The commercial real estate sector in New York is improving according to the city's real estate brokers, although there are concerns about the residential sector
The commercial real estate sector in New York is improving according to the city’s real estate brokers, although there are concerns about the residential sector.
The quarterly sentiment index from the Real Estate Board of New York (REBNY) shows a slight rise in the third quarter of 2017 to 6.00, up 0.11 from the previous quarter.
“Our Broker Confidence Index reflects cautious optimism among REBNY brokers who closely monitor economic indicators that impact commercial and residential transactions across New York City’s real estate market,” said John Banks, REBNY President. “Residential brokers expressed confidence in their ability to reconcile buyers’ and sellers’ price expectations, and commercial brokers are hopeful about opportunities in the leasing market.”
The commercial element of the index was strongest with brokers feeling that the market is solid overall, but overly high rents are a big concern with many feeling they are dampening demand.
For residential brokers in New York, sentiment slipped in the third quarter, driven by weaker conditions in the rental market which has been a trend for the last three years.
Residential brokers’ sentiment is at all-time lows for both current and future rental market conditions.
The quarterly sentiment index from the Real Estate Board of New York (REBNY) shows a slight rise in the third quarter of 2017 to 6.00, up 0.11 from the previous quarter.
“Our Broker Confidence Index reflects cautious optimism among REBNY brokers who closely monitor economic indicators that impact commercial and residential transactions across New York City’s real estate market,” said John Banks, REBNY President. “Residential brokers expressed confidence in their ability to reconcile buyers’ and sellers’ price expectations, and commercial brokers are hopeful about opportunities in the leasing market.”
The commercial element of the index was strongest with brokers feeling that the market is solid overall, but overly high rents are a big concern with many feeling they are dampening demand.
For residential brokers in New York, sentiment slipped in the third quarter, driven by weaker conditions in the rental market which has been a trend for the last three years.
Residential brokers’ sentiment is at all-time lows for both current and future rental market conditions.
