The Empire State Building, New York’s most famous office skyscraper, has come to reflect much of what ails the city and its commercial real estate during the Covid-19 pandemic. The iconic tower looks vulnerable to losing office tenants as more companies embrace remote work or cheaper satellite offices outside city centers. Some in the industry say it is worse off than many peers because the building relies on smaller office tenants, which tend to be more at risk during a downturn. Executives at Empire State Realty Trust , which owns the landmark skyscraper and 19 other properties, said the company’s low debt and high occupancy rate will help sustain it through tough times. “I don’t think we’ve ever been as prepared for a down cycle as we are now,” said Anthony Malkin, Empire State’s chief executive.

Source: Wall Street Journal August 18, 2020 12:00 UTC