flexiblefullpage
billboard
interstitial1
catfish1
Currently Reading

New York City construction costs continue to climb

New York City construction costs continue to climb

A study released by the New York Building Congress shows that construction costs in Manhattan have risen 5% in each of the last two years.


By BD+C Staff | January 16, 2015
Photo: Shmuel Spiegelman via Wikimedia Commons
Photo: Shmuel Spiegelman via Wikimedia Commons

A study released by the New York Building Congress shows that construction costs in Manhattan have risen 5% in each of the last two years, GlobeSt.com reports.

This number is higher than the average construction cost hikes nationwide, which were 2.5% in 2013 and 3% in 2014.

Hospital construction is the most expensive, at $800-$950 per sf. Five-star hotels follow at $700-$800 per sf, and university buildings at $600-$850 per sf.

City construction company representatives are concerned that costs could continue to rise despite the recent plunge in oil prices, because essential trades such as curtain wall and cast-in-place concrete have been reported to be running out of capacity.

President of the New York Building Congress Richard T. Anderson says that the annual 5% increase rate should be a cause for concern to the city, even though a considerable portion of the recent increase in costs is the product of forces beyond the city's control. He called for the industry and government to look for ways to reduce the cost of construction and eliminate regulations and red tape, according to GlobeSt.com.

Related Stories

| Oct 20, 2011

Johnson Controls appoints Wojciechowski to lead real estate and facilities management business for Global Technology sector

Wojciechowski will be responsible for leading the continued growth of the technology vertical market, while building on the expertise the company has developed serving multinational technology companies. 

| Oct 20, 2011

Stellar hires Navy veteran Taylor as vice president

Stellar’s federal experience includes military exchanges (large retail stores on military bases), lodging facilities for military personnel, fuel stations, youth activities centers and recreational centers. 

| Oct 19, 2011

THOUGHT LEADER: Samuel S. Unger, RA, MCR, SLCR, MBA, is the Americas Real Estate Leader for Ernst & Young, LLP

Samuel S. Unger,  RA, MCR, SLCR, MBA, is the Americas Real Estate Leader for Ernst & Young, LLP, Atlanta. He also serves as president of the CoreNet Global Atlanta chapter. In addition to managing 6.8 million square feet of real estate in North and South America, his responsibilities include real estate strategy for area practices, management of external professional alliances, requirements definition, business case development and approval, real estate negotiation and lease development, and oversight of construction projects for the portfolio. He holds a bachelor’s degree from Harvard College, an MLA and MArch from the University of Pennsylvania, and an MBA from Temple University.

| Oct 19, 2011

Another drop for Architecture Billings Index

Positive conditions seen last month were more of an aberration.

| Oct 19, 2011

System for installing grease duct enclosures achieves UL listing

  Updated installation results in 33% space savings.

| Oct 18, 2011

Michel Bruneau wins 2012 AISC T.R. Higgins Award

The AISC T.R. Higgins Lectureship Award is presented annually by the American Institute of Steel Construction (AISC) and recognizes an outstanding lecturer and author whose technical paper(s) are considered an outstanding contribution to the engineering literature on fabricated structural steel. 

| Oct 18, 2011

Dow Building Solutions invests in two research facilities to deliver data to building and construction industry

  State-of-the-art monitoring system allows researchers to collect, analyze and process the performance of wall systems.

| Oct 18, 2011

Architectural leaders join Gehry to form strategic alliance

Alliance dedicated to transforming the building industry through technology.

boombox1
boombox2
native1

More In Category



Urban Planning

The magic of L.A.’s Melrose Mile

Great streets are generally not initially curated or willed into being. Rather, they emerge organically from unintentional synergies of commercial, business, cultural and economic drivers. L.A.’s Melrose Avenue is a prime example. 


Curtain Wall

7 steps to investigating curtain wall leaks

It is common for significant curtain wall leakage to involve multiple variables. Therefore, a comprehensive multi-faceted investigation is required to determine the origin of leakage, according to building enclosure consultants Richard Aeck and John A. Rudisill with Rimkus. 

halfpage1

Most Popular Content

  1. 2021 Giants 400 Report
  2. Top 150 Architecture Firms for 2019
  3. 13 projects that represent the future of affordable housing
  4. Sagrada Familia completion date pushed back due to coronavirus
  5. Top 160 Architecture Firms 2021