CREFC Sentiment Index Plunges 17.5% to Three-Year Low on Rate Fears
New York – October 05, 2026 -- The CRE Finance Council's Board of Governors Sentiment Index dropped 17.5% to 83.3 in the third quarter of 2026, down from 101.0 in the prior quarter and its lowest reading since the third quarter of 2023 (82.7), as commercial real estate finance executives confront a 10-year Treasury yield stuck near 5%.
All nine core index questions weakened in lockstep
The decline left the index 34% below its record high of 126.6 set in the fourth quarter of 2024 and well under the survey's baseline of 100.0 established in the fourth quarter of 2017. Interest rate and economic outlook questions drove roughly 30% of the drop, with the remaining seven core questions accounting for the balance. The survey, conducted September 21-28, 2026, drew responses from 37 of 40 board members, a 93% participation rate.