{"id":400564,"date":"2025-11-24T04:22:15","date_gmt":"2025-11-24T04:22:15","guid":{"rendered":"https:\/\/www.europesays.com\/us\/400564\/"},"modified":"2025-11-24T04:22:15","modified_gmt":"2025-11-24T04:22:15","slug":"empire-state-realty-ceo-tony-malkin-says-nyc-is-insulated-from-ai-job-impacts","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/us\/400564\/","title":{"rendered":"Empire State Realty CEO Tony Malkin Says NYC Is Insulated From AI Job Impacts"},"content":{"rendered":"

Artificial intelligence is already eliminating jobs, but not the kind that need a New York office, Empire State Realty Trust CEO Tony Malkin\u00a0says.<\/p>\n

\"Placeholder\"\/<\/p>\n

\n Bisnow\/Ciara Long\n <\/p>\n

\n Empire State Realty Trust CEO Tony Malkin onstage at Bisnow’s 2025 New York City State of the Market event.\n <\/p>\n

Consulting firms have issued warnings<\/a>\u00a0for years\u00a0that AI could eliminate roles in the near future. Now, companies including Salesforce<\/a>\u00a0are announcing imminent plans to replace workers with AI.<\/p>\n

But Malkin is far from concerned about the ramifications for ESRT<\/a>\u00a0and other Manhattan office landlords, who collectively inked more than 30M SF in leases in the first three quarters of the year,\u00a0according to Avison Young<\/a>.<\/p>\n

\u201cIt’s unlikely that you’ll find people in high-value-added businesses, and that’s primarily what’s in New York City, who lose jobs because of AI,\u201d Malkin\u00a0said onstage Wednesday at Bisnow\u2019s annual NYC State of the Market event. \u201cIt is far more likely that you will see people who will lose jobs because they don’t use AI.\u201d<\/p>\n

In 2023, McKinsey predicted<\/a> that AI could lead to as many as 375 million jobs lost, while Goldman Sachs’ estimate\u00a0was 300 million. A year later, Citi estimated<\/a> that around 54% of banking jobs could be automated, Bloomberg reported.<\/p>\n

And at the start of this year, those cuts started coming.<\/p>\n

Language learning app Duolingo\u00a0laid off around 10%<\/a> of its contract workers as it pivoted to heavier AI use in January. A few months later, payments service Klarna said it had replaced<\/a>\u00a0around 40% of its workforce\u00a0by investing in AI. And in June, tech giant Amazon<\/a> said it aims to cut 4,000 jobs<\/a>\u00a0over the coming years as it incorporates more AI. It\u00a0laid off almost 700 NYC workers<\/a>\u00a0last month.<\/p>\n

ESRT\u00a0owns 7.8M SF of office space across NYC, most of which is Class-A, and expects to have signed<\/a>\u00a0a total of\u00a01M SF of office leases by the end of the year.\u00a0<\/p>\n

While\u00a0Malkin\u00a0said the predictions that AI will come for white-collar jobs en masse are wrong, he does believe it will affect hiring practices \u2014 but not in a way that will affect office leasing.<\/p>\n

\u201cThe person who uses the AI happens to sit next to someone who doesn’t \u2014 well, if you pay these people, who would you want?\u201d he said.<\/p>\n

Employers will choose candidates who are already incorporating the tech into their workflows, speeding up some tasks dramatically through automation.<\/p>\n

\u201cNothing is steady state. There’s always rocks,\u201d he told Bisnow a few moments after stepping off the stage. \u201cI just think we need to think about where can it make people more productive versus where can it replace people.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"Artificial intelligence is already eliminating jobs, but not the kind that need a New York office, Empire State…\n","protected":false},"author":3,"featured_media":400565,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5122],"tags":[691,5229,170038,170799,405,403,5226,5225,5228,5227,47039,111762,189722,67,586,132,5230,68,2969],"class_list":{"0":"post-400564","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-new-york","8":"tag-ai","9":"tag-america","10":"tag-empire-state-realty-trust","11":"tag-esrt","12":"tag-new-york","13":"tag-new-york-city","14":"tag-newyork","15":"tag-newyorkcity","16":"tag-ny","17":"tag-nyc","18":"tag-nyc-office","19":"tag-nyc-office-leasing","20":"tag-tony-malkin","21":"tag-united-states","22":"tag-united-states-of-america","23":"tag-unitedstates","24":"tag-unitedstatesofamerica","25":"tag-us","26":"tag-usa"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/115602767836033391","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/400564","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=400564"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/400564\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/400565"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=400564"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=400564"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=400564"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}