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Commercial property prices have declined by an average of 15% since a year ago, according to Green Street

Manhattan Office Visitations Up to 67% of Pre-Pandemic Levels 

Manhattan office buildings in December 2023 had an average visitation rate of 67% of pre-pandemic levels, representing a monthly increase of two percentage points and a year-over-year increase of eight percentage points, according to REBNY’s monthly analysis of location data in 350 Manhattan office buildings 

Class A+ buildings had a visitation rate of 74% in December, while Class A/A- and B/C buildings recorded 64% and 68%, respectively. Visitation rates in Midtown increased to 73% in December, Midtown South held steady at 68%, and Downtown fell slightly to 54%. 

“At a time when office visitation appears to be stalling in some cities, it is encouraging to see activity steadily ticking back up in much of Manhattan, even as it remains well below 2019 levels,” said Keith DeCoster, director of Market Data and Policy at the Real Estate Board of New York. 


Inside The Story

Keith DeCoster

About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.

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