David O’Reilly, CEO Howard Hughes Holdings Inc. (NYSE: HHH), participated in a video interview during Nareit’s REITworld: 2023 annual conference, held November 14-16 in Los Angeles.
O’Reilly said that although overall U.S. home sales are currently low, the sales volume of new home construction is as high as it has ever been.
“This has led us to a 113% increase in home sales year-over-year and the highest price per acre in company history,” he said.
Turning to trends in the commercial office sector, O’Reilly said they are similar to what is being seen with migration patterns and residential trends of flight toward quality of life.
“CEOs like me, we’re trying to get our employees back into the office where we can collaborate, learn, [and] Grow together,” he said. “We do this with great office space. Office space that focuses on collaboration, office space with incredible amenities, and office space with short commutes.”
Turning to some of the biggest growth prospects at Howard Hughes Holdings in 2024, O’Reilly said its Summerlin property, located outside Las Vegas, is on the verge of converting from primarily residential development to residential and commercial development.