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1、July 2023The New York CityOffice RecoveryDive into the data to explore the emerging work week inManhattans big skyscrapers and throughout the Big Applesvery different neighborhoods.1As the debate about remote work rages on,companies are wielding ever morecreative blends of carrots and sticks to lure
2、 workers back to the office.But is thereturn-to-office push driving change on the ground?We dove into the data to explore office recovery trends in Manhattan,the beatingheart of the nations financial and business worlds.How does New York Citys officerecovery stack up against the nationwide baseline?
3、What does the Manhattan workweek really look like?And what trends can be observed in the citys very differentneighborhoods?Manhattan Office Visits:A Birds Eye ViewRemote work has clearly taken its toll on Manhattan,with emptier office buildings andstreets costing the city a reported$12.4 billion a y
4、ear.Businesses across industries from real estate firms to hotels and restaurants are feeling the ripple effects of thedecline in worker foot traffic.Still,the city known for its exceptional resilience has experienced greater officerecovery than many other urban centers nationwide.Over the past four
5、 months,visitsto Manhattan office buildings in our New York City Office Index increased significantlyin comparison to a January 2020 baseline.And while Big Apple office foot trafficremains well below pre-pandemic levels,New York Citys office recovery has outpacedthe national average since June 2021.
6、(The Placer.ai New York City Office Indexanalyzes foot traffic data from 72 major office buildings concentrated in Midtown andLower Manhattan.Placer.ais Nationwide Office Building Index analyzes visits to 800office buildings nationwide).2023 Placer Labs,Inc.|More insights at placer.ai|2Increased Vis
7、it FrequencyDrilling down into the data for leading Manhattan office buildings shows that theimpact of accumulating return-to-office mandates is beginning to be felt on a locallevel.In October 2022,Goldman Sachs CEO David Solomon known for his firm oppositionto remote work announced that about two t
8、hirds of the companys workforce hadreturned to the office.And indeed,a look at employee foot traffic to the companysheadquarters in Lower Manhattan reveals a 16.5%increase in the average frequencyof employee visits between June 2022 and June 2023.2023 Placer Labs,Inc.|More insights at placer.ai|3Gol
9、dman Sachs Headquarters in Lower Manhattan.Citigroup,which famously embraced flexible and hybrid work,has also begun to morestrictly enforce its partial in-office policy,cracking down on employees that dontcome into the office at least three days a week.And in June 2023,the companysLower Manhattan h
10、eadquarters saw a 24.3%increase in the average frequency ofemployee visits compared to last year.This trend can be observed in major officebuildings across the city:Our New York City Office Index shows a 8.4%increase in theaverage frequency of employee visits between June 2022 and 2023.2023 Placer L
11、abs,Inc.|More insights at placer.ai|4Tuesday:The New MondayStill,this increase in visit frequency,while significant,has yet to seriously challengethe new hybrid normal which has taken root in Manhattan and other major citiesnationwide.Data from our Office Indexes shows that increasingly,remote-capab
12、leemployees are concentrating in-office visits midweek and working from home onMondays and especially Fridays.Tuesdays have emerged as the new start of theweek,when employees have to kick themselves out of bed,ditch their soft pants,andshow up at work in person.And on Fridays,many offices see much l
13、ower attendance.2023 Placer Labs,Inc.|More insights at placer.ai|5A Neighborhood PerspectiveHyperlocal VariationsBut Midtown and Lower Manhattan skyscrapers only tell part of the story.New YorkCity,with its rich tapestry of interwoven neighborhoods and subcultures,has beencalled the“biggest collecti
14、on of villages in the world.”And perhaps unsurprisingly,each Manhattan neighborhood has followed a distinct recovery trajectory.To gain a more holistic understanding of employee behavior outside major officebuildings,we defined each Manhattan neighborhood as a point of interest,or POI,and analyzed v
15、isits by local workers to the neighborhood as a whole.The five POIsanalyzed Lower Manhattan,Midtown Manhattan,The Upper East Side,The UpperWest Side,and Upper Manhattan are shown on the map below.2023 Placer Labs,Inc.|More insights at placer.ai|6Midtown and Lower Manhattan,the citys main business an
16、d financial districts,sawthe slowest recovery,with the Yo4Y weekday worker visit gap throughout theneighborhoods standing at 29.1%and 16.4%,respectively.At the same time,the twodistricts saw the greatest year-over-year(YoY)increase in worker foot traffic,perhapsdriven by the increase in visit freque
