Manhattan's stalled office leasing market is expected to experience a late-year boom. Despite the office slump, US downtowns are filling up with people again. A study using cell phone data shows that no city has a busier downtown than before Covid, with San Francisco and Portland rebounding the least. Additionally, downtowns are thriving on weekends. While workers have been slow to return and office vacancy remains high, residents, visitors, and tourists have helped fill the gap. Office activity is now at around 65% of pre-pandemic levels, with several downtowns, including Midtown Manhattan, recovering to more than 75% of their pre-Covid levels.
“.. new analysis finds that office activity is significantly higher, at roughly 65% of pre-pandemic levels. Several downtowns .. and perhaps surprisingly, Midtown Manhattan .. have recovered to more than 75% of their pre-Covid levels.” @LONGCONVEXITY https://t.co/ol6hND2rkf https://t.co/mwMTSCUssD
US downtowns are filling up with people again despite the office slump. https://t.co/B2qrggrfPl via @citylab
After struggling in the wake of the Covid pandemic, downtowns across America are turning a corner. Workers have been slow to return and office vacancy remains high, but residents have surged back and visitors and tourists have helped to fill the gap https://t.co/BvymNmVO91
US downtowns are filling up with people again despite the office slump https://t.co/pE3ycoHhyQ
Call it the "weekend effect" — white collar workers may be dragging their feet Monday to Friday, but downtowns are thriving at the weekend. https://t.co/CHYmbDxNGw
A study used cell phone data to measure the number of workers going into city centers. No city has a busier downtown than before Covid. San Francisco and Portland have rebounded the least. https://t.co/4nMYXOcrxB
US downtowns are filling up with people again despite the office slump. https://t.co/OpnEle7yfl
US downtowns are filling up with people again despite the office slump. https://t.co/3eIFEe0xmL
US downtowns are filling up with people again despite the office slump. https://t.co/nQnoIGOK4y
Manhattan’s stalled office leasing market poised for late-year boom https://t.co/UjxvpFBAoU https://t.co/pe0tzCtVen