NYC Brokers Stay Positive During Office Wait-and-See
For the first time since 2020, COVID-19 was not a top concern for brokers responding to the Real Estate Board of New York’s confidence survey.
According to the Real Estate Board of New York’s Q1 2022 Real Estate Broker Confidence Index, brokers faith in real estate continues to diminish, although their attitude remains positive.
Confidence among participating brokers in both commercial and residential real estate declined for a third-consecutive quarter, and their six-month outlook was less optimistic, as well. Still, positivity abounds.
The Commercial Current Confidence Index remained somewhat flat, dropping from 17.89 the previous quarter to 17.05. For the first time since COVID-19 appeared, the pandemic was not the main reason for the drop in the index. The disruption brought to the city since the pandemic was very real.
Commercial brokers were concerned regarding a delayed return to office work environment. In April, the second quarter saw an increase in office movement. As of late March, office occupancy in New York had reached 37.1%. compared to 22% in January, according to Kastle Systems.
The main challenges facing the brokerage community have thankfully shifted away from public health concerns, Keith DeCoster, director of market data and policy with the Real Estate Board of New York, said in prepared remarks. He added that economic momentum and broker confidence should stay in positive territory, particularly if public policymakers continue to prioritize quality-of-life issues and empower owners and businesses to invest further in New York City.
Thank you Barbara Murray from Commercial Search.