Business
Will office buildings ever be the same? Empire State offers clues

NEW YORK (Reuters) – The Empire State Building has been a symbol of America’s economic might for almost 90 years. Of late, it’s also become a symbol of its struggle with the coronavirus.
The once jam-packed 102 stories of the 1,454 ft (443m) Art Deco skyscraper sit mostly empty in a city in shock from the country’s worst outbreak of COVID-19. Its spire has been lit up with red-and-white flashes to honor emergency workers, a siren in Midtown Manhattan.
A week into New York’s second phase of post-lockdown re-opening, dozens of the companies with office space in one of the world’s most famous buildings are trying to figure out when, how – even whether – to come back.
The same quandary is being played out across the United States, and the world. Something so normal as working in a big office block has abruptly become almost unimaginable for many.
The June 22 reopening allowed office buildings to invite tenants back, as long as maximum occupancy stayed below 50%. But most companies based in the Empire State Building, which range from tech firms like LinkedIn Corp and luxury watch brand Bulova to nonprofits like the World Monuments Fund, have opted to extend work-from-home arrangements.
Based on a tenant poll, management expected just 15% to 20% of the building’s usual 15,000 worker population to return at the second phase of reopening.
Yet even among those who plan to maintain a presence when the time comes, few expect to ever return to a workplace like the one they knew before coronavirus, according to Reuters interviews with several people who work or run companies there.
Global Brands Group (0787.HK), which licenses the likes of Calvin Klein, signed a 15-year lease for six floors of office space in 2011 but has already told employees based in New York that they will never be required to come back to the office.
The allure of working in “unbelievable corporate headquarters” has been dulled by the pandemic, Rick Darling, chief executive of the apparel and marketing firm, told Reuters.
“I think they become less important,” he said. “If your people are dispersed, really the performance of your company becomes the prestige point.”
The company has not yet made any decisions on office space and will need showrooms for fashion launches, Darling said.
‘Go back to way it was’
Such shifting attitudes could spell trouble for Empire State Realty Trust Inc (ESRT.N), which owns and manages the building, as well as for other major commercial real-estate companies across the city and beyond.
New York City office property values have likely fallen 10% during the pandemic, said Daniel Ismail, lead analyst at real-estate research firm Green Street Advisors.
Empire State Realty shares are down nearly 53% since the end of 2019, versus a 25% fall this year in the FTSE Nareit Equity Office .FTFN47U index which tracks office real estate investment trusts (REITs).
Ismail pointed to pressuring factors for the company, including the COVID-19 shutdown of the Empire State Building’s observatory – a tourism magnet that last year generated more than a fifth of revenue for the group, which also has other office and retail spaces across the city.
Even so, CEO Anthony Malkin remains optimistic.
His family has been involved with the Empire State Building since the 1960s, and he is convinced its status as a famed piece of the New York skyline will outlast the temporary, if painful, impact of the coronavirus.
“Since COVID, we’ve only had people sign leases, we haven’t had anyone move out,” Malkin said in an interview, noting that Starbucks Corp (SBUX.O) signed a lease for a three-level store on March 15. “In a post-COVID treatment, vaccine, herd-immunity world, everything’s going to go back to the way it was.”
Empire State Realty drew down $550 million from a revolving credit facility in the first quarter to make sure it would have cash on hand if tenants fell behind on payments, but so far it has received the bulk of dues.
April rent collection dropped to 73% initially but rebounded to 83% by June 1, according to an investor presentation. The company offered deferral to a small portion of tenants which helped keep overall occupancy stable at around 96%.
‘You’re real, happening’
Some tenants say they have no intention of leaving.
For instance, Shutterstock Inc (SSTK.N), which signed an 11-year lease in 2013, is following orders from authorities about when and how to return, said Heidi Garfield, the company’s general counsel and interim chief human resources officer.
The creative content platform has 85,000 square feet, with an open-plan layout that includes a large café, a library, a terrace, an exercise studio and lounge areas. Before coronavirus, employees’ main gripes were when taps for cold-brew coffee or kombucha went down, Garfield said.
Officials from smaller non-profit tenants like the Human Rights Foundation and Human Rights Watch said the iconic building lends credibility with donors and potential partners, regardless of where staff work.
“Being in the Empire State Building was a solid component of our reputation,” said Human Rights Foundation President Thor Halvorssen. “People immediately assume that you’re solvent and you’re real and you’re happening.”
But other tenants are less confident. Unsure what the future of work might look like, they questioned whether it makes sense to spend big dollars for office space when remote operations have been working just fine.
It cost an average of $65.19 per square foot to lease space in one of Empire State Realty’s Manhattan buildings pre-COVID-19, according to the company, compared with an average of $81.64 across Manhattan as of late May, according to U.S. real estate firm CBRE Group Inc (CBRE.N).
Pricing has not changed much during the pandemic because of few new listings, said CBRE Director Nicole LaRusso, adding the reopening process might see “more revisiting on pricing.”
No mask? You can’t come in
Visitors to the Empire State Building are immediately confronted with the new reality.
Anyone entering the building must wear a mask and carry their own hand sanitizer, Malkin said.
Management closed non-essential entrances and retrofitted retail space downstairs as temperature-check and sanitization stations, tenants said. The elevator lobby has stickers on the floor that people waiting must stand on to ensure social distancing.
Similar stickers line the sidewalks outside the main entrance, in preparation for the re-opening of its observatory next month. The attraction, which allows visitors to take pictures on top of the building, raked in over $125 million in revenue for the company last year.
Some companies are reevaluating leases.
This month, for example, beauty-products company Coty Inc (COTY.N) signed over 50,000 square feet of its Empire State Building space to LinkedIn, owned by Microsoft Corp (MSFT.O).
Travel site Expedia Group Inc (EXPE.O), which occupies 9,000 square feet on the 72nd floor, said it had deferred “several real estate capital projects” to preserve liquidity.
Representatives for Coty, Expedia and LinkedIn did not respond to multiple requests for comment.
Even once the pandemic is past, the office market is likely to remain irrevocably changed, according to analyst Ismail at Green Street Advisors.
“Major companies have found an increased level of comfort with people working from home, which I think will likely accelerate in the future.”
Reporting and photo: Reuters
Business
2025 sees Maldives reach 1 million tourist mark in record time

