Q1 2026 Report Shows Increase in Proposed Construction Activity as Multifamily Unit Production Exceed Historical Averages

New York, NY – The Real Estate Board of New York (REBNY) today released its New Building Construction Pipeline Report for Q1 2026. This report examines new building job application filings submitted to the Department of Buildings, providing historical comparisons and insights into the current state of development in New York City. The latest report shows a significant increase in proposed construction activity, with total proposed square footage and multifamily housing filings both well above historical averages.

In Q1 2026, developers filed plans for approximately 21.2 million square feet of new construction across 577 new building filings, marking the third consecutive quarter in which proposed construction activity exceeded 10 million square feet. Buildings with proposed multifamily units accounted for 73% of all proposed construction square footage filed during the quarter. The quarter also saw filings for 16,815 proposed multifamily housing units across 281 buildings.

“The significant increase in proposed construction activity this quarter is encouraging news for New York City’s economy, workforce, and residents struggling with a housing shortage driven by lack of supply,” said Basha Gerhards, REBNY Executive Vice President of Public Policy. “At the same time, this rebound comes after the significant decline in housing filings that followed the expiration of the 421-a tax incentive program in 2022. Sustaining this new level of activity will require a regulatory framework that fosters development and financial tools to support housing production at scale and encourage investment across New York City.”

Key findings from the report include:

• 577 new building filings were submitted in Q1 2026, representing a 13% increase from Q4 2025 and a 74% increase year-over-year.

• Proposed projects totaled approximately 21.2 million square feet, up 11% from the previous quarter and 68% above the historical average since 2008.

• Developers filed plans for 16,815 proposed multifamily housing units across 281 buildings.

• Nine projects exceeding 300,000 square feet were filed during the quarter, together accounting for 7.7 million square feet of proposed development.

• Queens recorded the highest number of new building filings among the five boroughs with 155.

• Manhattan and Brooklyn together accounted for 59% of total proposed construction square footage citywide.

• The Bronx recorded the highest number of proposed multifamily housing units, with 5,634 units across 87 properties.

The report also highlights the need to keep new housing projects moving forward as New York City continues to grapple with a housing shortage and growing affordability pressures. While the increase in filings is an encouraging sign, translating proposed projects into completed housing will depend on government policies that support long-term investment and cut red tape across the five boroughs.

The full report can be accessed here.

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