New York City is experiencing a boom in office construction. A new report from the New York Building Congress using data from the Real Estate Board of New York, estimates 15.1 million square feet of office space will be completed in the next three years (2017-2019), making it the biggest three-year total since the late 1980s. 

What is more, the construction boom is not just benefiting Manhattan. Dodge Data and Analytics report that in 2016, the percentage of total construction outside of Manhattan was 17%. In the first half of 2017 that percentage was already 29% higher and growing, with Brooklyn leading the way. The boroughs were traditionally bedroom communities for Manhattan, but now they are transforming into their own self-contained communities.  

Carlo A. Scissura, New York Building Congress President & CEO, is excited about what this boom indicates, “The most exciting thing is what this new construction means for New York City over the long run. Our continued economic growth hinges on our ability to attract new industries and provide emerging companies with the dynamic types of spaces they need to attract talent and expand within the city’s limits. That’s exactly what is happening today in Long Island City and in multiple Brooklyn neighborhoods.”   

To accompany the increase in office construction, office employment also reached an all-time high at 1.97 million this June. This upward trend in office employment is a positive sign for the office construction boom. It demonstrates New York City’s continued ability to attract successful companies and their creative workers by paying attention to and catering to what these companies are looking for in their offices.

If you have questions about permits for new construction or trends in office building construction, contact Milrose Consultants.