Investor Piedmont Office Realty Trust - which owns more than a dozen Dallas-areas buildings - is seeing its debt cost more than double with new financing.
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“It is unfortunately reflective of where the market currently is for commercial office properties,” Piedmont CEO Brent Smith said in a conference call with investors and analysts. “There is a large wall of commercial debt coming due the remainder of this year and next year and thinking about that overall implication and available funds, there’s a lot of basically need and not a lot of supply.
Piedmont Office Realty Trust owns eight buildings in Irving, including the Las Colinas Corporate Center I & II at 6363 North State Hwy 161. since the pandemic by declining leasing and building occupancies. Overall office vacancies in Dallas-Fort Worth are topping 27% — the highest in more than two decades.
An estimated more than $10 billion in commercial mortgage-backed securities debt on D-FW properties is due in the next 24 months. Replacement financing could be much more expensive or impossible to obtain.
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