Douglas Emmett (DEI) Citi’s Miami Global Property CEO Conference 2026 summary

Market performance and leasing trends

• Net absorption turned strongly positive in Q4, exceeding 100,000 sq ft, with a robust leasing pipeline continuing into Q1.

• Tenant mix remains diversified, with no single group accounting for more than 20% of growth.

• Renewal rates have been abnormally high, surpassing 80% last quarter, compared to a historical average of 69-70%.

• Expansions have outpaced contractions, indicating healthy tenant demand.

Impact of technology and AI

• AI is not currently cited by tenants as a major factor in space needs, but new technologies historically drive more hiring and office demand.

• Anticipates increased small business formation due to AI and tech empowerment, especially in L.A.'s entrepreneurial market.

• Internally, AI is being tested for lease abstracting, with full implementation targeted by year-end.

Regulatory and political environment

• Actively involved in local and state politics, sponsoring the Local Taxpayer Protection Act to eliminate transfer taxes.

• State and city zoning changes have enabled by-right multifamily development on previously restricted sites.

• Currently constructing about 1,000 units, with architectural plans for another 1,000 and a total pipeline of 8,000-10,000 units enabled by recent legislation.