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A survey of its brokers for the second quarter of 2013 revealed a slight uptick in confidence for the commercial market and a slight decline amid some uncertainty looming in the residential sector, according to the Real Estate Broker Confidence Index, released today by The Real Estate Board of New York.
The Overall Present Situation Index (commercial and residential) rose from 8.87 in the first quarter of 2013 to 9.05 in the second quarter, largely due to the uptick in confidence in current financing in the commercial sector, while the residential division saw a decline to 8.71 this quarter, down from 9.02.Asian Office Space | Paya Lebar Square Singapore
The Commercial Real Estate Market Present Situation Index checked in at 9.28, 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.
Compared to the previous quarter, confidence in the residential sector has slipped slightly, attributed to the low inventory and the emergence of bidding wars among potential buyers. Higher prices and weary clients potentially dropping out of the market are a cause for concern, according to the brokers.
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