New York & Tri-State + Midtown New York + Apartments | December 16, 2022

REBNY Reports Sharp Drop in Construction Activity Citywide

New York City saw 351 new building filings in the third quarter of 2022, a 17% decrease from Q2 and a 28% decrease year-over-year, the Real Estate Board of New York (REBNY said in its latest Quarterly New Building Construction Pipeline Report. The volume of filings is also low compared to historical data.

The total proposed construction square footage in Q3 2022 also declined compared to the previous quarter and historical averages. Additionally, the report found a significant decrease in proposed rental housing construction, with 3,346 proposed multiple dwelling units on job filings in Q3, a 68% decrease from Q2 and a 46% decrease Y-O-Y.

“We face a severe housing shortage that is only getting worse and hopefully these sobering findings will encourage stakeholders to advance policies that facilitate more of the development and construction activity that our city needs,” said REBNY SVP of policy Zachary Steinberg.

Connect

Inside The Story

REBNY

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).