Natalie Teear, senior vice president, innovation, sustainability and social impact at Hudson Pacific Properties, Inc. (NYSE: HPP), participated in a video interview during Nareit’s REITworld: 2023 Annual Conference held Nov. 14-16 in Los Angeles.
Hudson Pacific Properties was Nareit’s 2023 Leader in the Light Award winner for office REITs.
Teear said that in both the office and studio markets where Hudson Pacific is active, “we’re seeing pretty seismic shifts and there’s a real flight to quality happening…we think leaning into sustainability and leading on sustainability is going to help us continue to win and differentiate on quality.”
Meanwhile, Teear noted that 2023 has been a challenging time for the studio business due to the prolonged writers’ and actors’ strikes. “We’re looking forward to a correction as a lot of productions come back online. We’re expecting to see quite a significant amount of new activity in the studio business in the new year,” she said.
Hudson Pacific will also be involved with promoting sustainability initiatives at three production service companies it recently acquired, including pulling diesel generators out of trailers as well as the electrification of trucks and heavy equipment that serve the production services industry.
Teear also said that now is a “pivotal” time for sustainability as the rules of the road are being rewritten. She urged the REIT industry to work collectively to avoid a situation where rules and standards are at odds with each other.