Report: Broker Confidence In NYC Market Is Slipping
Rising interest rates, a slowing global economy and worries over the US presidential election have shaken confidence in NYC’s real estate market, says a new REBNY report.
This marks the fifth quarter in a row during which overall confidence among NYC’s brokers—residential and commercial—declined, falling around 8% during Q1, The Real Deal reports. Residential brokers are more optimistic than their commercial counterparts, the report found.
Many brokers are worried there is too much space becoming available at rents that are too high—all while the tenant pool shrinks. Yet despite a slowdown in the luxury market, many brokers remain confident in the city’s economy and staying power. [TRD]