New York Office Market Still a Drag on SL Green
Work-from-home has proven to be a cloud over the office real estate investment trust (REIT) sector. As tenants continue to push back returning to the office, investors have fretted over whether the office REIT model still works. But office REIT SL Green (NYSE: SLG) gave a positive outlook that suggests the office REIT business model remains intact.
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SL Green is New York City's biggest landlord, with just under 30 million square feet of office, retail, and residential space. Technology clients account for about a third of SL Green's tenant base, followed by financial services at 30%, and law firms at 11%.
Source Fool.com
