Office visitation rates in Manhattan are holding steady compared to last year, but the data reveals a growing divide in the market. Michael Webb shares his analysis with Commercial Property Executive, of the shift toward high-quality office spaces continues and how overall office attendance may never return to pre-pandemic levels.
From the article:
“Remote, work-from-home and hybrid employment arrangements have fundamentally, and perhaps permanently, changed how many work and live,” he told CPE. “It is unlikely that in-office work during the post-pandemic era will ever rise to pre-pandemic levels.”
“The data highlights that companies continue to seek, use and occupy office space in high-quality buildings that offer modern amenities, proximity to retail, transit or areas of socio-cultural interest, as well as health, wellness and sustainability initiatives and packages,” Webb said. “The REBNY analysis highlights the growing disparity within the market between full-service, high-end spaces and lower-quality properties.”
Read the full article here:
Manhattan Office Visits Drop – Commercial Property Executive