Driving NYC Real Estate
Real estate is the core of New York City’s economy. From brokers to building owners, REBNY members are the driving force behind tens of thousands of local jobs, shaping our community and fueling its growth.
NYC Lease features residential and commercial leases expertly developed by a premier team of legal and real estate professionals.
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Stay fully informed on the newest rules, compliance guidelines, and system changes affecting the REBNY RLS.
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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
Building a More Equitable City
We are not just building a stronger city—we are building a more equitable one. The REBNY Foundation provides critical, ongoing support for New Yorkers and creates life-changing job opportunities on new construction sites for historically underserved communities. Through workforce development and community care, we are investing directly in the people who build New York.
Join NYC’s Premier Real Estate Network
Joining the Real Estate Board of New York (REBNY) connects you with a powerful community of more than 14,000 top-tier real estate professionals driving New York City’s market forward. Whether you are an agent, broker, or industry partner, REBNY membership delivers the tools, data, and network you need to thrive in a competitive landscape.
