REBNY Report: Manhattan Office Building Visitations Reach Record High in June

Data shows average visitations reached 77% of pre-pandemic baseline, which is the highest level since reporting on this data began in February of 2023

A+ properties jump to 91% of baseline

NEW YORK, NY -The Real Estate Board of New York (REBNY) today released its latest monthly analysis of Placer.ai location data in 350 Manhattan office buildings for June. This report tracks mobile data of office tenants and their employees, and, where applicable, also reflects the presence of office visitors and retail customers and employees within those buildings.

According to the report, Manhattan office buildings in June 2024 had an average visitation rate of 77% of 2019 levels-the highest monthly total since REBNY began publishing analyses of Placer.ai data in February of 2023. Year-over-year, the overall average visitation rate in June is up five percentage points.

The highest quality Class A+ properties continue to lead the way with average building visitations reaching 91% in June, up from 83% during the same month last year. Both A/A- and B/C building categories averaged 75%, which were increases month-over-month and year-over-year. Compared to May, average visitation rates rose in all markets studied in this report, rising from 76% to 81% in Midtown, 75% to 78% in Midtown South and 65% to 69% Downtown.

Prior to the pandemic, June was typically one of the stronger months for building visitations. Strong June results this year come even as many more office employers now offer paid time off for Juneteenth and many employees travel the third week of June. If building visitation is aligning more closely with 2019 levels, July through September may bring slight moderation in totals.

"Office building visitation has inched its closest yet to pre-Covid norms. This is a welcome result not only for office properties but the thousands of retail businesses and the transit system that depend on daytime commuters," said Keith DeCoster, Vice President of Research at the Real Estate Board of New York. "Best-in-class properties and Midtown continued to separate from the rest of the market in June. Some B and C buildings, particularly those with prime access to transit, also registered improved visitation."

The buildings analyzed in these reports include a representative sample of various types of office buildings. Buildings that were not completed by 2019 are not factored in this report or 2023 average visitation rates.

The report analyzes mobile data provided by Placer.ai from geo-fenced buildings, including multiple phones carried by individual visitors. This has no impact on building visitation rates, as the same possibility of individuals carrying multiple phones exists in 2023 and the 2019 baseline.

Findings in these reports include visitation data with a minimum dwell time of 7 minutes. In turn, data may include some visitors other than office employees such as building maintenance staff; visitors attending company meetings as well as visitors to retail at the base of an office building. This visitation rate captures the broader economic impact and use of office buildings.

For more information about REBNY research reports, visit //go.rebny.com/Reports.

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ABOUT THE REAL ESTATE BOARD OF NEW YORK

The Real Estate Board of New York (REBNY) is the City's leading real estate trade association. Founded in 1896, REBNY represents commercial, residential, and institutional property owners, builders, managers, investors, brokers, and salespeople; banks, financial service companies, utilities, attorneys, architects, and contractors; corporations, co-partnerships, and individuals professionally interested in New York City real estate. REBNY conducts research on various civic matters including tax policy, city planning and zoning, rental conditions, land use policy, building codes, and other city, state, and federal legislation. REBNY regularly publishes market data, policy reports, and broker surveys. In addition, REBNY provides for its members: informational, technical, and technological resources; networking and charitable service opportunities; qualifying and continuing education courses; professional education programs, seminars, and designations; career-changing awards; legal advice; and a wide range of additional member benefits. For more information, please visit www.rebny.com.

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