NYC Commercial Real Estate Broker Confidence at All-Time Low

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 confidence among commercial brokers and relative stability among residential brokers. Commercial broker confidence was impacted by rising interest rates, challenging office market conditions, and banking sector instability. Residential broker confidence remained relatively stable as sales and leasing held steady; however concerns were expressed over ultra-luxury transactions due to potential recessionary uncertainty. The report also highlighted obstacles to housing development, financial sector instability, return-to-office activity quality-of life issues as well as potential regulations impacting property investors and maintenance.