According to the Real Estate Board of New York (REBNY), Manhattan is showing promising signs of recovery in terms of office visitation rates, although it is still below the levels observed in 2019. In December, the average visitation rates at 350 Manhattan buildings stood at 67% of the rates seen in 2019.

The trend of returning to the office gained momentum in December, with visitation rates rising from 65% in November. However, it is worth noting that if the last week of December, which is typically quieter due to the holiday season, is excluded, the visitation rates would have been even higher at 74%.

The report from REBNY indicates that the occupancy percentages in relation to the same period in 2019 have shown a consistent rise since the organization began tracking these figures early last year. Premium, or Class A+ buildings, experienced an average visitation rate of 74% in December. Meanwhile, Class A and A-minus properties recorded 64%, and B/C properties achieved a visitation rate of 68%.

In terms of specific regions within Manhattan, Midtown witnessed a growth in visitation rates, reaching 73% in December. Midtown South demonstrated stability with a visitation rate of 68%, while Downtown experienced a decline, with visitation rates dropping to 54%.

Keith DeCoster, the director of market data and policy at REBNY, expressed encouragement at the steady increase in activity across much of Manhattan. He acknowledged that while office visitation in some cities has plateaued, Manhattan's figures are continuing to climb. DeCoster emphasized that although visitation rates remain below the levels of 2019, the upward trend is a positive sign for the recovery of the office sector in the city.

These findings highlight the resilience and adaptability of Manhattan's office market, as businesses and employees navigate the challenges posed by the ongoing COVID-19 pandemic. As vaccination efforts increase and health and safety protocols are implemented, it is expected that office visitation rates will continue to improve in the coming months, bringing the city closer to pre-pandemic levels of activity.