Considering an office investment in today’s market might seem like the ultimate contrarian decision, especially as hybrid schedules dominate and companies report a slow return to in-person work. Indeed, millions of square feet of office space lie vacant in places across the country. For Manhattan office buildings the average visitation rates were 61% of the pre-pandemic statistics during Quarter 1 of 2023, according to an analysis by the Real Estate Board of New York’s (REBNY) of Placer.ai mobile device data.
Diving a little deeper, however, we see that it’s not all “doom and gloom” reports for office space. Recently, the office occupancy in some major centers has been ticking upward. In Midtown, visitation rates went up 14 percentage points during Quarter 1 of 2023 compared to Quarter 1 of 2022, per REBNY’s findings.
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