Real Estate Board of New York (REBNY) has released its first quarterly report on building visitations of Manhattan office properties. Analysis of Placer.ai mobile device data revealed that average building visitation rates were 61% compared to the pre-pandemic baseline, an increase from 51% during Q1 2022. Visitation rates in nearly 60% buildings exceeded 50%.
Class A+ properties outperformed Class B by more than 10 percentage points, while Midtown posted a 14 percentage point increase in visitation rate from Q1 2022; surpassing year-on-year gains of 6 and 8 percentage points respectively for Downtown and Midtown South areas.
The report analyzed location data from 250 office buildings representing approximately 180 million sq ft, tracking building visitation rates and highlighting performance across different property classes.
This post provides insight into REBNY’s Manhattan Office Building Visitation Report which shows continued flight to quality despite pandemic conditions persisting worldwide
