A strong volume of new construction plans is continuing to push forward the city’s economy, according to the Real Estate Board of New York’s (REBNY) Quarterly Construction Pipeline Report for Q1 2022.
“Sustained construction activity is essential for the real estate industry and our broader economy, as the sector offers good paying jobs and many of these projects address critical housing and infrastructure needs,” said REBNY President James Whelan. “New York City has benefited from a strong working relationship between elected officials, labor and owners. We must continue to work hand in hand to advance economic progress and build a more equitable and resilient city.”
The Quarterly Construction Pipeline Report dissects public information on new building and upcoming projects to draw historical comparisons and provide an understanding of the current state of development in New York City. First-quarter 2022 findings show that there were 689 new building filings in the quarter, a nearly 70% increase year-over-year and approximately 4% greater than extremely positive findings in Q4 2021. This is the largest number of filings in any single quarter experienced since Q4 2014.
While the number of new building filings in Q1 2022 showed increases compared to the previous quarter and year-over-year, the total proposed construction square footage was not as consistent. Proposed construction square footage in Q1 2022 totaled 23.27 million square feet, a 26% drop from the previous quarter. However, total construction square feet still far exceed historical numbers, up 333% year-over-year and 97% greater than the average since Q1 2008.
The report also notes 20,437 proposed multiple dwelling units on job filings in Q1 2022. While the number of units dropped slightly since the record setting high of Q4 2021, it represents a 512% increase year-over-year.
Brooklyn saw the largest proposed number of multifamily housing units at 10,121 spread over 144 properties, which is the second largest number of proposed units seen in any borough between Q1 2008 and Q1 2022. While Brooklyn also accounted for the largest volume of job filings for new residential buildings, Queens saw a single quarter record of its own with 84 proposed multiple dwelling buildings.
