Buyers and sellers of commercial real estate continue to face a large pricing disconnect amid the COVID-19 pandemic. A new survey from CBRE found 61 percent of buyers are looking for discounts from pre-pandemic pricing — but only 9 percent of sellers are willing to offer discounts from pre-pandemic pricing.

“Buyers and sellers remain apart on many asset types, especially value-add where the bid-ask spread remains wide. Uncertainty about how to underwrite net operating income will remain until the pandemic is under control,” says Chris Ludeman, global president of capital markets for CBRE. “Despite disruption of segments of the commercial real estate industry, cap rates have remained relatively stable and, in fact, have gone down for the best industrial and multifamily assets. There is no shortage of equity capital, both foreign and domestic, targeting real estate, and debt markets are increasingly accommodative.”

Loretta Clodfelter is senior