NYC office visits hit pre-pandemic levels for the first time, report says
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The number of New York City office workers actually going to those offices is now higher than pre-pandemic levels — the first time that's happened since COVID hit, according to a new analysis.
Why it matters: It's an I-told-you-so moment for those who rejected the once-dire predictions that the pandemic would change New York — and the way people work — forever.
How it works: Placer tracks foot traffic at 1,000 commercial office buildings with ground-floor retail nationwide.
- And while Placer's data indicates a return to pre-COVID levels, there are others that suggest the city's recovery isn't finished.
By the numbers: July NYC office visits were 1.3% higher than July 2019 levels, according to the Placer.ai Nationwide Office Building Index.
- The city is the first of the major metropolitan areas tracked by Placer to return to growth, though Miami is close behind.
- As Placer noted in a report, New York has a higher proportion of finance-based businesses, and that industry has been a leader in pushing return-to-office mandates.
Reality check: Kastle, which tracks security access data from 2,600 buildings in 47 states, says office occupancy on Tuesdays (the peak day of the week) in July in the NYC metro was 66%.
- Weekly occupancy rates, including less-popular days like Friday, were still under 55% in late July, Kastle said.
- A Kastle spokesperson said the largest and most modern office buildings may be close to hittinpre-pandemic levels on specific days of the week.
What to watch: Whether the numbers drop again in August, a much more traditional vacation season for the city's white-collar workers.
