New York & Tri-State CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Sub Markets

Property Sectors


New York & Tri-State  + Midtown New York  + Office  | 

REBNY Sees Broker Confidence Dropping for Fifth Consecutive Quarter

Although residential and commercial broker confidence in current conditions fell for the fifth consecutive quarter, residential brokers’ six-month outlook entered positive territory for the first time since the first quarter of 2022, the Real Estate Board of New York reported in its latest Real Estate Broker Confidence Index. The quarterly index surveys commercial and residential brokers across the five boroughs. 

Commercial real estate brokers remained more pessimistic than their residential colleagues, said REBNY. The Commercial Current Confidence Index shifted from -40.58 to -45.61 in Q4 2022. While retail and hospitality capped off an impressive 2022 recovery with a strong holiday season, weak demand for Class B and C office space continues to dampen current broker confidence. 

“High interest rates and inflation underlie ongoing broker malaise, but residential brokers were encouraged by recent signs of moderation in these key indicators” said REBNY director of market data Keith DeCoster. “Residential broker confidence could see further improvement in 2023, if the moderation persists in mortgage and inflation rates. Substantive and widespread momentum in office leasing, and clarity regarding conversion guidelines, will be needed for commercial confidence to turn around.” 


Inside The Story


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 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).