Home News The Back To Work Barometer Doesn’t Include Most Of NYC’s Biggest Office Buildings

The Back To Work Barometer Doesn’t Include Most Of NYC’s Biggest Office Buildings

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Bisnow/Miriam Hall

3 World Trade Center

Castle Systemsback to work barometer has emerged as the nation’s official office occupancy indicator, but New York realtors say it doesn’t paint an accurate picture of the city’s office activity.

Kastle tracks security card swipes at buildings in the 10 largest cities across the country, but not the buildings you own or control. SL green, Volnado, tissue man spyer, Rudin management, silverstein propertiesBrookfield, boston propertiesrelated or rockefeller group, New York Post report.

Together, these landlords own tens of millions of square feet and own many of the city’s newest trophy towers. hudson yards, One Vanderbilt, world trade center When Manhattan West.

Kastle fully tracks only one of the city’s 10 largest portfolios, the Post reports. It also does not track his six towers owned and occupied by financial services users, such as JPMorgan Chase’s headquarters at 383 Madison Avenue.

“It’s reporting data from a mix of A and B properties,” CBRE Tri-State CEO Mary Ann Tighe told the Post. “We know that good buildings have very high occupancy rates, and that buildings serving the financial services industry have high attendance. Kastle is the definitive source of Manhattan office occupancy. It is not considered a source.”

of new york city partnership‘s return-to-work survey shows that Manhattan has an average weekly occupancy rate of 50%. Kastle’s latest report shows 47.8% occupancy compared to pre-pandemic levels, up significantly from 43.8% the previous week. A Kastle representative told the Post that he believes the company’s barometer accurately reflects the return-to-work trend.

tension is rising brewed most of the year Corporate and political leaders have urged employees to return to the office more often, but many have refused.labor day this year Office occupancy did not rise significantlybut businesses are increasingly mandating return-to-work, and many in the real estate industry expect occupancy rates to rise even further by the end of the year.

“It’s no longer a five-day work week… [but] People need to be in the office, people need this interaction,” said Silverstein Properties CEO marty burger Said Bissnow‘s last month’s podcast.

He predicted that the company’s buildings would be 70% to 80% occupied by the end of the year.

Kastle’s tracker measured 49% of pre-pandemic occupancy last week, the highest nationwide. New York had the biggest weekly jump, where he rose from 43.8% to 47.8%, but all cities tracked saw an increase of at least 0.5 percentage points.

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