commercial real estate industry in 2025? (Please type in your comments here and include your name, job title, company name, phone number and email address so that we may follow up with you for additional information and/or attribute quotes to you if we include your comment in the article. You can also leave an anonymous comment.)

Question Title

* 20. Can we reach out to you as a potential source for our follow-up analysis article of the survey results?

Yes

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* 1. In which region of the country do you personally conduct most of your business? (Answer required to allow France Media to place responses in the appropriate regional publication.)

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* 2. Which of the following best describes your company? (Please mark all that apply)

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* 3. Check the box that best describes your job title:

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* 4. Which property sector(s) do you specialize in? (Please mark all that apply)

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* 5. Do you expect your firm’s total transaction volume by dollar amount (leasing and investment sales combined) in 2025 to be higher, lower or the same as in 2024?

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* 6. If you answered "higher" to the previous question, by how much?

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* 7. If you answered "lower" to the previous question, by how much?

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* 8. Generally speaking, which property sector(s) do you think will experience a high velocity of sales activity in 2025? (multiple answers allowed)

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* 9. Generally speaking, which property sector(s) do you think will experience a low velocity of sales activity in 2025? (multiple answers allowed)

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* 10. In your view, which property sector(s) will experience the greatest increase in valuations over the next 12 months?

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* 11. Do you expect interest rates to increase, decrease or remain relatively unchanged during the next 12 months?

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* 12. What is your best guess as to where the U.S. 10-year Treasury yield will stand at the end of 2025?

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* 13. To what degree will inflation, which has moderated but remains at an elevated level, have an impact on the commercial real estate industry over the next 12 to 18 months?

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* 14. What is your best guess as to how long it will be before office buildings in your market return to pre-pandemic levels of utilization?

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* 15. Among the following property types, how do you think the volume of distressed properties in 2025 will compare to 2024?

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* 16. Of all the potential factors, which do you think will affect the commercial real estate industry the most in 2025?

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* 20. Can we reach out to you as a potential source for our follow-up analysis article of the survey results?

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* 21. If yes, please provide your name, job title, company and email address in the below text box.