New York City's office recovery is presenting an obstacle to a fuller CRE rebound in the metropolis, Placer.ai is reporting.
While in August, NYC tourism domestic visits were up by 2.4% compared to August 2019 and city-wide retail visits were down only 5.3% in the same period, monthly office visits to an index of over 40 office towers there were still short by more than half, or 51%, in July against the July of 2019.
Placer.ai cautioned that although the year-over-two-year visit gap had been consistently narrowing, it grew again in August.
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