1315_Nareit Testimonials_REITworld_OReilly_2023-11-30_v2
11/30/2023 | by Diane Rusignola

David O'Reilly, CEO of Howard Hughes Holdings Inc. (NYSE: HHH), participated in a video interview during Nareit’s REITworld: 2023 Annual Conference held Nov. 14-16 in Los Angeles.

O'Reilly said that while overall U.S. home sales are currently lower, the amount of new home construction sales are as high as they’ve ever been.

“That’s driven us to a 113% increase in home sales year-over-year and our highest price per acre in the history of the company,” he said.

Turning to commercial office sector trends, O'Reilly said they are similar to what is being seen with the residential trend of migration patterns and flight toward quality of life.

“CEOs like myself, we’re trying to get our employees back to the office where we can collaborate, learn, [and] grow together,” he said. “We do that with great office space. Office space that’s focused on collaboration, office space with incredible amenities, and office space with short commutes.”

Turning to some of the greatest potential for growth at Howard Hughes Holdings in 2024, O'Reilly said its Summerlin property, located outside of Las Vegas, is at the cusp of turning from a predominately residential development into a residential and commercial development.