Year-to-date mid-week employee workplace visits are on average 73% of their comparable levels in 2019; total building visits are more consistent throughout the week
New York, NY – The Real Estate Board of New York (REBNY) today released a new analysis of Placer.ai location data for Manhattan office buildings. The report compares 2023 building visitations mid-week (Tuesday-Thursday) to Monday and Friday to prepandemic baselines.
Based on a same-day visitation rate through the first 17 weeks of 2023, mid-week employee workplace visits are on average 73% of their comparable levels in 2019. The report complements REBNY’s quarterly Manhattan office building visitation report and is part of REBNY’s ongoing effort to provide a comprehensive and nuanced understanding of changing office building utilization levels.
The report also compares office employee visits to total office building visits (which include visits from employees plus visits for non-office-uses in the same buildings such as retail, schools, medical facilities and entertainment). The gap between mid-week (Tuesday-Thursday) and Monday, Friday narrows when visits to these other uses are included.
“This report makes even clearer that employee visitation rates continue to rebound strongly during mid-week days, while total office building visitation rates are also growing throughout the week, even amid hybrid work policies,” said Keith DeCoster, Director of Market Data and Policy at the Real Estate Board of New York. “Total building visit rates are key to understanding the full impact of office properties in New York City’s economy as the nucleus for so many retail businesses, cultural destinations and a growing number of schools and medical facilities.”
Additional findings from this report include:
Employee workplace visits peak on Tuesdays, reaching 70% of pre-pandemic baselines.
The gap in employee visits between mid-week days and Monday and Friday became noticeable in the spring of 2022 and widened throughout 2023.
Total building visits paint a different picture of office building utilization – rates are more consistent across the entire week and align more closely with other daily data such as mass transit ridership.
The full report can be downloaded here.
REBNY’s Q1 2023 Manhattan Office Building Visitation Report released in May studied Placer.ai location data in 250 Manhattan office buildings representing approximately 180 million square feet. The report highlighted a year-over-year increase in building visitations, while also finding that visitation rates have remained relatively stable for the last several quarters. Of note, the report also found a widening gap between activity in prime Class A properties compared to other property classes.
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The Real Estate Board of New York (REBNY) is the City’s leading real estate trade association. Founded in 1896, REBNY represents commercial, residential, and institutional property owners, builders, managers, investors, brokers, and salespeople; banks, financial service companies, utilities, attorneys, architects, and contractors; corporations, co-partnerships, and individuals professionally interested in New York City real estate. REBNY conducts research on various civic matters including tax policy, city planning and zoning, rental conditions, land use policy, building codes, and other city, state, and federal legislation. REBNY regularly publishes market data, policy reports, and broker surveys. In addition, REBNY provides for its members: informational, technical, and technological resources; networking and charitable service opportunities; qualifying and continuing education courses; professional education programs, seminars, and designations; career-changing awards; legal advice; and a wide range of additional member benefits. For more information, please visit www.rebny.com.