CREFC's BOG Sentiment Index Remains Steady
July 14, 2026
CREFC’s 2Q26 BOG Sentiment Index rose slightly to 101.0, indicating a shift from shock to caution in the commercial real estate finance sector. The index rose 0.9% to 101.0 from 100.1 in 1Q26, holding near the survey's 4Q17 baseline of 100.0 after the prior quarter's 20.2% decline. Beneath the modest headline move, results were mixed. Five of nine core questions improved – led by the economic outlook – while four softened, led by borrower and investor demand, which moderated from 1Q26's elevated readings.
Why it matters: This stabilization suggests a cautious optimism in the market, with demand for financing still net positive despite recent geopolitical shocks. Liquidity remains steady, offering a crucial buffer against ongoing interest rate uncertainties.
The big picture: Economic sentiment has improved significantly, with 58% expecting the U.S. economy to perform consistently over the next year. However, interest rates continue to pose a challenge, with 53% anticipating negative impacts from elevated rates.
Access the full survey results here.
Contact Raj Aidasani (raidasani@crefc.org) with any questions.