Cushman & Wakefield: Manhattan office occupancy rates rebound

A new report from Cushman & Wakefield highlights the resurgence of office occupancy rates in Manhattan, signaling a robust recovery after the COVID-19 pandemic.

Using Placer.ai data for nearly 700 Class A and Class B buildings, the “Manhattan on the Move” analysis reveals a 72.2% recovery in weekly office visits from February 2020 levels, averaging 2.3 million of visits recorded in March 2024. Wednesday the highest activity, reaching a recovery of 83.5%. Trophy assets in Midtown also saw increased visits, accounting for 16.7% of the weekly total.

In the last three years, the occupied area has become 74.2% more concentrated. “The resurgence in office occupancy rates is a testament to the resilience and adaptability of Manhattan’s workforce,” said Lori Albert, director of Tri-State Research. “This trend is a strong indicator of the evolving dynamics in the commercial real estate market post-pandemic.”