Millennials are flocking to these neighborhoods in New York

A weekly feature bringing you the industry's latest intel

TRD NEW YORK /
Sep.September 13, 2018 09:00 AM

Silhouette of millennials in Battery Park City (Credit: iStock and Compass)

According to this week’s market reports, retail construction in the US dropped 14.8 percent in the second quarter and two New York City zip codes ranked in the top five in millennial population growth.

Residential

Top Trending Millennial Zip Codes | RentCafe

Battery Park City and Lincoln Square ranked in the top five in the country in terms of zip codes with the highest millennial population growth. Battery Park City placed third in the survey with a 54.5 percent jump from 2011. During the period, the neighborhood added 2,300 millennials. Lincoln Square, meanwhile, placed fifth, adding 2,200 millennials (47.7 percent) since 2011. Williamsburg and Corona ranked near the top in terms of the total millennial population, with each area containing more than 40,000 millennial residents. Read the report here.

Commercial

Retail Outlook | JLL

In the second quarter, retail space under construction across the U.S. totaled 71.2 million square feet, down by 14.8 percent compared to the same time last year. Total retail deliveries also dropped to 11.6 million square feet, which represents a 42.6 percent decline. Developers are pulling back from construction in spite of rising rents. For the quarter, the average retail rent stood at $17.41 per square foot, up 5.4 percent compared to last year.

Producer Price Index | Associated General Contractors of America

Construction costs across the country rose by 6.2 percent in August. The increase worsens the financial squeeze on contractors, who are already facing labor shortages. In terms of supply costs, diesel fuel registered the highest increase at 33.9 percent, followed by steel mill products at 18.6 percent and aluminum mill shapes at 14 percent. For services, truck transportation of freight registered the highest increase at 7.2 percent. Read the report here.


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