REBNY: Class A+ Office Visitation Reaches Post-Pandemic Peak  

The Real Estate Board of New York (REBNY) has released its latest analysis of Placer.ai location data for 350 Manhattan office buildings, revealing that visitation rates are steadily recovering. In March 2024, the average visitation rate was 74% of 2019 levels, rising to 75% in April. This is a notable improvement from February’s 66% and 70% in March 2023. 

Class A+ properties saw the highest visitation rates, with 82% in March and 89% in April. Class A/A- buildings had 70% and 72%, while Class B/C buildings maintained 72% in both months. Midtown’s visitation rate climbed from 65% in February to 78% in April, and Downtown saw a significant increase from 54% to 66% between February and March, holding steady in April. 

“Over the last two months, Manhattan’s office market has posted its strongest activity since last Fall,” said Keith DeCoster, director of Market Data and Policy at REBNY. “As demonstrated by these reports, we are seeing office activity in Manhattan incrementally edge closer and closer to pre-pandemic levels, led by visitation in the highest quality properties.”  The analysis includes geo-fenced data from a representative sample of office buildings, excluding those completed after 2019.