As global economic instability and the US election loom over the market like a dust storm in a post-apocalyptic Mad Max wasteland, Q2 2016 saw NYC broker confidence continue to falter, as reported by the Real Estate Board of New York’s latest survey of its commercial brokerage division members.

The overall real estate broker confidence index dropped 0.19 points to 7.04—a steep drop from Q4 2014’s 9.22. The real estate broker confidence for the market sixth months from now dropped to 6.47 from Q4 2014’s 9.23. 

For commercial brokers in particular, the confidence index for the current market and the market six months from has hit 6.57 and 5.71, respectively. These brokers are particularly cautious about the Chinese and European instability and the slowdown in bank financing as government regulations ramp up.

Finally, while TAMI office leasing is riding high, brokers are keeping their eye on retail. Retailers struggling with online shopping are transitioning from traditional shopping centers to urban and mixed-use centers, keeping brokers busy, but concerns of a slowdown still run amok.