REBNY Research: Manhattan Office Building Visitation | Q1 2023
A recently completed analysis by the Real Estate Board of New York (REBNY) of location data collected by foot-traffic analytics platform Placer.ai reveals that average office building visitation rates peaked in mid-2022 in comparison to the Q1 2019 volume, but since then appear to have stalled. Location data for the May report collected by Placer.ai of 250 office buildings represents a diverse mix of Class A, Class B and Class C buildings in Midtown, Midtown South, and Downtown. Although the Q1 2023 rate of 61% represents an increase of 10 percentage points (pp) year-over-year, it has fallen below the 65% peak reached in mid-2022. Prime Class A office building visitation rates averaged 68% in comparison to the 57% average in Class B buildings; and among Manhattan’s major commercial submarkets, Midtown led the way, average visitation rates increased more than 14 pp year-over-year to just under 65%, while Midtown South and Downtown saw a more moderate 8 pp and 6 pp improvement during the same period as rates reached 61% and 54% respectively.