Dollar volume of A2 office renovations in July hits lowest point in past year

By Atticus O’Brien-Pappalardo

The combined dollar value for all Alteration 2 office renovations pre-filed with the NYC Department of Buildings dropped significantly in June, before reaching the lowest monthly total in the past year in July.

After rising each month from February to May, by an average of $45,100,319, there was a substantial drop off from May to June and again from June to July. The average from February to May was $434 million, far above July’s total of $232 million, which was the lowest since July of 2019, when only $205 million worth of Alteration 2 office renovation plans were filed.

PincusCo Media analyzed the city’s Department of Buildings Alteration 2 (A2) filings with an estimated price of $20,000 or more, filed since January 1, 2019. The analysis covered buildings that had office space, according to the city’s Department of City Planning. Alteration 2 filings are work such as renovations, facade work, build-outs, etc. that does not change the use or occupancy of the structure.

It is worth noting that while the monetary value of A2 office filings was down in June and July, the total number of plans filed was higher than it had been in the two months prior.

The largest five A2 office renovations from June and July totaled over $146 million, and all were from Manhattan.