NYC’s return-to-office trend gains steam, hits nearly 70% of pre-pandemic level
The return-to-office trend gained steam in December when average visitation rates at 350 Manhattan buildings rose to 67% of 2019 rates, according to the Real Estate Board of New York.
That was up from the 65% recorded in November — and would have been 74% if the sleepy last week of December between Christmas and New Year’s weren’t included.
REBNY’s analysis is based on Placer.ai location data, which tracks mobile data of office tenants and employees.
Since the real estate organization began posting its findings early last year, the percentages of office occupancy relative to 2019 has steadily risen.
Premium, so-called Class A+ buildings averaged 74% visitation in December while Class A and A-minus and B/C properties recorded 64% and 68%, respectively.
Midtown rates grew to 73%, Midtown South held steady at 68% and Downtown dipped to 54%.
REBNY director of market data and policy Keith DeCoster said, “At a time when office visitation appears to be stalling in some cities, it’s encouraging to see activity steadily ticking back up in much of Manhattan, even as it remains well below 2019 levels.”
