Office Projects Reaching Record High

The New York Building Congress has reported that office projects have accounted for 54% of construction, reaching a new record high for the last three years. Each year has exceeded $2 billion in construction starts, including the World Trade Center and Hudson Yards new developments.

Between 2013 and 2017, commercial construction totaled $23.8 billion, totaling more than 73 million new square feet of space. Although office construction is leading in the industry, other major commercial sectors such as hotels, retail and warehouse are experiencing significant growth.

“As more businesses continue to call New York home, building new, world-class commercial spaces is more important than ever,” says New York Building Congress president and CEO Carlo A. Scissura. “New York City’s economy has never relied on a single industry or sector and the variety of commercial construction across the city ensures our businesses can adapt and thrive in the 21st century.”

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