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Manhattan Office Building Visitations Continue to Rise in May
The Real Estate Board of New York (REBNY) released its latest monthly analysis based on Placer.ai location data, covering 350 Manhattan office buildings in May 2024. The report tracks mobile data of office tenants, employees, and visitors, as well as retail customers within these buildings.
In May 2024, Manhattan office buildings averaged a visitation rate at 74% of 2019 levels. This represents a 4 percentage point increase year-over-year compared to May 2023. Despite a slight dip from April’s 75%, May’s results were influenced by Memorial Day holiday travel. Excluding this period, May would have shown an improvement over April.
Class A+ properties led with an average visitation rate of 86%, followed by 72% in Class B/C and 69% in Class A/A-. Across submarkets (Midtown, Midtown South, Downtown), visitation rates in May were generally stable compared to April, each showing growth of at least 3% from 2023.
“The Manhattan office market has seen sustained year-over-year visitation growth through the first five months of 2024,” said Keith DeCoster, director of Market Data and Policy at REBNY.
- ◦Lease
