The work-from-home phenomenon that spread like wildfire during the pandemic appears to be flaring up in New York, but is on the decline in many other large cities across the country, according to the latest office building data.
According to market monitor Placer.ai, the Big Apple had the highest office visitation rate in the nation in October at 86.2% compared to 2019 levels, followed by much smaller Miami at 82.6%.
Placer.ai uses mobile phone data to track visits to office buildings across the United States.
Struggling San Francisco finished last at 51.7%, according to the data.
“Midtown is on the verge of 2019 visitors,” said Daniel Biederman, co-founder of the Bryant Park Corporation, who spends a lot of time in Manhattan's parks. Most of the people having lunch are office workers.
“Contrary to all predictions, working from home is disappearing,” he stressed.
Many are driven not only by a desire for camaraderie but also by the wishes of their employers.
Placer.ai's report notes that Amazon, Dell, Goldman Sachs, Walmart, and UPS are “just some of the major employers that have cracked down on remote work in recent months, with some offering full-time support to their teams.” Some employers require employees to work at the same time.” ”
The increase in office attendance drew cheers from several other real estate industry leaders, but they weren't surprised.
CBRE Tri-State CEO Mary Ann Tye quipped: If you live in New York, you want to go to the office and interact with your co-workers. I'm surprised. ”
She said of her earlier pessimistic predictions: “Everyone has made a bet against humanity as the momentum builds for everyone to stay home.”
Some older, dilapidated buildings still have problems, but as anyone who works, lives or shops nearby can attest, the building at Sixth and Park Streets Tower, Hudson Yards, and the World Trade Center are nearly full.
JLL Vice Chairman Joseph Messina said the trend among employers “continues to require employees to work in the office four to five days a week, consistent with the rise in Class A leases.” While initially seen primarily in the financial services sector, recent announcements from major technology companies are now influencing the same trend. ”
In recent weeks, The Post has reported on Bloomberg LP's major expansion and lease renewal of two towers on Lexington Avenue and Amazon's likely expansion of more than 300,000 square feet at 452 Fifth Avenue. .
“The only question seems to be whether to lease or buy,” the person said.
SL Green leasing director Stephen Durrells said on a recent investor call: We believe this will enable a more robust hybrid work environment. And now they're bringing bodies home and need more space. ”
