Sam Damiani's questions to BPY leadership • Q4 2020
Question
Sam Damiani of TD Securities questioned the reasons for the North American office occupancy decline and sought an update on the planned disposition of the Bay Adelaide North property.
Answer
CEO Brian Kingston attributed the occupancy drop primarily to pre-planned tenant consolidations, with the impact magnified by a pandemic-induced halt in new leasing, rather than a structural shift in space demand. He noted tenants are currently favoring short-term renewals. Regarding Bay Adelaide North, Kingston confirmed it is being marketed and fits the profile of a highly sought-after asset (new, long-term lease), with more details expected next quarter.