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
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.
Become a Member
Joining REBNY connects you with more than 15,000 other real estate professionals at the forefront of New York City’s economic growth. Our members get ahead and stay ahead with exclusive events, industry-leading resources and services, access to REBNY’s RLS and so much more.