【World Property Journal】New York City Construction Activity Near Historic Lows in 2021

Based on new data from the Real Estate Board of New York, total square footage and new multiple dwelling filings for proposed construction in New York City are both at lows not seen in a decade, indicating significant obstacles to a full economic rebound in New York City.

The proposed 5.4 million construction square feet in Q1 2021 is the lowest such figure since Q4 2010, while first quarter filings for new multiple dwelling buildings have reached their lowest point since Q3 2011.

The REBNY's Report shows that the total number of new building filings for Q1 2021 was 407, marking a 25% decline from Q4 2020. While there is traditionally less activity in the first quarter (and first-quarter new building filings actually increased compared to Q1 2020), the underperformance of proposed square footage and multiple dwelling construction highlights the need for local and federal action to meet New York's post-COVID economic and housing needs.

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