NEW YORK, NY – The Real Estate Board of New York (REBNY) today released analysis of Q2 2023 Placer.ai location data in 350 Manhattan office buildings representing approximately 225 million square feet. The report highlights changes in year-over-year building visitation.
Read the full Q2 2023 Manhattan Building Visitation report here.
In Q2 2023, office buildings in Manhattan saw a 64% average visitation rate compared to the Q2 2019 baseline. This was the highest average visitation rate measured since the onset of the pandemic and a substantial increase above the Q1 2023 visitation rate of 59%. Visitation rates in nearly two-thirds of all properties analyzed exceeded 50% of the pre-pandemic baseline.
Prime, highly amenitized properties continue to lead the market, even as some previous performance gaps appear to be narrowing. Class A+ buildings posted a visitation rate of 67% which was the highest among all classes, while Class B buildings followed closely behind with a rate of 65%.
Although a minority of buildings saw decreases in visitation rates compared to the previous quarter, nearly three times as many buildings saw increases. When looking only at Class A+ buildings, the ratio was far higher, with nearly five times more increases than decreases.
There were also differences by location. Visitation rates were 69% in Midtown South and 66% in Midtown, which respectively represented increases of nine percentage points and eight percentage points compared to Q2 2022. Meanwhile, visitation rates in Downtown were 54%, which was an increase of just one percentage compared to the previous quarter.
“Stronger visitation rates confirm what many New Yorkers are feeling; the streets of Manhattan are increasingly crowded with office workers, shoppers, and visitors,” said Keith DeCoster, Director of Market Data and Policy at the Real Estate Board of New York. “This is a welcome sign for New York City’s economy even as there is still more to be done to reach pre-pandemic visitation levels.”
For more information about REBNY research reports, visit //go.rebny.com/Reports.
Please Note: In its previous Q1 2023 Manhattan Office Building Visitation report, REBNY noted an average visitation rate of 61%. That Q1 figure has since been revised to 59% due to the expansion of the buildings analyzed to 350 buildings. Additionally, for the sake of consistency the percentage for Q1 2023 in this report (and quarterly percentages) are compared to the baseline period of Q2 2019 (rather than the baseline period of Q1 2019 in the Q1 2023 report. Additional detail regarding methodology can be found in the full report.
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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.