Manhattan Office Visitations Average 67% of Prepandemic Levels in November

Excluding the 49% rate during Thanksgiving week, the rate would have been 73%

NEW YORK, NY –The Real Estate Board of New York (REBNY) today released its latest monthly analysis of Placer.ai location data in 350 Manhattan office buildings for November. This report tracks mobile data of office tenants and their employees, and, where applicable, also reflects the presence of office visitors and retail customers and employees within those buildings.

According to the report, Manhattan office buildings in November 2024 had an average visitation rate of 67% of 2019 levels. Excluding the 49% rate during Thanksgiving week, the rate would have 73%, one percent below the average in October. Class A+ buildings had an average visitation rate of 79%, compared to 66% for A/A- buildings and 64% for B/C Buildings, reflecting the impact of modern floorplans and amenities on building activity.

Visitations averaged 71% in Midtown, 65% in Midtown South and 57% Downtown. Visitations were up or even year-over-year in the overall market and in nearly every asset class and neighborhood studied in this report.

“As we enter the winter holiday season, November’s results showed month-over-month decline as is to be expected, while echoing flight to quality and geographic trends we’ve witnessed since beginning this report,” said Keith DeCoster, Vice President of Research at the Real Estate Board of New York. “We will continue to monitor the impact of return to office announcements and employment growth to office visitations over the next month and to start 2025”

The buildings analyzed in these reports include a representative sample of various types of office buildings. Buildings that were not completed by 2019 are not factored in this report or in the 2023 average visitation rates.

The report analyzes mobile data provided by Placer.ai from geo-fenced buildings, including multiple phones carried by individual visitors. This has no impact on building visitation rates, as the same possibility of individuals carrying multiple phones exists in 2023 and the 2019 baseline.

Findings in these reports include visitation data with a minimum dwell time of seven minutes. In turn, data may include some visitors other than office employees such as building maintenance staff, visitors attending company meetings, as well as visitors to retail at the base of an office building. This visitation rate captures the broader economic impact and use of office buildings.

For more information about REBNY research reports, visit https://www.rebny.com/research-and-reports/

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