17、ncy discussed above.2023 Placer Labs,Inc.|More insights at placer.ai|7At the other end of the spectrum lay Upper Manhattan,where weekday foot traffic bylocal office workers was only 8.2%lower than it was in 2019.With fewer big officebuildings and a plethora of hospitals,Upper Manhattan appears to bo
18、ast a higherconcentration of jobs that have to be done in person.Commuting Distances Aligned With Recovery PatternsThe variance in worker visit recovery rates across Manhattan neighborhoods is likelydriven by a myriad of factors,including the industries that dominate each region.Butone factor that a
19、lso appears to be at play is the distance employees have to travel toget to work.Once again,Midtown and Upper Manhattan represent the extremes.In Midtown,some 10.0%of employees live more than 30 miles away compared to just 4.5%ofemployees in Upper Manhattan.On the flip side,nearly 60.0%of Upper Manh
20、attanworkers live within two miles of the neighborhood they work in,compared to just23.8%of employees in Midtown.In other neighborhoods too,commuting distancesappear closely aligned with Yo4Y visit recovery trajectories.2023 Placer Labs,Inc.|More insights at placer.ai|8Back to Braving the CrowdsDuri
21、ng COVID,people who could afford to do so stayed away from crowded publictransportation hubs.New York City subway usage dropped precipitously,particularlyamong higher-income residents that could telecommute or drive to work on theirown.And although turnstile data indicates that a subway recovery is
22、underway,usagehas yet to bounce back to pre-pandemic levels.The overall drop in worker visits to the city since 2019 is likely a key driver of thecontinued decline in public transit use.But an analysis of cross-visitation patternsbetween workplaces and two of Manhattans largest public transportation
23、 hubsshows that many of those commuters that are coming into the city are back to takingthe train.Pennsylvania Station,New York City 2023 Placer Labs,Inc.|More insights at placer.ai|9During the first half of 2019,20.0%of visits to Penn Station were by people comingfrom work a share that dropped to 1
24、2.7%in H1 2022.But by H1 2023,the share ofvisits to Penn station originating from workplaces rebounded to 19.2%.Grand CentralStation showed a similar pattern.And delving further into the data for Grand Central Station shows how commutingpatterns have come to mirror the contours of the new hybrid wor
25、k week discussedabove.While overall,the 2023 share of visits to Grand Central from workplacesslightly exceeded 2019 levels,there emerged remarkable differences between days ofthe week.On Wednesdays and Thursdays and even more so on Tuesdays peoplecoming from workplaces accounted for significantly gr
26、eater proportions of visits toGrand Central Station in 2023 than in 2019.And on Mondays and Fridays there werenoteworthy dips in the share of visitors coming to the terminal from work.2023 Placer Labs,Inc.|More insights at placer.ai|10What Happens at the Office Doesnt Stay in the OfficeWhen it comes
27、 to office recovery,employers and workers arent the only ones withskin in the game.The impacts of employee work patterns reverberate throughoutcommunities nationwide,affecting everything from domestic migration trends to thehealth of local municipalities,real estate markets,and businesses.As New Yor
28、k City continues to navigate to the new hybrid normal,it will beincreasingly important for all relevant stakeholders to understand employee workpatterns on both a micro and macro level.Key Takeaways1.The Manhattan office recovery continues to outpace the nationwideaverage.While foot traffic to New Y
29、ork City office buildings remains 2023 Placer Labs,Inc.|More insights at placer.ai|11significantly below 2019 levels,the recent uptick in visits may indicate the startof a more accelerated recovery.2.Employees are making more frequent visits to New York City officebuildings than they did last year.D
30、owntown and Midtown employeesappear to be responding to return-to-office mandates by coming into theoffice more often.3.The new hybrid work week has taken root in the Big Apple.In Manhattan,like in other major cities nationwide,remote-capable employees areincreasingly concentrating visits midweek,an
31、d working from home onMondays and especially Fridays.4.There are significant differences between Manhattan neighborhoods.Employee visits to Upper Manhattan have rebounded to just over 90.0%ofpre-pandemic levels.Visits to Midtown,on the other hand,are just about70.0%of what they were four years ago.5
32、.Trains are back.People coming from workplaces account for a greater shareof visits to Penn Station and Grand Central Station than they did in 2022.Visitshare from workplaces at both public transportation hubs is either nearly at orslightly above 2019 levels.2023 Placer Labs,Inc.|More insights at placer.ai|12