NYC Broker Confidence on Uptick

Martin Nussbaum, a principal at Slate Property Group, is involved with acquiring, financing, developing, and investing in commercial and residential real estate. Outside of his role at Slate Property Group, Martin Nussbaum is a member of the Real Estate Board of New York (REBNY).

The REBNY is NYC’s real estate trade organization that advocates for its members' mutual interests through the promotion of public and industry policies. According to the REBNY Q4 2020 Quarterly Real Estate Broker Confidence Index, broker confidence increased 41 percent since its lowest point in the third quarter. The Confidence Index found in Q4 overall broker confidence was a 4.35 out of 10, and while this is a pretty low score, last year’s pandemic put a damper on NYC real estate-to put these figures in context.

Separately, residential and commercial real estate brokers were more confident. Between Q3 and Q4, residential broker confidence increased 45 percent (5.81), and commercial broker confidence increased 34 percent to 2.89. With the vaccine roll out and the belief that the market has bottomed out, the current index reporting reflects that brokers believe that the challenges that have stymied overall business in the city can be overcome. In addition to expectations regarding the vaccine, REBNY reported that in the latter part of the year, properties that sat for a long time in the early part of 2020 are now seeing multiple offers.