![]() ![]() His family has been involved with the Empire State Building since the 1960s, and he is convinced its status as a famed piece of the New York skyline will outlast the temporary, if painful, impact of the coronavirus. Ismail pointed to pressuring factors for the company, including the COVID-19 shutdown of the Empire State Building’s observatory - a tourism magnet that last year generated more than a fifth of revenue for the group, which also has other office and retail spaces across the city.Įven so, CEO Anthony Malkin remains optimistic. New York City office property values have likely fallen 10% during the pandemic, said Daniel Ismail, lead analyst at real-estate research firm Green Street Advisors.Įmpire State Realty shares are down nearly 53% since the end of 2019, versus a 25% fall this year in the FTSE Nareit Equity Office index which tracks office real estate investment trusts (REITs). Yet even among those who plan to maintain a presence when the time comes, few expect to ever return to a workplace like the one they knew before coronavirus, according to Reuters interviews with several people who work or run companies there. But most companies based in the Empire State Building, which range from tech firms like LinkedIn Corp and luxury watch brand Bulova to nonprofits like the World Monuments Fund, have opted to extend work-from-home arrangements.īased on a tenant poll, management expected just 15% to 20% of the building’s usual 15,000 worker population to return at the second phase of reopening. The June 22 reopening allowed office buildings to invite tenants back, as long as maximum occupancy stayed below 50%. Something so normal as working in a big office block has abruptly become almost unimaginable for many. The same quandary is being played out across the United States, and the world. Its spire has been lit up with red-and-white flashes to honor emergency workers, a siren in Midtown Manhattan.Ī week into New York’s second phase of post-lockdown re-opening, dozens of the companies with office space in one of the world’s most famous buildings are trying to figure out when, how - even whether - to come back. ![]() The once jam-packed 102 stories of the 1,454 ft (443m) Art Deco skyscraper sit mostly empty in a city in shock from the country’s worst outbreak of COVID-19. ![]()
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