Piedmont Realty Trust, Inc. Leases 2.5 million Square Feet during 2025

Piedmont Realty Trust (NYSE:PDM) leased 2.5 million square feet in 2025, representing about 16% of its portfolio, including 679,000 SF signed in Q4.

Rhea-AI Summary

Piedmont Realty Trust (NYSE:PDM) leased 2.5 million square feet in 2025, representing about 16% of its portfolio, including 679,000 SF signed in Q4. Approximately two‑thirds of 2025 leasing was to new tenants and nearly half converted previously vacant space. As of Dec 31, 2025, the in‑service portfolio was 89.6% leased and the out‑of‑service portfolio (two Minneapolis projects, one Orlando project) was 62.4% leased. Management said 1.5 million SF of new‑tenant leases will take occupancy by end of 2026 and noted a 1.2% increase in in‑service leased percentage during 2025.

Positive

• Leased 2.5M SF in 2025 (~16% of portfolio)
• Signed 679,000 SF of leases in Q4 2025
• In-service portfolio 89.6% leased as of 12/31/2025
• 1.5M SF to new tenants taking occupancy by end of 2026
• Two-thirds of 2025 leasing to new tenants

Negative

• Out-of-service portfolio only 62.4% leased as of 12/31/2025
• In-service leased percentage rose just 1.2% during 2025

Argus Jan 13 session

+0.95% close to close Open Argus

Details

News Market Reaction – PDM

On Jan 13, the first trading day after this news, PDM closed 0.95% above the previous close.

Data tracked by StockTitan Argus for the Jan 13 session.

Market Context

This announcement highlights substantial leasing momentum, with 2.5 million square feet signed in 20...

Analysis

This announcement highlights substantial leasing momentum, with 2.5 million square feet signed in 2025, lifting the in-service portfolio to 89.6% leased and progressing lease-up of previously vacant and out-of-service space. Recent history shows active balance sheet management, including a $400 million 2033 notes issuance and tender offers for 9.250% 2028 notes. Investors may focus on how sustained leasing, occupancy trends, and future financing actions interact with broader office REIT conditions.

Key Figures

2025 leasing volume: 2.5 million square feet Q4 2025 leasing: 679,000 square feet Portfolio leased share: 16% +5 more

2025 leasing volume

2.5 million square feet

Total leases signed across portfolio during 2025

Q4 2025 leasing

679,000 square feet

Leases signed during fourth quarter 2025

Portfolio leased share

16%

Portion of total portfolio leased during 2025

In-service occupancy

89.6%

In-service portfolio leased as of December 31, 2025

Out-of-service occupancy

62.4%

Out-of-service projects leased as of December 31, 2025

Leased percentage increase

1.2%

Increase in leased percentage of in-service portfolio during 2025

New client share 2025

1.5 million square feet

New tenancy to take occupancy by end of 2026

Five-year leasing

11.6 million square feet

Approx. 75% of portfolio leased over last five years

Historical Context

5 past events · Latest: Dec 08

5 events

1. Dec 08

   Leasing update

   24h Move

   -0.6%

   Highlighted over 475,000 SF Q4 leases and 2.3M SF year-to-date activity.

2. Nov 20

   Tender offer result

   24h Move

   -0.5%

   Reported take-up of 9.250% 2028 note tender, reducing high-coupon debt.

3. Nov 19

   Tender pricing

   24h Move

   -1.1%

   Priced cash tender for 9.250% 2028 notes with defined spread and yield.

4. Nov 13

   Debt offering

   24h Move

   +1.1%

   Priced $400M of 5.625% 2033 notes to fund 2028 notes tender offer.

5. Nov 13

   Tender launch

   24h Move

   -0.5%

   Launched cash tender offer for all outstanding 9.250% senior notes due 2028.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Signs 679,000 SF of Leases During Fourth Quarter

Atlanta, GA, Jan. 12, 2026 (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 leased 2.5 million square feet, or approximately 16% of its portfolio, during 2025, including 679,000 square feet of leases signed during the fourth quarter. Approximately two-thirds of the Company’s 2025 leasing related to new tenants, and almost half related to previously vacant space. As of December 31, 2025, the Company’s in-service portfolio was 89.6% leased and its out-of-service portfolio, comprised of two projects in Minneapolis and one in Orlando, was 62.4% leased. 

Commenting on the Company’s leasing success, Brent Smith, Piedmont's President and Chief Executive Officer, said, "2025 was a phenomenal year for Piedmont from a leasing perspective. As the year progressed, we experienced accelerating demand across all our markets as our renovated buildings and customer-centric placemaking mindset resonated with clients. This demand increased the leased percentage of our in-service portfolio by 1.2% during the year and pushed rental rates across our Sunbelt markets to record highs. Clients know Piedmont PLACEs provide best-in-class work environments and elevated service at an exceptional value compared to new construction and it’s this formula that is driving our unique success. In 2025 Piedmont leased more than 10% of the portfolio to new clients, equating to 1.5 million square feet of new tenancy that will take occupancy by the end of 2026.

Continuing, Smith added, “The success we achieved in 2025 is the culmination of the team’s hard work to transform the portfolio to meet customer’s need for modernized, well-located, amenity rich, collaborative workspaces. Over the last five years, Piedmont has leased approximately 75% of our portfolio, or 11.6 million square feet– an incredible accomplishment by the team and a testament to the Piedmont placemaking strategy that we apply to all our buildings.”

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.

   Contact:          Sarah Heimlich
   Company:       Piedmont Realty Trust
   Phone:            770 418 8800
   Email:              Investor.relations@Piedmontreit.com

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much space did Piedmont Realty Trust (PDM) lease in 2025?

2.5 million square feet, approximately 16% of the company's portfolio.

How much of Piedmont's leasing occurred in Q4 2025 for PDM?

679,000 square feet of leases were signed during the fourth quarter of 2025.

What was Piedmont's in-service occupancy rate as of Dec 31, 2025 for PDM?

The in-service portfolio was 89.6% leased as of December 31, 2025.

How much of Piedmont's 2025 leasing was to new tenants (PDM)?

About two‑thirds of 2025 leasing related to new tenants, totaling 1.5M SF moving in by end of 2026.

What is the leasing status of Piedmont's out-of-service projects for PDM?

The out-of-service portfolio (two Minneapolis projects, one Orlando project) was 62.4% leased as of December 31, 2025.