US Office REITs "Takeaways From Call With ESRT" Goldsmith

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US Office REITs "Takeaways From Call With ESRT" Goldsmith

Global Research

15 May 2026ab

US Office REITs Equities

AmericasTakeaways From Call With ESRT

Real Estate

Michael Goldsmith

Readthroughs to NYC office and BXP from our call with ESRT's CFO Analyst

We recently hosted a call with ESRT's CFO and IR to discuss the most common questions michael.goldsmith@ubs.com

the company received following its 1Q'26 results. Our discussion reaffirmed BXP's +1-212-713 2951

"premier workplace" narrative, emphasizing the constrained availability of top-tier Ami Probandt

office spaces alongside widespread demand, which bolsters BXP's competitive Analyst

positioning in high-quality buildings. Robust leasing activity across both pre-built suites ami.probandt@ubs.com

and larger spaces at ESRT underscores solid tenant interest, further validating BXP's +1-212-713 2078

strong leasing pipeline and improved visibility on occupancy growth. ESRT's sustained Justin Haasbeek

positive leasing spreads, coupled with its commentary on limited supply, underscore Associate Analyst

BXP's capacity to drive rent increases and maintain pricing power within NYC. justin.haasbeek@ubs.com

Confidence in ESRT's ability to backfill vacancies also aligns with BXP's expectations for +1-212-713 2014

its own occupancy growth. Overall, ESRT offers clear indications that NYC fundamentals Connor Mitchell

remain resilient, particularly for premium assets, reinforcing BXP's outlook for enhanced Associate Analyst

occupancy, rent growth, and NOI momentum. connor.mitchell@ubs.com

Creating larger contiguous blocks. Approximately 15% of ESRT's available

Anna O'Neil

office space, which is under 2% of its total portfolio square footage, is held off the

Associate Analyst

market for consolidation opportunities.