The Flight Is Justified: The Priciest Offices Have Higher Foot Traffic

If a company takes space in one of the priciest office buildings on the market, will it actually make their employees come to work more often? The simple answer is yes.

In 25 Manhattan buildings that signed at least three leases for $100 per SF or more last year, foot traffic is approximately 10% higher than the rest of Manhattan’s office stock, according to an analysis by Placer.ai provided to Bisnow. 

The desire to find an office space that employees will want to use has drawn more companies to the most expensive buildings, with 196 Manhattan office leases signed last year at $100 per SF or more, an all-time high, according to JLL. 

The new foot traffic data validates the flight-to-quality narrative that brokers have repeated since the onset of the pandemic.