Maldives has welcomed its 1 millionth tourist of 2025 on 7th June 2025, the fastest that the country has achieved a million tourists in our nation’s history.
Kajal Singh, an Indian national, arrived in the Maldives today on IndiGo flight 6E 1131 at 12:55. She is visiting for her honeymoon at Bandos Maldives. This is her first trip to the Maldives.

Visit Maldives, in collaboration with the Ministry of Tourism and Environment and Maldives Airports Company Limited (MACL), hosted a special celebratory event at Velana International Airport to commemorate this remarkable achievement.
“This milestone fills us with immense pride, reflecting the successful culmination of our destination marketing initiatives that showcase the true essence of the Maldivian experience,” stated Minister for Tourism and Environment Thoriq Ibrahim. “Welcoming one million tourists with such unprecedented speed is a powerful indicator of our global appeal, and I extend my sincere appreciation to all the hardworking individuals across the tourism sector whose dedication made this achievement possible.”

In a gesture highlighting the nation’s commitment to environmental sustainability, the one millionth visitor, Kajal, was invited to participate in the “Five Million Trees Planting Program” initiated by President Dr. Mohamed Muizzu. Kajal planted a tree at Hulhulé as part of this nationwide effort to combat climate change, enhance biodiversity, and promote a greener Maldives for future generations.
“This achievement is a clear indicator that we are well on our way to attaining H.E President Dr Mohamed Muizzu’s national tourist arrival target of 2.3 million for this year,” said CEO & MD of MMPRC Ibrahim Shiuree. “We are thrilled to celebrate this milestone with all our stakeholders, whose dedication and hard work are invaluable. Our commitment doesn’t end here; we are continually working to enhance the Maldives’ tourism industry and ensure the Sunny Side of Life remains a dream destination for everyone.”

The arrival of the 1 millionth tourist in 2025 marks a proud moment for Maldivian tourism, symbolizing the robust momentum generated by MMPRC’s strategic promotional efforts. Building on the resounding success of the recent Arabian Travel Market (ATM) 2025, where the Maldives captivated the global travel trade community with its powerful and immersive showcase, this milestone highlights the effectiveness of our enhanced global visibility and affirmed key industry partnerships.
Complementing these efforts, the ongoing comprehensive Summer Campaign, with its multi-market strategy spanning Europe and key international markets, is actively driving increased visibility and stimulating early bookings for both the summer and upcoming winter seasons. MMPRC’s marketing initiatives such as high-impact campaigns, strategic partnerships, and targeted outreach are significantly enhancing the Maldives’ global brand, boosting booking confidence, and solidifying its position as a leading, year-round holiday destination.
Business
BBM: Stronger hospitality platform via Hotelier Maldives Awards, culinary development

