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Cushman & Wakefield: Manhattan Office Visitation Rates Rebound
A new report by Cushman & Wakefield highlights the resurgence of office visitation rates in Manhattan, signaling a robust recovery from the COVID-19 pandemic.
Using Placer.ai data for nearly 700 Class A and B buildings, the “Manhattan in Motion” analysis reveals a 72.2% recovery in weekly office visits from February 2020 levels, with an average of 2.3 million visits recorded in March 2024. Wednesdays see the highest activity, reaching an 83.5% recovery. Trophy assets in Midtown have also seen increased visits, accounting for 16.7% of the weekly total.
Over the past three years, occupied square footage has become 74.2% more concentrated. “The resurgence in office visitation rates is a testament to the resilience and adaptability of Manhattan’s workforce,” said Lori Albert, director of Tri-State Research. “This trend is a strong indicator of the evolving dynamics in the commercial real estate market post-pandemic.”
- ◦Lease
