October Manhattan Office Visitations Average 74% of Prepandemic Levels

Class A+ buildings reach 85%, Midtown South neighborhood 79%

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 October. 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 October 2024 had an average visitation rate of 74% of 2019 levels, two percentage points higher than the previous month and three percentage points higher than October 2023.

The highest quality class A+ properties once again saw visitation rates much higher than other buildings, averaging 85% across submarkets in October compared to 71% for class A/A- buildings and 71% for B/C buildings.

Visitations averaged 73% in Midtown, 79% in Midtown South and 66% Downtown. Midtown South’s visitation rate is the highest for the neighborhood in 2024.

“Office visitation rates continue to edge up in a positive direction,” noted Keith DeCoster, Vice President of Research at the Real Estate Board of New York. “While several major tech and financial sector employers recently expanded their return-to-office mandates, it remains to be seen if this will spread to more companies and push rates above its recent plateau.”

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 //go.rebny.com/Reports.

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