Q1 2020
Development in New York City is the fundamental process in which our Metropolis grows.
With 8.4 million people living across just 303 square miles, tall, dense buildings are the mainstay of our city’s housing needs. NYC added 800,000 jobs in 2019 across all sectors. As companies flock to New York City to draw from a highly skilled workforce, our Office Market is demanding new, attractive space to help recruit talented professionals. The growth of e-commerce over the past decade has sparked a demand for industrial space in the outer boroughs. As online retailers battle over customers, delivery speed of products has become increasingly important, fueling the demand for new, highly-efficient, industrial space.
Development Transactions
64
Number of Sales
49% vs Q1 2019
$657M
Total Dollar Volume
-14% vs Q1 2019
3.77M
Total Buildable SF
-29% vs Q1 2019
Permits Field in Q1'20
172
Total No. of Permits
-20%
vs Q1 2019
7.7M
Total Proposed ZFA
-47%
vs Q1 2019
5,472
Total Proposed DU's
19%
vs Q1 2019