ESRT Posts Strong Q3 Office Activity, but Empire State Building Visits Remain Low
Why this matters
Office continues to trade in two distinct markets: trophy assets in walkable submarkets that are leasing at or near record rents, and commodity Class B and C buildings where the basis is still resetting. Underwriting on the latter has moved toward replacement-cost-minus, with credit underwriting now leaning on tenant covenant and remaining lease term rather than mark-to-market expectations. For LP-positioned capital, the read-through is that the bifurcation is now a structural feature of the sector, not a cycle to wait out.
Editorial analysis · Real Estate Trail Editorial
On the RET wire
- Disclosed office deal value tracked in November 2026: $3.5B across 11 reported transactions. All Office coverage →
Computed from Real Estate Trail’s own tracked coverage
Empire State Realty Trust (ESRT) had a successful third quarter when it comes to office sales and leasing, but that didn’t do much to offset plummeting visitation numbers at the trust’s eponymous Empire State Building…
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