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.
Spending Skyrockets on Mid-Market Projects
Mid-market construction projects have had growing impact on some, but not all sectors of the building industry. Spending on mid-market projects increased 155% between 2013 and 2017 – an increase greater than both high- and low-end construction, according to a New York Building Congress study.
The middle range of the market—a definition varying by sector—was especially dominant in the hotel and retail sectors. For hotels in particular, mid-market projects accounted for 60% of the value and 58% of the square footage built over a five-year period. That being said, the office sector has been dominated by higher-end projects costing $100 million or more.
“New York’s greatest strength has always been its diversity – from the people that live here, to the careers they pursue, to the buildings and neighborhoods they reside in,” said Building Congress President Carlo A. Scissura. “As an industry, the construction projects we’re building are equally diverse.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Economy
- ◦Development
