Brooklyn to lead country in 2016 apartment construction

New units that year projected to total 6,073

New York /
Dec.December 01, 2015 10:12 AM

People want to live in Brooklyn, and developers are responding in force, with more units slated to come online in the borough in 2016 than in any other U.S. submarket.

Brooklyn is expected to see a total of 6,073 new residential added next year, a more than six-fold jump from the 969 units added in 2015, according to research firm Axiometrics, in a post on Forbes.

That total places Kings County at number one in the country, followed by the Atlanta/Fulton submarket, which will add 5,606 new units, and the Montrose/River Oaks part of Houston, which will add 4,820.

It’s a good thing, because existing apartments in Brooklyn were 97.4 percent occupied as of October, with demand (and rent) continuing to grow, according to Axiometrics.

Midtown West, as it happens, appeared in fourth place, with 4,387 units on tap, more than 10 times its 2015 total. The Hudson Waterfront also made the list, with 2,997 units on tap.

The figures are part of a general building boom. The New York City area, including Jersey City and White Plains, will add a total of 24,575 new units in 2015. [Forbes]Ariel Stulberg


Related Articles

arrow_forward_ios
(iStock/Illustration by Kevin Rebong for The Real Deal)
These are real estate executives’ worst worries for 2021
These are real estate executives’ worst worries for 2021
Meredith Marshall (Photo by Emily Assiran)
“We need more housing”: Q&A with BRP Companies’ Meredith Marshall
“We need more housing”: Q&A with BRP Companies’ Meredith Marshall
(iStock/Photo Illustration by Kevin Rebong for The Real Deal)
Dubious gentrification study will backfire on New York City
Dubious gentrification study will backfire on New York City
Ryan Serhant and Gary Barnett on Development Slowdown in Pandemic
Coffee Talk: Extell’s Gary Barnett and Ryan Serhant
Coffee Talk: Extell’s Gary Barnett and Ryan Serhant
227 Grand Street in Williamsburg, and the Tel Aviv Stock Exchange (far left)
“I suppose a lot of people have a full stomach from what he did:” Inside Yoel Goldman’s very bad year
“I suppose a lot of people have a full stomach from what he did:” Inside Yoel Goldman’s very bad year
The newest plan for the New York Wheel is 210 feet shorter than the 2018 plans. (Cosentini Associates, Getty)
Honey, I shrunk the Wheel: Smaller ride planned for Staten Island
Honey, I shrunk the Wheel: Smaller ride planned for Staten Island
Modell's at 360 Fulton Street, Brooklyn (Google Maps)
Former Modell’s site in Downtown Brooklyn up for sale
Former Modell’s site in Downtown Brooklyn up for sale
Corey Johnson (Getty, iStock)
When NIMBYs attack: Why CoJo’s master plan won’t fly
When NIMBYs attack: Why CoJo’s master plan won’t fly
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...