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Manhattan Powers Ahead in Return-to-Office Rate
Manhattan office visitor volumes continued an upward trajectory in the fourth quarter, with Manhattan ranking #2 among U.S. gateway cities, second only to Austin. Avison Young reported that Manhattan office visitor volumes were down 51.7% the week of Dec. 13, 2021, compared with the same week in 2019.
“Representative banking and finance employers have mandated hybrid work schedules, resulting in a comparatively strong Manhattan return-to-office rate of -36.6% relative to the same timeframe in 2019,” said Mitti Liebersohn, president & managing director of Avison Young’s New York office. “While we anticipate that office demand will continue to rise from 2020 and early 2021 levels, it may not achieve pre-pandemic heights until more employees return to work.”
Led by trophy assets, leasing activity rebounded in Q4, increasing 16.6% year-over-year to 28.1 million square feet. However, 2020 to 2021 annual leasing activity remained -32.4% compared with the prior 20-year annual average.
- ◦Lease
