Hudson Pacific Properties reported strong year-to-date 2024 office leasing activity, with 1.6 million square feet of leases signed, representing a 25% increase over the prior year. New leasing comprised 60% of this activity, indicating sustained tenant demand.
The company noted a growing leasing pipeline and elevated tour activity, with expectations for lower annual lease expirations starting in 2026. This trend is projected to stabilize and ultimately grow occupancy in the office portfolio.
In its studio segment, Hudson Pacific observed recovering production levels in Los Angeles, with approximately 90 shows in active production on average in October. The proposed California Film & TV Tax Credit is identified as a potential catalyst for future demand.
The company also highlighted its liquidity position of approximately $750 million in capital availability and no debt maturities until year-end 2025. This update underscores ongoing balance sheet management and strategic capital access.
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