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Land-Constrained NYC Still Ranks High for Vacant Lots
It may be a land-constrained city of three islands and a peninsula, but New York City is surprisingly well situated in terms of vacant parcels. CommercialCafé found that the city’s urban core still encompasses 16.5 acres of developable vacant land, ranking it 12th among CBDs, roughly on par with Chicago and ahead of Los Angeles, Miami and Houston.
At the same time, development in New York City during the past five years far exceeded activity in any other U.S. CBD, according to CommercialCafé. Nearly 30 million square feet of property has been built here since 2013, and no other CBD comes close.
New York City’s tally was three and a half times more than in second-ranked Dallas, “without the comfortable option of a sprawling suburban expanse,” Commercial Café reported. Dallas’ total vacant land is slightly more than 86 acres, or five times as much as New York’s total.
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