Craig Ramiro, executive vice president of asset management at Armada Hoffler Properties, Inc. (NYSE: AHH), joined the latest episode of the REIT Report podcast. He discussed the company’s focus on creating value—including repositioning and redevelopment opportunities across the portfolio—as well as the strong demand it sees for its class-A office properties.
Ramiro noted that Armada Hoffler is benefitting from the supply-demand imbalance for top office space in the best locations. In Baltimore, for example, where the REIT has 1.6 million square feet of office space, Ramiro pointed to a “pretty astounding” level of corporate relocations.
Meanwhile, at The Town Center of Virgina Beach, Virginia, a mixed-use development, Armada Hoffler is seeing “more demand than we have space for,” Ramiro said. In fact, Armada Hoffler has reduced its own corporate footprint in Virginia Beach to make room for new tenants, he added.
“Office has been a real outperformer in our portfolio, even outperforming our multifamily and retail assets, and there’s no sign of that really slowing down at this point,” Ramiro said.
Ramiro also discussed the elements of successful placemaking, and the focus on driving efficiency and value, and being “laser focused” on operations under the leadership of new CEO Shawn Tibbetts.