NEW YORK CITY—Though much has been said about Brooklyn—along with the rise of Queens and the prospects for the city's outer boroughs —Manhattan is the city's dominant spot for new development, as it has been for several years, according to a new report from the New York Building Congress.
According to a New York Building Congress analysis of Dodge Data & Analytics that measured the value of all construction starts, Manhattan accounted for 58% of the value of all construction
starts here in the first nine months of 2016, which is exactly in line with the 58% of initiated projects by value for the five-year period stretching from 2011 through 2015.
For the five-year period from 2011-2015, Brooklyn and Queens were sharply behind, with each borough home to 16% of the value of construction starts. Lagging further were the Bronx at 6% and Staten Island at 4%.
The percentages have remained largely the same this year. In the first nine months of 2016, Brooklyn contributed 18%, Queens accounted for 13%, the Bronx added 6% and Staten Island chipped in 5%.
For all of 2015, Manhattan led with 56% of all construction starts by value, followed by Brooklyn with 21%, Queens with 15%, the Bronx with 5%, and Staten Island with 2%.
“Despite the growing popularity of New York City's outer boroughs in recent years, Manhattan's share of new construction has remained remarkably steady at nearly 60%,” says New York Building Congress president Richard T. Anderson. “It will be interesting to see if that trend continues, with the number of available development sites diminishing in Manhattan and given all the residential and commercial projects that are in the Brooklyn and Queens pipeline.”
Manhattan's dominance was most prevalent in the non-residential sector. The borough accounted for $8.8 billion in construction starts in the first nine months of this year, which was 70% of the citywide total. Brooklyn accounted for 12%, followed by Queens with 10%, Staten Island with 5%, and the Bronx with 3%.
For the five-year period from 2011-2015, Manhattan accounted for 68% of the value of non-residential construction starts, followed by Queens with 13% and Brooklyn with 11%. The Bronx contributed 6 %, and Staten Island added 2%.
The increased percentage of Manhattan construction starts is due in large part to the initiation of two office projects: 3 Hudson Blvd. and One Vanderbilt. Those projects have boosted Manhattan's share of commercial building projects to 79% in the first three quarters of 2016.
In the residential sector, Manhattan accounted for 50% of the $9.4 billion of construction starts from January to September of 2016, followed by Brooklyn with 24%, Queens with 13%, the Bronx with 9% and Staten Island with 2%. In 2015, Manhattan accounted for 43% of residential starts by value, while Brooklyn accounted for 29%, Queens accounted for 22%, the Bronx accounted for 5%, and Staten Island accounted for 1%.
For 2011-2015, Manhattan accounted for 54% of the value of residential construction starts, followed by Brooklyn at 23% and Queens at 1 %. The Bronx contributed 5% while Staten Island added 2%.
“While 2015 saw the gap between Manhattan and the outer boroughs narrow, it seems the residential market has reverted to form in 2016,” Anderson notes. “Six of the top ten projects by value through the first nine months of this year were Manhattan residential projects.”
According to a
starts here in the first nine months of 2016, which is exactly in line with the 58% of initiated projects by value for the five-year period stretching from 2011 through 2015.
For the five-year period from 2011-2015, Brooklyn and Queens were sharply behind, with each borough home to 16% of the value of construction starts. Lagging further were the Bronx at 6% and Staten Island at 4%.
The percentages have remained largely the same this year. In the first nine months of 2016, Brooklyn contributed 18%, Queens accounted for 13%, the Bronx added 6% and Staten Island chipped in 5%.
For all of 2015, Manhattan led with 56% of all construction starts by value, followed by Brooklyn with 21%, Queens with 15%, the Bronx with 5%, and Staten Island with 2%.
“Despite the growing popularity of
Manhattan's dominance was most prevalent in the non-residential sector. The borough accounted for $8.8 billion in construction starts in the first nine months of this year, which was 70% of the citywide total. Brooklyn accounted for 12%, followed by Queens with 10%, Staten Island with 5%, and the Bronx with 3%.
For the five-year period from 2011-2015, Manhattan accounted for 68% of the value of non-residential construction starts, followed by Queens with 13% and Brooklyn with 11%. The Bronx contributed 6 %, and Staten Island added 2%.
The increased percentage of Manhattan construction starts is due in large part to the initiation of two office projects: 3 Hudson Blvd. and One Vanderbilt. Those projects have boosted Manhattan's share of commercial building projects to 79% in the first three quarters of 2016.
In the residential sector, Manhattan accounted for 50% of the $9.4 billion of construction starts from January to September of 2016, followed by Brooklyn with 24%, Queens with 13%, the Bronx with 9% and Staten Island with 2%. In 2015, Manhattan accounted for 43% of residential starts by value, while Brooklyn accounted for 29%, Queens accounted for 22%, the Bronx accounted for 5%, and Staten Island accounted for 1%.
For 2011-2015, Manhattan accounted for 54% of the value of residential construction starts, followed by Brooklyn at 23% and Queens at 1 %. The Bronx contributed 5% while Staten Island added 2%.
“While 2015 saw the gap between Manhattan and the outer boroughs narrow, it seems the residential market has reverted to form in 2016,” Anderson notes. “Six of the top ten projects by value through the first nine months of this year were Manhattan residential projects.”
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