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Quarterly New Building Construction Pipeline Report: Q1 2021
May 10, 2021
The Real Estate Board of New York (REBNY) has examined the new building job application filings submitted to the NYC Department of Buildings in the first quarter of 2021. This report provides an analysis of that data and draws historical comparisons in order to contextualize and provide an understanding of the current state of development in New York City.
The total number of new building filings for Q1 2021 was 407, which reflects a 13.06% increase compared to Q1 2020 but a 25.18% decline from Q4 2020.
Although the number of Q1 2021 new building filings rose compared Q1 2020, these projects collectively represent a total of 5.37 million proposed construction square feet, which is a 42.2% decline year-over-year and a 52.7% drop from the previous quarter.