In December 2023, Manhattan office buildings experienced an average visitation rate of 67% compared to pre-pandemic levels. This marks a monthly increase of two percentage points and a year-over-year increase of eight percentage points, according to REBNY’s analysis using Placer.ai location data from 350 office buildings in the area.
Class A+ buildings had the highest visitation rate at 74%, while Class A/A- and B/C buildings recorded rates of 64% and 68%, respectively. In terms of location, Midtown saw an increase in visitations reaching up to 73% in December, while Midtown South remained steady at 68%. Downtown experienced a slight decrease with a visitation rate falling to only54%.
According to Keith DeCoster, director of Market Data and Policy at the Real Estate Boardof New York,”It is encouraging that despite some cities experiencing stagnancy in office visits during this time period,the activity has been steadily increasing throughout most areas within Manhattan.Though still below pre-pandemic levels,it shows promising signs for recovery.”
