Home News Study Says Jersey City’s Downtown Grew Eighth Fastest in U.S. Over 10 Years

Study Says Jersey City’s Downtown Grew Eighth Fastest in U.S. Over 10 Years

by admin
0 comment
Downtown Jersey City ranked eighth nationally for new condominium construction.

Jersey City’s building boom ranks among the nation’s best, according to a new survey of America’s downtown core.

StorageCafe, a storage marketplace, study Profiling downtown apartment construction over the past decade. The company pulled data on multifamily homes built within the 100 largest US cities and considered only new homes created within his downtown area based on the corresponding zip code.

jersey city apartment construction
National ranking of new condominiums. Image courtesy of StorageCafe.

Jersey City is the champion of downtown multifamily construction on the East Coast and has the eighth most impressive change in the last decade, based on data. Hudson County, Hudson County’s largest city, has added more than 10,000 new apartments downtown in the last decade, and new units now make up about 60% of its total stock.

The eighth-place ranking puts Jersey City just behind Denver’s downtown core and ahead of Brooklyn, with the New York City borough adding 9,623 units to its downtown. The downtown Jersey City building boom peaked in his 2017, adding about 3,000 units, and it is estimated that another 1,290 units will be added to his downtown core this year.

Jersey City Apartment Supply
Downtown Jersey City apartment supply growth year over year. Image courtesy of StorageCafe.

There are no signs of a slowdown in construction activity, as the study found an additional 1,200 units are currently under construction across downtown Jersey City.We also have big plans Under construction Recently acquired by Goldman Sachs in downtown Newport approval The plan is to build two towers on the city’s waterfront that will hold about 2,000.

Although not included in StorageCafe’s survey, Journal Square outside downtown rapid growth recent neighborhood.huge tower like One Journal Square, journal square, 425 Summit Avenue, Journal Square Arbyand more facilities are under construction, adding thousands of new residents to the area over the next few years.

As for the rest of downtown in the country, Atlanta ranks first for the number of apartments built in the last decade, with over 21,500 apartments added to local inventory. Los Angeles is his second, adding his more than 19,000 units downtown, with Houston, Charlotte and Miami rounding out the top five.

About 391,000 downtown apartments have been added in the 100 largest US cities from 2013 to date, according to the study. This now accounts for 37% of the total inventory of multifamily housing in these areas.

You may also like