NYC Broker Confidence Slips in Q4 2021

According to the Real Estate Board of New York’s 4th Quarter 2021 Broker Confidence Report, the rise in coronavirus cases due to the Omicron variant dampened New York City broker confidence. Although the residential Current Confidence Index (CCI) lowered moderately quarter-over-quarter from 56.29 to 50.63, and the commercial CCI registered a sharper lowering from 36.11 to 17.89, most brokers remained optimistic about the 6-month outlook. The Expectations Index (EXI) for the residential sector were essentially unchanged, while the office sector saw an improvement in EXI from 32.26 in Q3 2021 to 38.88.