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 commercial broker confidence and relative stability among residential brokers. Rising interest rates, challenging office market conditions, and banking sector instability have caused commercial broker confidence to reach new lows. Residential brokers reported improved sales and sustained leasing activity in the higher price ranges; however concerns remain regarding ultra-luxury transactions and potential recessionary impacts. The report also highlights 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.