Since 1990, Bestbuy Maldives (BBM) has been at the core of the Maldives’ hospitality supply chain. More than a distributor, BBM has become a trusted partner in shaping talent, raising standards, and building long-term capacity across the industry.
That commitment continues in 2025 through its title sponsorship of the Hotelier Maldives Awards, and its growing investment in culinary development and cross-industry collaboration.
Supporting the Ecosystem, Not Just the Event
BBM is the preferred partner for over 60 international brands. However, its true value lies in how it supports the people behind the brands. From chefs and service staff to back-of-house professionals, BBM works across the sector to create real impact.
This year, the Hotelier Maldives Awards 2025 expands its recognition with four new categories:
- Watersports Personality of the Year
- Diving Personality of the Year
- Airport Representative of the Year
- Resort Manager of the Year
These additions reflect a simple belief. Everyone who shapes the guest experience deserves to be seen. Not just the visible few. Everyone.
Hotel Asia and the Rise of Culinary Confidence
For more than two decades, BBM has served as the main sponsor of the Hotel Asia Exhibition and International Culinary Challenge, endorsed by the World Association of Chefs Societies (WACS).
This platform has consistently raised the bar by bringing over 25 WACS A-Grade international jurors to the Maldives each year. Through this effort, local chefs get to test their skills on a global scale.
To further encourage excellence, BBM launched the Chairman’s Trophy, awarded annually to the most promising Maldivian chef:
- 2023 — Chef Mohamed Adhil
- 2024 — Chef Ahmed Mazim
Each name marks a growing movement. Maldivian chefs no longer compete to participate. They compete to win.
Backing Global Exposure for Local Talent
BBM has directly sponsored Maldivian chefs to represent the country at global events, including:
- HOFEX 2017 in Hong Kong, where Chef Ahmed Fatheen and Chef Ismail Naseer earned silver
- La Sial 2018 in Abu Dhabi, where Chef Mohamed Adhil won both gold and silver
- FHA 2018 in Singapore, supporting emerging talent
- Asian Pastry Cup 2018, where Chef Aminath Hameed was recognized as a pioneering female chef
- Chinese Cuisine World Championship 2019, where Chef Ahmed Mazim won bronze
- World Chefs Congress and Expo 2022, where BBM sponsored six MNU students under its Building Young Talent initiative
Creating Spaces for Knowledge Transfer
Beyond competitions, BBM hosts world-class chefs to lead pro bono Masterclasses, including:
- Chef Bruno Ménard, holder of three Michelin stars
- Chef Edwin Leow, gold medalist at the IKA Culinary Olympics
These sessions are designed to be open, practical, and rooted in the everyday reality of resort kitchens.
Recognition with Purpose
BBM’s sponsorship of the Hotelier Maldives Awards 2025 is part of a larger support system. These awards are not marketing. They are memories. They capture the faces, names, and efforts of those who make the Maldives one of the most admired hospitality destinations in the world.
“When people are seen, they rise,” said Ali Afrah Hassan, Head of HR, Admin, and Corporate Affairs at BBM. “This platform is our way of saying you matter. Not just once a year, but every day you show up to serve.”
Whether through product support, recognition, training, or infrastructure, BBM is building something larger than supply chains. It is helping shape the culture of Maldivian hospitality.
Business
Dubai Chocolate Brownies in Maldives: BBM, Dreidoppel conclude pastry tour

BBM’s exclusive Dreidoppel Demo Tour, led by Master Pâtissier Frankie Robin, concluded successfully on Apr 30th, after a 10-day pastry training series across 15 leading Maldivian resorts that requested the training. Two city bakeries were also trained on the 30th. The initiative brought together global expertise and a strong commitment to raising pastry standards in the local hospitality industry.
This year’s sessions focused on practical pastry solutions using Dreidoppel’s premium ingredient range to create Panettone, Dubai chocolate brownies, Mousses, Crème Brûlée, Fill & Gloss applications, and Caramel Chocolate Snacks.

A standout feature of the tour was the passion shown by young chefs across the islands.
Chef Frankie Robin remarked, “What truly impressed me was how prepared and passionate the young chefs were. Their eagerness to learn, experiment, and take their skills to world-class standards made every session an absolute joy.”

Grounded in real kitchen challenges—speed, flavour, and efficiency—Chef Frankie’s demos showcased how smart ingredient choices can drive both creativity and performance.
A.V.S. Subrahmanyam, Chief Operating Officer at BBM, added, “At BBM, we believe in more than just supplying ingredients—we are committed to the professional growth of the industry. Collaborations like this empower culinary teams with global techniques and greater confidence.”
The tour reflects BBM’s ongoing efforts to strengthen the Maldivian foodservice industry through knowledge-sharing and access to world-class products.
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