The Real Estate Board of New York (REBNY) said its Real Estate Broker Confidence Index – Second Half 2024 showed both the Current Confidence Index and Expectations Index for commercial brokers in positive range for the first time since the beginning of 2022. Both indexes have trended upward since the first quarter of 2023. Conversely, the residential Current Confidence Index and Expectations Index have been in decline for the past year.

The Commercial Current Confidence Index, negative since Q2 2022, pushed into positive territory in H2 2024, jumping from -23.1 to 25.7, its strongest reading since Q3 2021. The six-month outlook tracked in the expectations index jumped from 7.2 to 57.8.

“An uptick in return to office and approval of City of Yes have put commercial broker sentiment on an upward trajectory, while regulatory decisions and continued challenges around interest rates and lack of inventory have created more pessimism on the residential side,” said Keith DeCoster, REBNY VP of market data and policy. “Looking forward, brokers are closely watching for the utilization of new residential development incentives on their respective markets, as there is some debate on expected outcomes.”