Manhattan Office Occupancy Improves, but Long-Term Outlook for Empire State Remains Challenging

Empire State Realty owns and manages about 8.5 million square feet of commercial real estate portfolio composed principally of office buildings in Manhattan and the greater New York area. Its office portfolio fetches lower rents and has higher vacancy rates, reflective of an older, less premium building stock. Management has successfully focused on redeveloping its older office properties in recent years by providing more amenities and aligning its portfolio to meet the maintainability requirements of its clients.