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. 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.
The full report can be downloaded here.
According to the report, Manhattan office buildings in December 2023 had an average visitation rate of 67% of pre-pandemic levels. This represents a monthly increase of two percentage points and a year-over-year increase of eight percentage points.
The average visitation rate in December would have been higher if not for a steep decline to 47% during the last week of the month, when many offices were closed for the holiday season. If that week were excluded from the data, December would have had an average visitation rate of 74%, which would have been the highest since 2019.
As in most previous months, there was a notable difference between activity in the highest quality Class A+ properties and all other properties. Class A+ buildings had a visitation rate of 74% in December while Class A/A- and B/C buildings recorded 64% and 68%, respectively.
Activity levels also continued to vary based on location. Visitation rates in Midtown increased to 73% in December, while Midtown South held steady at 68% and Downtown fell slightly to 54%.
“At a time when office visitation appears to be stalling in some cities, it is encouraging to see activity steadily ticking back up in much of Manhattan, even as it remains well below 2019 levels,” said Keith DeCoster, Director of Market Data and Policy at the Real Estate Board of New York. “The positive spillover from a recovering office market on the City’s business districts, its retail sector and the City’s revenues can not be understated.”
The buildings analyzed in this report include a representative sample of various types of office buildings. Buildings that were not completed by 2019 are not factored in this report or 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 this report include visitation data with a minimum dwell time of 7 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.