REBNY Report: Manhattan Office Visitations Finish Strong 2024 Recovery with Record December Performance

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 December. 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 linked here, Manhattan office buildings in December 2024 had an average visitation rate of 72% of 2019 levels. Excluding the month's final holiday week, the rate would have reached 82%, a new recovery peak and 5% higher than the prior peak set in June 2024.

Class A+ buildings had an average visitation rate of 86% and averaged 99% during the first three weeks of the month. During the second week of December, buildings in this category surpassed 2019 totals and reached 102% of the baseline. Class A/A- buildings averaged 71% during December, rising from 66% during November as well as year-over-year. Class B/C building visitation spiked from 62% in November to 69% in December, while also up from 66% a year ago.

Looking at trends by submarket, visitations averaged 77% in Midtown, 73% in Midtown South and 58% Downtown, up in each category from December 2024 and November 2024.

"Manhattan office building visitations saw incremental growth for much of 2024, culminating with the strongest results we've seen in five years during the first three weeks of December" said Keith DeCoster, Vice President of Research at the Real Estate Board of New York. "Return to office mandates by some well-known companies may have contributed to December's results, but that alone cannot account for the significant return to office improvements we are seeing in buildings across asset classes throughout the market."

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 in the 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 seven 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.

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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.