According to the latest Placer.ai location data analyzed by REBNY, Manhattan office visitations have shown a continued robust rebound from the pandemic, with average visitations at 67% of 2019 levels for November. This reflects a gradual return to pre-pandemic office usage, highlighting the resilience of the market and the evolving dynamics of work patterns as employees and visitors adapt to new routines.
Keith DeCoster, vice-president of research at REBNY, noted that the trends observed echo 'flight-to-quality and geographic trends' that have been prominent since the report’s inception. As firms continue to prioritize higher quality office spaces, high-class buildings are experiencing higher attendance rates, thereby reinforcing the narrative that quality locations drive occupancy and engagement in the real estate market.
Despite the focus on physical office attendance, there is a noticeable shift among some landlords regarding the importance of presence in the workplace. This perspective is accompanied by a leasing boom, with 2.7 million square feet leased in November alone, pushing the total for the year to an impressive 25.3 million square feet, surpassing all of 2023 with more transactions still pending in December.
The overall attendance patterns in Manhattan reveal a divide based on class distinctions of office buildings, where Class A+ locations reported the highest attendance at 79%, while Classes B and C lagged at 64%. Midtown's average office attendance stood at 71% in stark contrast to the downtown area's 57%, further exemplifying the geographical and qualitative disparities in Manhattan's office leasing landscape.
#manhattan-office-market #post-pandemic-recovery #leasing-activity #real-estate-trends #office-attendance
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