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Manhattan Office Recovery Outpaces Nation, Yet Lighter Foot Traffic Has Taken Toll
Amid the ongoing debate about remote work, occupiers are employing more intricate blends of carrots and sticks to lure workers back to the office. “But is the return-to-office push driving change on the ground?” asked Placer.ai.
The data and analytics firm explored this question through the prism of the nation’s largest office market: Manhattan, “the beating heart of the nation’s financial and business worlds.” It asked how New York City’s office recovery stacks up against the nationwide baseline, what the Manhattan work week really looks like and what trends can be observed in the city’s very different neighborhoods.
Although Manhattan office foot traffic remains below pre-pandemic levels, the city’s office recovery has outpaced the national average since June 2021, judging by data from 72 major buildings in Midtown and Lower Manhattan. Nonetheless, Placer.ai says in a new white paper, The New York City Office Recovery, “Remote work has clearly taken its toll on Manhattan, with emptier office buildings and streets costing the city a reported $12.4 billion a year.”
- ◦Economy
