New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
NYC Sees Construction Boom in Culture and Tourism
Given that “New York’s position as a global city has long depended on capital investment in cultural amenities,” and its pre-eminence as a commercial center, the New York Building Congress sees a boom in projects supporting culture and tourism. Across the five boroughs, there are $9.4 billion in capital projects supporting culture and tourism due for completion before 2020, such as The Shed at Hudson Yards (pictured), and another $7.1 billion planned.
Lodging dominates the construction pipeline in culture and tourism-related development. The NYBC notes that while Manhattan has the most projects and spending, Queens—home to two of the region’s three major airports—also has a considerable number of lodging projects in the pipeline.
With a spike in culture and tourism construction, as well as in healthcare and higher education projects, “New York City is in the midst of an unprecedented physical expansion of key segments of its economy.
For comments, questions or concerns, please contact Paul Bubny
- ◦Economy
- ◦Development
