Many U.S. Cities Flooded With High-end Apartments; NYC Holds Steady

During the recent construction boom, many U.S. cities saw significant increases in high-end apartments as a proportion of total supply.

New York City was No. 18 but saw only a small increase (200 basis points) in the share of high-end units since 2017. In several cities, the proportion more than doubled.

An important consideration is the increased rent that usually accompanies upgraded housing – and specifically whether those rent levels are sustainable in cities where expansion is recent.

NYC’s Rapidly Growing Tech Ecosystem

Recent reports indicate NYC now has the nation’s second-largest tech employment base. A deeper dive into the numbers demonstrate that this is likely a sustained trend.

Over the last few years, investment activity has more than quadrupled ($12B in 2017), round sizes have increased substantially (3x in 4 years), and we’ve seen an improved exit environment for venture-backed companies.



REITs Insight: Cranes Before Skyscrapers

Rider Levett Bucknall, a leading property and construction consultancy firm, has released their latest Crane Index which shows construction trends across the nation. Their findings show that the total crane count is rising across the country and particularly in New York City where, at one time, new construction was focused primarily in Manhattan, but has now seen growth in even the smallest submarkets.