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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. 

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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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