Piedmont Realty Trust, Inc. Signs over 500,000 SF of Leases Third Quarter-to-Date Bringing Year to Date Leasing to over 1.5 million Square Feet
1. PDM completed over 500,000 square feet of leasing in the third quarter.
2. 85% of new leases were for previously vacant space, indicating strong demand.
3. PDM's leasing volume is on track for a target of 2.2 to 2.4 million square feet.
4. CEO emphasized strong tenant demand, particularly in Minneapolis and Sunbelt markets.
5. PDM's out-of-service portfolio is now over 50% leased, enhancing future revenues.
PDM's strong leasing activity indicates robust demand and potential revenue growth, similar to trends seen in successful real estate firms during economic recoveries.
How important is it?
The growth in leasing significantly improves PDM's future cash flows and investor confidence, which are crucial for stock performance.
Why Short Term?
The immediate increase in leasing activity can lead to revenue boosts within the current fiscal year, paralleling past performance upticks in real estate following strong leasing reports.
Atlanta, Sept. 09, 2025 (GLOBE NEWSWIRE) -- Piedmont Realty Trust, Inc. ("Piedmont" or "the Company") (NYSE:PDM), an owner of Class A office properties located primarily in the Sunbelt, announced today, that the Company is participating in this week's Bank of America Securities 2025 Global Real Estate Conference in New York. The Company has completed over 500,000 square feet of leasing thus far in the third quarter, with over 400,000 square feet related to new tenants. Approximately 85% of the new tenant leases are for previously vacant space and year-to-date leasing volume now totals over 1.5 million square feet. Approximately 178,000 square feet of the new tenant leases relate to the Company's out-of-service portfolio which is now over 50% leased.
Commenting on third quarter operational success to date, Brent Smith, Piedmont's President and Chief Executive Officer, said, "Leasing momentum remained strong during July and August with tenant demand continuing to push our leasing volumes to record highs. Of note, we completed five transactions for a full floor or greater demonstrating that the unique environments we've created in our renovated buildings, combined with a customer-centric, placemaking mindset, continue to resonate with a broad range of users. The demand from clients was particularly evident in our Minneapolis and Sunbelt markets. Furthermore, with over 400,000 square feet in our late-stage pipeline, two-thirds of which is attributable to new tenancy, and with strong activity across all our markets, we feel confident that we will achieve our 2025 total leasing goal of 2.2 to 2.4 million square feet."
About Piedmont Realty Trust
Piedmont Realty Trust™ (NYSE:PDM), is a fully integrated, self-managed real estate investment company focused on delivering an exceptional office environment. As an owner, manager, developer and operator of approximately 16 MM SF of Class A properties across major U.S. Sunbelt markets, Piedmont Realty Trust is known for its hospitality-driven approach and commitment to transforming buildings into premier "Piedmont PLACEs" that enhance each client's workplace experience.
