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REBNY: Proposed Construction Reaches 10-Year Low

A new analysis of city data by the Real Estate Board of New York (REBNY) found that total square footage and new multiple dwelling filings for proposed construction in New York City are both at lows not seen in a decade. The proposed 5.4 million construction square feet in the first quarter is the lowest such figure since Q4 2010, while Q1 filings for new multiple-dwelling buildings have reached their lowest point since Q3 2011.

Following the latest report, REBNY called on Congress to pass President Biden’s historic infrastructure plan, which would put $2 trillion into the nation’s construction industry. 

“We applaud Majority Leader Chuck Schumer for embracing this much-needed plan and leading the fight for its passage,” said REBNY president James Whelan. “It is also more important than ever for city and state elected officials to step up and play their part.”

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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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