New York CRE Broker Confidence Hits Record Low
The Real Estate Board of New York (REBNY) has released its Real Estate Broker Confidence Index report for the first quarter, revealing the current state of confidence among residential and commercial brokers in the city. Commercial broker confidence has reached new lows due to rising interest rates, challenging office market conditions, and banking sector instability. In contrast, residential broker confidence remained relatively stable as sales and leasing held steady. 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 in the first quarter. Meanwhile, residential brokers reported improved sales and sustained leasing, particularly in the higher price ranges. However, concerns remained regarding ultra-luxury transactions and uncertainties surrounding a potential recession.