Nonresidential growth in New York City over the next three years will be driven by large investments in healthcare facilities and new offices, according to the report. Office valuations in New York City are forecasted to decline by as much as 39% by 2029, but that downward trend largely affects only lower quality, less expensive office buildings.
On the multifamily side, NYBC forecasts about 71.5 million square feet of residential floor space to be built in 2022, and estimates over 30,000 units of housing will be built annually over the next three years.
