As seen in Real Estate Weekly Survey shows uptick in confidence in commercial market Aug. 14, 2013 Steven Spinola President, Real Estate Board of New York A quarterly survey of Real Estate Board of New York brokers revealed a slight uptick in confidence for the commercial market due to favorable financing. The residential brokerage side saw a small decline of confidence related to low inventory and rising interest rates for the second quarter of 2013. Overall, REBNY brokers are more confident in the market today than six months from now, according to the survey called REBNY’s Broker Confidence Index. The Index is tabulated on a scale of zero to ten with five being neutral. The Overall Present Situation Index, which includes both commercial and residential ratings, rose from 8.87 in the first quarter of 2013 to 9.05 in the second quarter. The increase was largely due to the uptick in confidence for current financing in the commercial sector. The residential brokerage division saw a decline to 8.71 this quarter, down from 9.02 in the first quarter of 2013. The Commercial Real Estate Market Present Situation Index checked in at 9.28 for the second quarter of 2013, up from 8.85 the previous quarter. Brokers reported that they’re seeing a healthy retail market and brisk activity. Over the next six months, brokers expect prices to rise, as well as interest rates, which could slow the current pace of sales and leasing six months from now. While commercial brokers are positive about the current market, there is some uncertainty about the market in the next few months. Changing interest rates and the yet to be determined new Chairman of the Federal Reserve Bank are tempering the confidence of the commercial brokers in the market six months from now.
Posted on: Fri, 16 Aug 2013 17:04:13 +0000
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