- NYC and Miami have seen the strongest return-to-office recoveries, with office activity down just 18% and 20% respectively from pre-pandemic levels.
- By contrast, San Francisco, Denver, and Chicago remain more than 45% below 2019 levels.
- Small apartments, strong transit, and a growing “critical mass” of office workers are helping drive the recovery in NYC and Miami.
- Contrary to predictions, congestion pricing and subway safety concerns have not slowed NYC’s office rebound.
NYC Outperforms Peers In Return-To-Office Metrics
Office buildings in New York City and Miami are seeing significantly more foot traffic than their counterparts in other major US cities, reports The Real Deal. Using mobile phone signals to track movement, the data shows NYC office activity in May 2025 was just 18% below 2019 levels — a major improvement from earlier in the pandemic.
Miami was close behind with a 20% decline, while other cities saw much steeper drops: Atlanta (-32%), Houston and Dallas (-36%), Washington, DC (-40%), Boston (-45%), LA (-46%), Chicago (-49%), Denver (-50%), and San Francisco (-51%).
Why NYC And Miami Are Different
Several factors are driving the NYC and Miami rebound, including the compact nature of office neighborhoods, mixed-use buildings, and a more developed mass transit infrastructure. Ground-floor retail in Manhattan office buildings is also seen as a draw for workers and other visitors.
A “critical mass” of returning workers may also be encouraging more people to come in, a momentum lacking in more suburbanized or sprawl-heavy cities.
In addition, tight housing markets and small living spaces are motivating some New Yorkers to escape their apartments in favor of office environments. As one observer noted, working from a cramped studio isn’t what most young professionals moved to NYC for.
Get Smarter about what matters in CRE
Stay ahead of trends in commercial real estate with CRE Daily – the free newsletter delivering everything you need to start your day in just 5-minutes
Transit, Technology, And Congestion Pricing
New York’s subway system — now less crowded and more efficient post-pandemic — is playing a key role. The shift to phone and credit card tap-in access has made commuting smoother. And despite doomsday predictions, NYC’s congestion pricing policy, rolled out in January, has not dampened office activity — and may have helped it by reducing car traffic.
What It Means For CRE
The data bolsters optimism for New York and Miami’s office markets, particularly in contrast to sluggish recoveries in traditionally strong cities like San Francisco and Chicago. With mobile data showing real, sustained foot traffic, landlords and investors in NYC and Miami may see better prospects for rent growth and leasing activity in the second half of 2025.
Look for continued divergence between metros that have regained office momentum — and those still figuring out their post-Covid workplace strategies.
