Paul Mcdowell on office market
From Orion Office REIT CEO Discusses Strategic Positioning Amid Market Challenges · · Nareit1
“The office environment has gone through literally a historic meltdown in demand; I like to call it nuclear winter sometimes.”
On , Paul Mcdowell, Chief Executive Officer, President & Director at ORION OFFICE REIT INC, spoke about office market during Orion Office REIT CEO Discusses Strategic Positioning Amid Market Challenges on Nareit1.
About Paul Mcdowell
In a September 2024 interview at Nareit's REITweek, Paul McDowell, president and CEO of Orion Office REIT, discussed the company's strategy amid what he described as a "historic meltdown in office demand," which he likened to a "nuclear winter." McDowell stated that since the company's spin-off in 2022, Orion has focused on rationalizing its portfolio by selling over 20 assets and repaying debt, actions he said have placed the company on a "very firm footing." He noted that the company has kept its leverage low, with debt to EBITDA around four times. McDowell said that in the second half of 2024, Orion was beginning to see potential acquisition opportunities involving "good pricing with good assets and long-duration leases." He expressed that there is "a tremendous amount of embedded value" in the company's shares that he believes shareholders need to recognize. McDowell added that the company aims to be well-positioned for a market recovery, which he said "inevitably will" occur.