Commercial Construction includes office space, institutional development, government buildings, sports & entertainment venues, and hotels, is expected to be $30.4 billion in 2019 and $23.4 billion in 2020.
Between 2013 and 2017, the value of commercial construction activity across New York City stood at $23.8 billion, encompassing a total of over 73 million square feet. The totals were buoyed by growth from the past three years. During that period, the city posted commercial construction activity over $5 billion dollars and 16 million square feet each year.
The last three years also saw a record high in terms of new office construction. For each year, construction starts exceeded $2 billion, in large part due to activity in Hudson Yards and the World Trade Center. Non-residential construction was forecasted to add an additional 39 million gross square feet in 2018 (a new record high) followed by 30.4 million gross square feet in 2019 and 23.4 million gross square feet in 2020.