Empire State Building office occupancy rate tops 90% to buck NYC’s woes

Nypost ^ | 11/05/2023 | STEVE CUOZZO

[ChicagoConservative27]

When you’re a huge, publicly-traded company with more than eight million square feet of offices in a struggling market, it helps to have a world-famous Observatory on top of your most famous building.

Empire State Realty Trust’s third-quarter results revealed a solid overall leasing performance including 90.5% occupancy in Manhattan and comfortable liquidity.

[ChicagoConservative27]

The commercial real estate collapse will be epic

[Da Coyote]

At least with the ESB, you’re getting a building that one can actually look at and admire. Modern architects appear to get their architecture degree with a minor in fugliness.

[thinden]

how many migrants have they moved in there?

[MinorityRepublican]

The commercial real estate collapse will be epic.

Maybe. But that will be mostly due to automation or offsourcing.

[cgbg]

Commercial real estate numbers are very tricky...tenants are often given discounts that are hidden from the public numbers.

Appraisers who do their job do face to face interviews with a sample of tenants to get the straight story—before crunching any numbers.

[SamAdams76]

The commercial real estate collapse will be epic

I've been hearing that for years now.

As one who works in NYC, I can tell you that the trains going in are now about as crowded as they were prior to the COVID nonsense.

The traffic in the streets (vehicles and pedestrians) is tremendous.

Seems that everybody has been called back to work here.

[Paladin2]

But Orange Man Bad is totally guilty of real estate FRAUD!

[wildcard_redneck]

Maybe the occupancy is high because the Empire State building has proven that can survive a plane impact, unlike the Twin Towers.

On July 28, 1945, a B-25 Mitchell bomber of the United States Army Air Forces crashed into the north side of the Empire State Building in New York City while flying in thick fog. The crash killed fourteen people (three crewmen and eleven people in the building), and an estimated twenty-four others were injured. Damage caused by the crash estimated at US$1 million (equivalent to about $16 million in 2022), although the building's structural integrity was not compromised.
https://en.m.wikipedia.org/wiki/1945_Empire_State_Building_B-25_crash

[Liaison]

So only one building is doing well and so is the world trade. It is The rest of the city tahr is sucking. Lots of old building no one wants to or can’t rent. ConEd rates are going up again and the off shore wind projects are in trouble. Rats are taking over the city and don’t get me started on cockroaches. Oh, the curse of first world man.

[Larry Lucido]

The Grace Building is in trouble unless Kruger can finally get that stain off.

[Round Earther]

As long as you have a view of the Chrysler Building, the ESB is not bad.

[Alas Babylon!]

What companies are based in the Empire State Building?

There are currently around 1,000 companies that are based in the Empire State Building, spanning the building’s 102 stories. Some of the most recognizable include Shutterstock, Expedia and LinkedIn, but there is a wide range of different businesses running operations.

Interestingly, despite its emblematic status, the Empire State Building was not always intended to have such large clients. Historically, the building had smaller companies littered across its floors, but this has changed over the last couple of decades.

Some other tenants that currently take up space in the famous building include:

Workday
Media General
Morgan and Morgan
Qatar Airways
Human Rights Watch
Walgreens
Skanska

https://newspire.net/articles/which-tenants-occupy-the-empire-state-building/#:~:text=There%20are%20currently%20around%201%2C000%20companies%20that%20are,a%20wide%20range%20of%20different%20businesses%20running%20operations.

[al baby]

apples and oranges son apples and oranges

[cgbg]

You are our canary in the coal mine.

;-)

I am one of those “gloom and doomers” who is convinced the economy is due for an epic collapse—but we are definitely not there at this point.

The best essay expressing my view is this one:

https://www.oftwominds.com/blogsept23/corp-profits9-23.html

[nwrep]

Is it because of the superior building materials, or the stronger superstructure, or something else? Just wondering?

[EEGator]

Looking at buildings in Europe compared to here is just sad.

It’s also interesting how new homes cost what they do.
2x4s and sheet rock…wiring done by illegal, non electricians.
Thanks Toll Bros.

[Shady]

A Doctor that our Family had extensive experience with had his office on the 78th floor. It is a magnificent building..

[Sooth2222]

[gibsonguy]

Human Rights Watch?

Wonder where following that money would lead to.

[Harmless Teddy Bear]

Also a sturdy building meant to resist plane strikes.