Empire State Realty Trust Inc Class A
ESRT: XNYS (USA)
| Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
|---|---|---|---|
| $3.60 | Lhy | Hmbjyfr |
Difficult Manhattan Office Market Will Continue to Weigh on Empire State Realty in 2024
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Business Strategy and Outlook
Empire State owns and manages about 9.4 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.