The Office Party Is On
It's incredible to watch the huge waves of capital (domestic and international) battle for high-yield office investments. That's why we're excited for our debut Bisnow Office Leasing & Development Expo (we're calling it "BOLD," because web designers charge by the letter) in NYC on Nov. 20. More than 20 top names—repping over 250M SF of office space in the US—will discuss the sector's hottest trends.
Among the owners actively developing is LA-based Kilroy Realty, which has $1.5B in six office projects (85% leased) underway, says CEO John Kilroy, who will speak at our event (in fact, the firm is upping its dispositions to focus more on building). In San Francisco and San Diego alone, Kilroy is delivering $500M of new development and kicking off a new round of construction. Starting soon: Kilroy Mission Bay in S.F., The Heights in San Diego. John tells us that rental growth and occupancy is up in all of its markets (Bay Area, Seattle, LA, and San Diego), and on the balance sheet side, his firm has one of the lowest leverage ratios among its peer group. "We continue to see strong growth drivers as innovative and knowledge industries continue to grow," he tells us.
Kilroy's Columbia Square project in LA. The forces shaping John's office market: environments that attract and retain employees, which mean facilities and amenities that inspire and drive creativity. Look for collaborative work environments with flexibility and density, high ceilings, large floor plates, and increased systems capability. Millennials have a 24/7 live, work, and play mentality, he says, and their preference for mixed-use projects, and urbanization, transportation, and sustainability are key. Don't miss John at our first-ever BOLD, which will convene developers, owners, lenders, brokers, investors, managers, designers, and architects in what promises to be an exciting and high-level event focused on the national office market. BOLD starts at 8am at NYC's Four World Trade Center—grab early bird tickets today!
