REBNY Manhattan Office Building Visitation Report Shows Continued Flight to Quality
The Real Estate Board of New York (REBNY) has released its first quarterly report on building visitations of Manhattan office properties. The analysis of Placer.ai mobile device data revealed that average building visitation rates were 61% of the pre-pandemic baseline, a significant increase from 51% during Q1 2022. Visitation rates in nearly 60% of buildings exceeded 50% of pre-pandemic baselines.
The highest quality Class A+ properties outperformed Class B by more than 10 percentage points, while Midtown posted an increase in visitation rates of 14 percentage points from Q1 2022, surpassing year-on-year gains of 6 percentage points in Downtown and 8 percentage points in Midtown South.
The report analyzes location data from 250 office buildings representing approximately 180 million sq ft, tracking building visitation rates and highlighting performance in different property classes.