REBNY Report: Manhattan Office Visitations Average 66% of Pre-Pandemic Baseline, in Line with Historic Trends for January

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 January. 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 January 2025 had an average visitation rate of 66% of 2019 baseline levels, down from 72% the previous month and matching the rate in January 2024. Looking at historic trends, a fall in visitations from December to January is common. Excluding the month’s two holiday weeks featuring New Year’s Day and Martin Luther King Day, the January 2025 rate would have equaled December 2024’s average rate.

Also of note, New York City had an average daytime temperature of 34 degrees Fahrenheit in January 2025 compared to 41 degrees in December and 39 degrees in January 2024. January 2025 experienced 4.5 inches of snow in New York City compared to 2.3 inches in January 2024.

Class A+ buildings had an average visitation rate of 80%, down from 86% the previous month but up from 78% in January 2024. Class A/A- buildings averaged 63% during January, down from 70% during December and slightly above 62% in January 2024. Class B/C building visitation fell 4% month-over-month but was up 5% year-over-year.

Looking at trends by submarket, visitations averaged 68% in Midtown, 70% in Midtown South and 50% Downtown, down in each category from December 2024.

“Following the strongest results we’ve seen in five years during the first three weeks of December, visitations in Manhattan office buildings cooled off in January, which is common at the start of the year,” said Keith DeCoster, Vice President of Research at the Real Estate Board of New York. “Occupier trends around return to office mandates suggest a strong outlook for the sector moving forward, which could be further bolstered by a renewal of the State Relocation and Employment Assistance Program (REAP) and implementation of the New York City Relocation Assistance Credit for Employees (RACE) program.”

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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ABOUT THE REAL ESTATE BOARD OF NEW YORK

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.