On A Scale of 1-10, New York City Commercial Brokers’ Confidence Is Below 2
www.bisnow.com reported today that New York City brokers do not feel very confident in the current and future state of the real estate market, and in a Real Estate Board of New York Broker Confidence report released yesterday averaged 1.94 out of 10 this quarter. “In their general written comments about the market, brokers cited ‘declines in disposable income” and “the inability to cold call” as reasons for their rating.” Their market is moving again, with increased investment sales up five-fold from May to June, but still down 55% year over year. I have been on Zoom networking meetings with my peers from around the country, and the overall sentiment is much more positive. I have associates in Texas and other states who are still doing deals, some in the health care industry with almost more business then they can handle, but across the board business is way down as compared with any point in 2019.
