A recent report from Cushman & Wakefield showcases the impressive recovery of office visitation rates in Manhattan, signaling a strong rebound from the COVID-19 pandemic. According to data gathered by Placer.ai for nearly 700 Class A and B buildings, their analysis titled “Manhattan in Motion” reveals a remarkable 72.2% increase in weekly office visits compared to February 2020 levels. In March 2024 alone, an average of 2.3 million visits were recorded.
The data also shows that Wednesdays have the highest activity with an impressive recovery rate of 83.5%. Additionally, trophy assets located in Midtown have experienced a surge in visits and now account for approximately one-sixth (16.7%) of the weekly total.
Furthermore, there has been a significant concentration (74.2%) of occupied square footage over the past three years as well – indicating positive growth and demand within Manhattan’s commercial real estate market post-pandemic.
Lori Albert, director at Tri-State Research stated: “The resurgence seen in office visitation rates is proof of Manhattan’s workforce resilience and adaptability.” She added that this trend serves as a strong indicator for evolving dynamics within the commercial real estate market following these unprecedented times.
This article was originally published on Connect CRE.
