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New York & Tri-State  + Midtown New York  + Office  |  June 2, 2021
Paul Bubny
By: Paul Bubny

REBNY: Broker Confidence Continues Rebound from Record Lows

Broker confidence in the real estate market increased for the second consecutive quarter after hitting record lows at the height of the pandemic, the Real Estate Board of New York said Tuesday. The overall index for the first quarter is 6.66 out of 10, a 53% increase ove the prior quarter.

“This surge in broker confidence is happening alongside encouraging signs in our City, the overall economy, and particularly the real estate market where commercial and residential market activity are exhibiting clear signs of momentum,” said REBNY President James Whelan. “It is critical to seize this moment so that New York comes back stronger than ever.”

Recent market activity data released by CBRE helps illustrate why commercial brokers are more confident in the market. CBRE reported that Q1 saw the best quarter of office leasing activity since the start of the pandemic, with 2.9 million square feet signed.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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