REBNY Study Finds Class A Buildings Outperform for Office Visitations
The Real Estate Board of New York (REBNY) said Class A office properties are outperforming their Class B counterparts in visitation rates, based on Placer.ai data. Average building visitation rates in 2022 surpassed 60% of pre-COVID baselines, with Class A properties averaging 66.3% and Class B averaging 53.6%.
REBNY’s study also found that visitation rates vary by building location and tenant mix. The board noted that other publicly cited data sources don’t account for the significant differences between levels of activity in Class A office buildings compared to other office buildings.
“Based on our initial analysis of location data from Placer.ai, we have found that building visitation rates range widely from a single market median or average,” said Keith DeCoster, director of market data and policy for REBNY. “The data reveal important dynamics in the market that must be more closely analyzed.”
Pictured: Rockefeller Group’s 1271 Ave. of the Americas in Midtown Manhattan.
