New York & Tri-State | April 10, 2020

REBNY: Broker Confidence Hits Lowest Point on Record

The Real Estate Board of New York said Thursday that broker confidence hit its lowest point on record, according to its Q1 2020 Quarterly Real Estate Broker Confidence Index.

The quarterly index, which was tracked weekly during March as the coronavirus pandemic spread, found that commercial broker confidence reached an all-time low of 1.89 out of 10 immediately after New York State issued its “stay-at-home” executive order. Residential broker confidence was slightly higher.

“With New York City as the national epicenter of this global public health crisis, it’s no surprise that, along with everyone else confronting the current humanitarian crisis, our industry is deeply shaken,” said REBNY president James Whelan.

Although Whelan expressed confidence that the industry would weather the storm, “we will need strong policies at the city, state and federal levels to get our economy back into shape and working for all those impacted by this unprecedented crisis.”

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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 13-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 15-20 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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