Owning the Empire State Building sounds glamorous until you realize people aren't actually showing up to work in it anymore. Empire State Realty Trust (ESRT), the New York City-focused REIT that counts the iconic skyscraper among its holdings, is learning this lesson the hard way.

The company is caught in an uncomfortable vise grip: remote and hybrid work arrangements mean fewer office tenants need space, while tourism hasn't bounced back the way everyone hoped it would after COVID. That's a brutal combination when your entire business model depends on filling Manhattan real estate.

The Numbers Tell A Sobering Story

Growth metrics tracked by market data show the REIT's score dropping from 44.61 to 30.1 within a single week. These growth assessments measure a company's historic earnings and revenue trajectory, weighing both recent performance and longer-term trends, then ranking it against all other publicly traded stocks.

What's driving the decline? Wells Fargo and other leading analysts have been trimming their price targets for ESRT, reflecting growing concerns about the company's ability to navigate the new normal. And for good reason: the REIT has strung together multiple quarters of revenue misses while earnings steadily deteriorate.

The stock performance mirrors the operational struggles. Shares are down 35.99% year-to-date and have dropped 7% just in the past month. The company scores poorly on both momentum and growth metrics, with unfavorable price trends across short, medium, and long-term timeframes.

This isn't just an Empire State Realty problem. It's a window into the broader challenges facing office-focused REITs in major urban centers. The post-pandemic world has fundamentally reshuffled how people work and travel, and commercial real estate is still figuring out what the new equilibrium looks like. For now, buildings that once symbolized American ambition are increasingly symbolizing the difficulty of adapting to structural economic shifts.