REBNY Report: Manhattan Office Visitations Reach Highest Average Rate Since June 2024

Visitation rates across all classes of office buildings were up year-over-year, with A+ buildings reaching 88% of pre-pandemic levels. 

NEW YORK, NY – The Real Estate Board of New York (REBNY) today released its latest monthly analysis of Placer.ai location data from 350 Manhattan office buildings for March 2025. 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 March 2025 had an average visitation rate of 75% of 2019 baseline levels, up from 73% in March 2024, and 67% in February 2025 and all building classes and geographies saw increases. This is the highest rate seen since June 2024.  

The performance of Class A+ buildings continues to emphasize a flight-to-quality, with an 88% visitation rate enjoyed among the best-in-class buildings, up from 81% in February 2025 and 86% in March 2024. While Midtown continues to come out on top, Downtown saw its visitation jump from 59% in February 2025 to 67% in March 2025, and surge from 62% in March 2024. While gains are now slower, positive momentum can be seen across buildings and sectors. 

The report also highlights a strong monthly building visitation ratio, which tracks market momentum. The building visitation ratio measures the number of buildings with an increase in same-day visitation compared to those with a decrease. A ratio of two means there are twice as many buildings with an increase in same-day visitation than those with a decrease, and a ratio of one means the market is stable. In March 2025, the building visitation ratio was 3.4. 

“Based on March, the office market is registering incremental but meaningful year-on-year gains across all sectors,” said Keith DeCoster, Vice President of Research at the Real Estate Board of New York. “Increased visitation Downtown is encouraging and warrants continued scrutiny, especially as options in much of Midtown continue to tighten.” 

The full March 2025 report can be found here.

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 2025 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 2025 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. 

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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.