, misses hundreds of skyscrapers with the highest attendance — and the result is a whopping undercount, real estate insiders say.
Kastle’s findings have gone unquestioned, including by Mayor Eric Adams. But landlords and sources revealed that Kastle shockingly doesn’t count swipes at buildings owned or managed by SL Green and Vornado Realty Trust — the city’s largest and second-largest commercial landlords with 34 million and 28 million square feet, respectively.
Mary Ann Tighe, CEO of CBRE’s tristate region, said, “Kastle can’t be considered a definitive source for Manhattan office occupancy.” “Not all buildings are alike,” said one insider who asked not to be named. “If a 1960s building on Third Avenue leased to small companies is 40% occupied, it doesn’t mean you can assume that a much larger building leased to banks and lawyers on Park or Sixth Avenue or Hudson Yards is also just 40% full.”
Her latest count shows 50% average Manhattan weekly occupancy for the first time and climbing. Kastle’s latest shows 47.8% occupancy, a significant uptick from 43.8% the previous week.
White collar employees gong into an office more than twice a week is so 2002.