The month of March marked a sharp decrease in Temporary Certificate of Occupancy (TCO), New Building (NB) and Alteration (A1) applications filed with New York’s Department of Buildings (DOB). It remains to be seen if this trend continues especially since we are noticing a thaw in construction financing and a slight stabilization, if not increase in absorption of residential units.

Among all economic releases, what stood out the most for us was the 2.0% increase in Y-o-Y rents – as reported through the US Bureau of Labor Statistics. If we pair that with fewer rental concessions, on projects we are working on, we are cautiously optimistic on the near-term future of the residential market in the Northeast.