New York & Tri-State + Midtown New York + Apartments | February 21, 2023

NYC Construction Filings Rebound, Yet Still Lag Historical Averages

New York City’s construction pipeline rebounded in the fourth quarter of 2022 with 388 new building filings representing 12.6 million square feet, the Real Estate Board of New York (REBNY) reported. The number of projects was up 11% and the proposed square footage was up 95% from Q3.

However, REBNY said it’s important to note that Q3 2022 had among the lowest quarterly levels of new building proposals in recent years. Compared to historical data, new building filings were 20% below the overall median and 22% lower than the quarterly average since Q1 2008.

Q4 residential construction filings, while up 136% in unit count over Q3, also showed that the city lags in new housing supply. “New Yorkers need much more aggressive policy solutions to help spur residential construction if we are to escape from the housing supply crisis we face today,” said REBNY SVP of policy Zachary Steinberg.

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REBNY's Steinberg

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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