Office visitation rates are rebounding as work patterns evolve post-pandemic, with notable differences across various markets and asset classes. This report leverages Placer.ai data combined with Cushman & Wakefield’s dataset of nearly 700 Class A and B buildings to analyze the upward trend and its impact on the future of the workplace in Manhattan.
Key findings from the report include:
- Weekly Office Visits: Anonymized mobile device data recorded a weekly average of 2.3 million office building visits in March 2024, yielding a 72.2% recovery from February 2020
- Peak Weekday Visits: Average weekday visits are the highest on Wednesdays, recovering 83.5% of the February 2020 baseline—11.3 percentage points higher than the overall market
- Performance of Trophy Assets: Trophy assets accounted for 16.7% of Midtown average weekly visits in March 2024, up 100 basis points from one year ago
- Occupied Square Footage: Over the past three years, occupied square footage has become 74.2% more concentrated, contracting from 468.1 square feet (sf) per visit to 120.6 sf per visit in the first quarter of 2024
