128th REBNY Annual
Be a part of the biggest night in NYC real estate! Join us on Thursday, January 18th in honoring NYC civic leaders!
Our Q2 2023 report indicates that building visitation rates rose broadly in the quarter
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REBNY’s Office Visitation Report
Return to office has been top of mind for REBNY members, policymakers, and regular New Yorkers since the onset of the pandemic. REBNY has utilized Placer.ai data to analyze 250 office buildings representing over 180 million square feet. Our results show a clearer picture: that the office recovery varies widely between buildings.
The recovery is still unfolding. Visitation rates in Class A+ buildings are faring 10 percentage points higher than Class B and C offices. This flight to quality began before the pandemic, but REBNY’s report confirms that the trend has intensified since 2019.
The office market is critical not only to its owners and tenants. Thousands of retailers depend on the daily influx of commuters for their business. Office buildings account for, on average, about 20% of the $30 Billion plus gathered from property tax assessments.
Sources: NYC Adopted Budget (FY 2021); NY State Department of Labor
Building visitation rates across all building classes compared to Q1 2019 baseline
Locally collected real estate related tax revenues, Fiscal Year 2021
Class A+ visitation rate compared to Q1 2019 baseline
REBNY Foundation
We’re not just building a stronger city – we're building a more equitable city. The REBNY Foundation has provided support for New Yorkers impacted by the pandemic and is creating job opportunities for historically underserved men and women on new construction sites.
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