Will SL Green Realty Feel the Impact of Remote Work?
SL Green Realty (NYSE: SLG), New York City's largest commercial landlord, has seen its stock price cut in half from its highs earlier this year. On its first-quarter earnings call, management optimistically noted that the company had collected 90% of its commercial real estate rents and 60% of its retail client rents. Do these collection rates for real estate in New York City -- the U.S. city hit hardest so far by the pandemic -- suggest that COVID-19's expected longer-term impact on commercial real estate might be more muted?
