Commercial construction growth in New York City over the next few years will be primarily driven by significant investments in healthcare facilities and new office towers. Even with office prices in New York City forecasted to decline, that forecast affects lower quality, less expensive office buildings, leaving room for brand new office towers and substantial renovations.
With recent decisions on the 421-a tax program, NYC residential developers will be looking for alternative asset types and locations to develop. Keeping this in mind, much of the new market share came from healthcare facilities and large office projects. With more than 6 million GSF close to completion and several more skyscrapers on the horizon, NYC commercial construction and real estate will be the one of the key markets to watch closely.
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