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Broker confidence high this year, despite state policy decisions

John Banks, the president of the Real Estate Board of New York

(NEW YORK, NY) — A recent study on New York real estate broker confidence indicates high hopes going into the Summer, despite recent state policy decisions with potentially adverse effects on the market, according to the Real Estate Board of New York (REBNY).

“Overall confidence among both residential and commercial brokers showed marked improvement from a year ago and reflects a positive outlook on the real estate market heading into the summer,” said John H. Banks, REBNY President. “However, New York City brokers also expressed concern over the impact of recent policy changes and Albany’s proposed rent reforms.”

Commercial brokers have expressed concerns about post-Amazon anti-business sentiments, commercial rent control, rent regulation reforms in Albany, interest rates, and office and retail vacancies.

These concerns arise out of mixed public reception to the recent opening of the massive, 18-million square foot Hudson Yards complex, developed by Related Co.’s under Stephen Ross. Amazon.com, Inc’s recent botched plans to open a headquarters in Queens also drew scrutiny over Manhattan land use and real estate.

Our most recent survey of #nycrealestate brokers shows confidence has increased since Q418; concern with proposed #rentreforms via @BetsyKim @GlobeStcomhttps://t.co/AufV87Ripi — Real Estate Board NY (@REBNY) May 30, 2019

Despite these developments, the overall score of confidence among those Brokers surveyed in the REBNY report is higher this year than it was in late last year, the last time REBNY conducted this report.

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