In hindsight, an early nickname for the Empire State Building seems more like an omen. The building earned the moniker “Empty State Building” in the 1930s, when the city’s real estate market crashed after a boom decade. Built in 1931, it was one of several newer buildings that contributed to the city’s 92 percent increase in inventory during the Great Depression. Though the market cycled through ups and downs after that, the “empty” epithet has continued to haunt the Empire State Building. Even amid the boom, in 2006, the landmarked building’s vacancy rate reportedly stood at 18 percent. Today, the building, at 350 Fifth Avenue at 34th Street, has a vacancy rate of 22 percent, according to Fred Posniak, senior vice president at W & H Properties, the building’s manager. About 45 percent of the current vacancy is intentional, with space
being held off the market for renovation, Posniak said. That translates
to about 270,000 or 280,000 of the building’s 600,000 vacant square
feet. The rest of the vacant space, about 320,000 square feet, is on
the market. More

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