REBNY: Q2 Construction Filings Again Outpace Historical Averages
New York City construction activity in the second quarter again outpaced historical averages, the Real Estate Board of New York (REBNY) said Thursday. There were 422 new building filings in the quarter, a 19% increase year-over-year.
Although this level represents a 39% decrease from last quarter, it’s important to note that Q1 2022 had the largest number of filings in any single quarter since Q4 2014, REBNY reported.
The total proposed construction square footage in Q2 followed the same trend. While the number of filings fell compared to Q1, Q2 saw solid gains year-over-year.
“The second quarter of 2022 continued to show the strength of the city’s construction and development sectors,” said REBNY president James Whelan. “To continue this progress, the City and State must create more tools to offset costs for sorely needed housing and implement zoning changes to enable the redevelopment of some under-utilized office and hotel space.”
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).