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Quarterly New Building Construction Pipeline Report: Q4 2020
January 25, 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 fourth quarter of 2020, analyzing the data for Q4 as well as the year as a whole.
This report dissects the information and draws historical comparisons in order to contextualize and provide an understanding of the current state of development in New York City.
There were 1,760 total new building filings for 2020, representing the lowest figure the City has seen since 2012 as the real estate industry began to recover from the 2009 financial crisis. With a 9.94% decline year-over-year, 2020 is the fourth consecutive year the annual total number of new building filings dropped. This reflects a more significant year-over-year decline compared to 2019, which showed only a 1.94% dip.
The 2020 new building filings represent a total proposed 42.67 million construction square feet, a 28.16% drop from 2019, and the lowest such figure since 2012.