Office foot traffic across the U.S. climbed 6 percent in the first half of 2026 compared to the same period last year, according to Placer.ai data cited in Commercial Observer. The metric represents the smallest gap from pre-pandemic attendance levels recorded during any first half since the pandemic ended.
The gains reflect broader momentum toward return-to-office mandates that major employers implemented starting in late 2024 and early 2025. Tech giants, financial services firms, and consulting companies tightened remote work policies, pushing workers back to desks in major metro areas.
However, recovery remains uneven geographically. Gateway cities like New York, San Francisco, and Chicago show stronger rebound momentum than secondary markets, where remote work adoption persists. Manhattan office occupancy sits near 88 percent, up from pandemic lows but still trailing pre-2020 baselines. San Francisco lags further behind at roughly 79 percent occupancy.
This divergence creates winners and losers in commercial real estate. Class A office towers in prime locations command higher rents and attract institutional capital. Class B and C properties in weaker markets face longer vacancy cycles and downward rent pressure. Landlords controlling premium space near transit hubs and in financial centers benefit from tenant demand and rising lease rates. Those holding secondary office stock confront renovation costs to remain competitive.
For tenants, the picture splits sharply. Companies requiring collaboration space face higher occupancy costs in hot markets like New York and Boston. Firms with flexible headcount models and distributed teams continue shopping for smaller footprints or hybrid arrangements, depressing rents in softer markets.
Lenders show cautious optimism. Banks remain selective about office financing, prioritizing well-located assets with strong fundamentals and experienced sponsors. Credit spreads on office loans tightened slightly in the first half of 2026