Hudson Pacific Sees Boost in Leasing and Studio Prospects

Published 1 hours agoHPP

Hudson Pacific Sees Boost in Leasing and Studio Prospects

Hudson Pacific Properties (HPP) has made significant strides in its leasing activities, surpassing 2.0 million square feet of office leases in 2024. This marks an impressive nearly 20% increase compared to the previous year. Reuters reported that the ongoing leasing momentum is supported by a pipeline exceeding 2.0 million square feet, with nearly 800,000 square feet involved in later-stage negotiations.

The company is optimistic about occupancy stabilization by mid-2025, thanks to consistent quarterly leasing activity of around 500,000 square feet. Key markets like San Francisco and Seattle are seeing positive absorption, primarily driven by AI-related leasing and growing in-office working mandates from major employers. HPP is also witnessing a slow but steady recovery in its studio production sector, despite setbacks like the Los Angeles wildfires earlier this year.

In addition, the California governor's anticipated film and television tax credit program, set to take effect in the latter half of 2025, is expected to encourage more activity in the studio sector. These initiatives reflect Hudson Pacific's strategic focus on improving occupancy and expanding its presence, setting the stage for potential growth in the coming year.

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