Nelson Mills, president and CEO of Columbia Property Trust (NYSE: CXP), joined Nareit in New York for a video interview at REITweek: 2019 Investor Conference.
Mills said that Columbia’s portfolio is 97% leased overall, so the REIT sees an opportunity to take on more risk and more “value-creation opportunities.”
Mills said that Columbia’s niche strategy in New York works because, while significant new supply has come online in other areas of the city, the company has been focusing on the Midtown South and West Chelsea submarkets, which are geared toward tech and creative tenants.
“We’re experiencing great occupancy and good lease terms with some high-quality tenants,” he said.
Mills added that Columbia has had a long, sustained period of growth, albeit modest.