As the remote work debate continues, some wonder whether the push to return to offices is making a tangible impact in metropolitan areas. Placer.ai explored office recovery trends in Manhattan — New York City’s financial epicenter — and it provided some answers.
Office Visits On The Rise: Despite the substantial financial hit, with a reported loss of $12.4 billion annually due to emptier streets and offices, Manhattan is seeing a resilience that outpaces many of its urban counterparts. During a four-month period in mid-2023, visits to Manhattan office buildings, as tracked by the New York City Office Index, saw an uptick compared to January 2020’s baseline.
Notably, NYC’s office recovery has consistently surpassed the national average since June 2021.
Data from Manhattan’s top office buildings indicates an increase in foot traffic, likely a reflection of strict return-to-office policies. For instance, Goldman Sachs Group Inc ...