Why Empire State Realty Trust Stock Rocketed 68% in November
Posting a 68% gain in November, according to data from S&P Global Market Intelligence, shares of real estate investment trust (REIT) Empire State Realty Trust (NYSE: ESRT) rose almost as dramatically as its namesake asset, the Empire State Building. However, investors shouldn't get too excited; there are still major headwinds to deal with.
The big news in November for the office- and retail-focused REIT was the positive vaccine development news out of Pfizer and BioNTech, AstraZeneca, and Moderna. Investors, looking at the potential that the world would soon get a handle on the coronavirus pandemic, started to bid up the shares of companies that had been hit hard by the impact of COVID-19. New York City-focused Empire State definitely falls into that category, as office workers have increasingly shifted to remote work and big-city residents have been moving to the suburbs.
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Source Fool.com
