Brian Leary on rent relief
From Highwoods CEO Sees End to Office Densification Trend · · Nareit1
“We're spending a lot of time these days with our customers who have demonstrated a need for some sort of rent relief, so we're working with them to come up with solutions that can help keep them in our buildings while minimizing the financial impact to Highwoods.”
On , Brian Leary, Executive Vice President & Chief Operating Officer at HIGHWOODS PROPERTIES INC, spoke about rent relief during Highwoods CEO Sees End to Office Densification Trend on Nareit1.
About Brian Leary
In a September 2021 interview, Highwoods Properties CEO Ted Klinck discussed the company's priorities and outlook for the office sector. He stated that the company's top priority was the safety of its employees and customers, followed by maintaining liquidity and a "fortress balance sheet" amid economic uncertainty. Klinck said Highwoods was working with customers needing rent relief to find solutions that keep them in buildings while minimizing financial impact to the company. He also noted that the company was not planning to start any speculative developments until it had a better sense of the economic situation and rental rate demand. Klinck expressed the view that the long-term trend of office densification was over and likely to reverse, and that de-densification could offset increased remote work. He said he did not believe working from home full-time would be successful over the long term, citing challenges in building company culture. Klinck stated that the workplace remained a key tool for recruiting and retaining employees, and that he expected Sun Belt markets to see increased demand from companies relocating from the Northeast and West Coast due to lower costs and fewer transportation issues. He also mentioned that Highwoods was beginning to consider changes to future development projects, such as improved air quality systems and touchless technologies.