The New York City skyline is not just iconic — it is still growing faster than many other cities in the U.S., with apartment construction driving the transformation. The latest StorageCafe development report* shows that NYC ranks first in new apartment construction over the past 44 years, leaving other major hubs far behind.
But it is not just multifamily housing that is booming. Office construction is at its highest level since the ’80s, and retail remains strong. The self storage sector has also been thriving, adding functional appeal to the city that never sleeps.
Overall, the Big Apple ranks as the 7th most active real estate market in the nation over nearly half a century.
Key highlights from the study:
- Record-breaking apartment growth: Since 1980, New York City has issued permits for over 679,000 new apartments — nearly double the number approved in Los Angeles, the runner-up. The pace is accelerating to meet increasing demand. In the first half of the 2020s, NYC has been issuing nearly 26,000 new permits annually, surpassing the average of all previous decades and nearly five times more than the 1990s.
- The single family home sector, however, has been slow to advance compared to other cities, with just over 43,000 permits issued since 1980. The limited new supply is one of the main factors keeping home prices sky-high in NYC.
- Leading the way in office space: It’s no surprise that the city that never sleeps is also America’s top destination for office construction. With 255 million square feet of new office space delivered since 1980, NYC continues to solidify its role as the nation’s top financial and corporate powerhouse.
- Addressing the need for extra space: NYC ranks first nationally in self storage development, with over 29 million square feet of storage space delivered since 1980. The 2020s have seen increased growth, with an impressive 1.2 million square feet delivered each year so far. However, the New York City self storage market remains undersupplied and more expensive than in most other major cities, with a storage unit in NYC renting for $250 per month on average.
- Retail development keeps pace: Not just a hub for apartments and offices, NYC also ranks fourth nationally in retail development, with more than 67 million square feet of retail space added since 1980.
- Industrial gaining momentum: NYC’s industrial sector is on the rise, with new supply growing by 82% in the first half of the 2020s compared to the 2010s. Over the past four years, the city has added an average of 1.9 million square feet of industrial space annually, marking a solid comeback for the sector.
Check out our full report by visiting here.
* Our analysis covers real estate development from 1980 to 2023, focusing on six major sectors: single family, multifamily, industrial, office, retail and self storage. We examined nationwide volumes, calculating activity based on total square footage delivered for commercial real estate and building permits for residential. Using the same metrics, we also zoomed in on the top 100 largest cities in the U.S. to rank the most active real estate markets over this near half-century period
