Commercial real estate executives say they are feeling like things are looking up for their industry for the first time since 2013, according to a report from The Globe and Mail.

But despite the optimism, the commercial real estate business isn't exactly in the pink right now. With that being said, the worries that many experts had during the tial end of 2013 appear to have subsided.

The cause for the optimism within the commercial sphere was the REALpac/FPL Canadian Real Estate Sentiment Survey, which showed a small increase in the first quarter of 2014. This increase is welcome news, given that the survey was on the decline during the past three quarters. 

Conducted by the Real Property Association of Canada and FPL Advisory Group, the survey questions CEOs and key other industry players about their current level of confidence in the business.

“The spectre of higher interest rates in the future is still causing some concern, and there are concerns about over-building,” said Avison Young CEO Mak Young. “But at some point, you come to the realization that you can still do business no matter what part of the cycle we’re in.”

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