BXP (BXP) Citi’s Miami Global Property CEO Conference 2026 summary

Strategic focus and growth plans

• Concentrates on premier workplaces in four major U.S. markets, with a clear strategy to lease space, sell non-core assets, and invest in new developments.

• Targets FFO per share growth by increasing occupancy, deleveraging the balance sheet, and enhancing portfolio quality in CBD locations.

• On track with asset sales, having achieved $1.1 billion in net proceeds toward a $1.9 billion goal by 2028.

• Over 3 million sq ft under development, including major projects in New York and Washington, D.C.

• Leasing activity robust, with 600,000 sq ft leased this quarter and a strong pipeline in negotiation.

Market performance and leasing trends

• Achieved 5.5 million sq ft of leasing in 2023, with 1.8 million sq ft in Q4 alone.

• Leasing activity is strong across Manhattan, Northern Virginia, and San Francisco, with notable growth in occupancy expected through 2027.

• Double-digit rental rate growth in Midtown Manhattan and Boston Back Bay; moderate growth in Northern Virginia; challenges persist in San Francisco, West L.A., and Seattle.

• San Francisco leasing driven by AI companies and those displaced by AI growth, with nearly 200,000 sq ft leased recently.

• Smaller markets like Seattle and West L.A. show incremental improvement but lag behind core regions.

Capital allocation and development updates

• Asset sales focus on land, apartments, and non-strategic office, with retention of premier CBD assets.

• New investments are opportunistic, with significant recent projects in New York and Washington, D.C.

• 343 Madison in New York is 30% pre-leased, with further negotiations ongoing and construction on schedule and under budget.

• Construction financing for 343 Madison is progressing, with strong interest from major financial institutions and a club deal structure anticipated.

• No AI-related concerns raised by equity or debt partners regarding new developments.