Thank you for sharing!

Your article was successfully shared with the contacts you provided.
NYC skyline New York City skyline/ (image courtesy of CoStar)

NEW YORK CITY—New York has more than 60,000 units under construction and that’s the most out of any city that CoStar Group tracks. Even with the Big Apple growing at a rate of 50,000 people per year, due to construction, the vacancy rate of apartments has stayed approximately the same—never exceeding 4% or going much lower than 2%. This dates back to when CoStar began collecting this information in 1994.

In a GlobeSt.com interview, CoStar Group market analyst for New York City, Lauren Baker, says the city’s economy is driving this construction and population boom. “People want to live where they are working, so office construction drives residential properties, and all of these companies want to be in Manhattan,” says Baker. “Highly educated, younger people, 24 to 35-year-olds with a bachelor’s degree are moving into Manhattan.” In contrast, the outer areas in the state of New York have been decreasing in population.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Betsy Kim

Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.

More from this author


GlobeSt. Multifamily Fall 2022Event

Join the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2022 ALM Global, LLC. All Rights Reserved.