The Real Estate Board of New York (REBNY) has released its Real Estate Broker Confidence Index report for the first quarter, revealing a record low in commercial broker confidence and relative stability among residential brokers. The report highlights concerns over obstacles to housing development, financial sector instability, return-to-office activity, quality-of-life issues, housing incentives and potential regulations impacting property investors and maintenance.
Commercial brokers expressed disappointment as expectations for office activity and leasing were dashed due to rising interest rates coupled with challenging market conditions in the banking sector. Residential brokers reported improved sales while leasing held steady – particularly in higher price ranges – though there are still uncertainties surrounding ultra luxury transactions amid fears of a potential recession.
