According to the latest data, the foot traffic in New York City office buildings surpassed pre-pandemic levels for the first time in July 2025, indicating that the impact of the pandemic on the office market is gradually diminishing and boosting confidence in leasing and investments.
Data from the analytics firm Placer.ai shows that in July of this year, the visitor volume in New York City office buildings increased by 1.3% compared to July 2019, marking the first time it has exceeded pre-pandemic levels since the Covid-19 outbreak. However, records from the access control company Kastle Systems indicate that on a Tuesday in July (typically the busiest day of the week), the entry and exit volume of office buildings was still only at 66% of pre-pandemic levels, suggesting that while daily peak crowds have rebounded, they are still slightly below previous levels.
The increase in office demand is also reflected in the leasing market. According to VTS’s “Office Demand Index” (VODI), in the fourth quarter of 2024, New York City’s office demand was 25.3% higher than the pre-pandemic period, leading the nation. In the first quarter of 2025, leasing transactions of high-end office buildings in Manhattan reached 12.2 million square feet, setting a record for the highest single quarter since 2019. Large institutional investors such as Blackstone have also re-entered the market, actively acquiring and leasing office properties.
Industry insiders point out that some media outlets only cite the absolute percentage (57%) of Manhattan employees returning to the office, which may give the impression that the attendance rate is only about half. In reality, the pre-pandemic attendance rate was not 100% either. If we calculate based on the approximate 75% attendance rate at that time, the current data is equivalent to 76% of pre-pandemic levels, indicating that the extent of recovery has been severely underestimated.
Experts analyze that the increase in office usage not only signifies a comprehensive recovery of corporate and urban commercial activities but also fuels the revival of business districts and the hospitality and retail industries. With leasing transactions increasing and capital inflows accelerating, the recovery momentum in the New York City office market is expected to continue, although the pace of recovery varies between different business districts and industries.