REBNY Report:  Real Estate Broker Confidence | Q2 2022

New York City’s real estate broker confidence declined for the third consecutive quarter, falling into a negative index for the first time since 2020 according to the Real Estate Board of New York’s (REBNY) Real Estate Broker Confidence report for the 2nd quarter. The Current Confidence Index (CCI) among residential brokers declined from 31.41 to negative 1.74 quarter-over-quarter, and the CCI among commercial brokers declined from 17.05 to negative 37.72. Similarly, the Residential Expectations Index (EXI) of the 6-month outlook dropped from 22.98 to negative 10.07, and the Commercial EXI fell more sharply from 21.51 to negative 34.87 — the lowest mark since 2020. Top concerns contributing to the index declines include interest rates, inflation, and unease about the economy. While the residential sector is holding up relatively well due to the desire to live in New York City remaining strong, the office sector is moving in different directions, some segments gaining traction during recent months — with demand for the highest-caliber space holding steady.