The Real Deal New York

Brooklyn to lead country in 2016 apartment construction

New units that year projected to total 6,073
December 01, 2015 10:12AM

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