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NYC New Building Filings Rise Nearly 70% Year-Over-Year
New York City saw 689 new building filings in the first quarter of 2022, a nearly 70% increase year-over-year, the Real Estate Board of New York said in its Quarterly Construction Pipeline Report. It’s the largest number of filings in any single quarter since Q4 2014.
Proposed construction square footage in Q1 2022 totaled 23.27 million square feet, a 26% drop from the previous quarter. However, total construction square footage still far exceeds historical numbers, up 333% Y-O-Y and 97% greater than the average since Q1 2008.
The quarter-over-quarter decline in proposed construction square feet can be attributed to 10 fewer filings for very large projects, i.e. those larger than 300,000 square feet.
“Sustained construction activity is essential for the real estate industry and our broader economy, as the sector offers good paying jobs and many of these projects address critical housing and infrastructure needs,” said REBNY president James Whelan.
- ◦Development
