The Real Estate Board of New York (REBNY) released an analysis of September 2023 Placer.ai location data in 350 Manhattan office buildings. Going forward, REBNY will begin releasing this report monthly rather than quarterly to provide more regular updates on this important topic.
Read the full September 2023 Manhattan Building Visitation report here.
According to the report, Manhattan office buildings in September had an average visitation rate of 66% of pre-pandemic levels. This is slightly greater than the rate seen in REBNY’s previous report on office visitation for Q2 2023.
There was some variation in activity. In the week after Labor Day, the average visitation rate rose to 70%. However, it decreased over the course of September, ending with an average visitation rate of 62% in the final week of the month. This is unlike the data seen in 2019 before the pandemic, when the post-Labor Day increase in office visitation rates was sustained throughout the remainder of the month. The month’s average visitation rate still exceeded September 2022 by 6 percentage points.
Higher quality buildings continue to outperform others. Class A+ properties had an average visitation rate of 67% for September while Class A/A-, B and C properties had a rate of 65%. Location also continues to have a significant impact. For example, Midtown South offices had an average visitation rate a 70% while Downtown offices had a rate of 60%.
“Average visitation rates rose in the week following Labor Day, but then moderated slightly in the second half of September,” said Keith DeCoster, director of Market Data and Policy at the Real Estate Board of New York. “We will continue to watch this data on a monthly basis moving forward given the significant economic impact of Manhattan office buildings on New York City’s economy.”
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