Brent Smith, president and CEO of Piedmont Realty Trust (NYSE: PDM), sat down for a video interview at Nareit’s REITweek: 2026 Investor Conference in New York, June 1-4.
Office landlords that offer the right combination of location, amenities, and tenant experience continue to outperform, according to Smith. Drawing on Piedmont’s leasing activity since the pandemic, he said the company has leased approximately 13.5 million square feet—about 85% of its portfolio—and has seen the “flight to quality” play out firsthand.
“Location and accessibility [are] by far the most appreciated quality of an asset,” Smith said. He added that tenants also increasingly value high levels of service, active ground-floor retail, and shared spaces that encourage collaboration before, during, and after the workday.
Smith said companies are rethinking office layouts as return-to-office patterns evolve, consolidating multiple locations into a single workplace while investing in cafés, collaboration areas, and upgraded technology to strengthen culture and teamwork.
Looking ahead, Smith remains optimistic about the outlook for premier office properties. With limited new construction expected over the next several years, he believes landlords will have greater pricing power while benefiting from tenants’ willingness to commit to long-term leases and significant workplace investments.
“There’s clearly a need to have a differentiated, high-quality office environment for years to come,” Smith said.