Hilary Spann

BXP is the largest publicly traded owner of Class A office in the country. What makes a good market for office over a bad one?

Building quality and location make for a good office market. Premier workplaces are outperforming the market in terms of occupancy and rental rates in all of our markets. In particular, there is a real shortage of this kind of space in Midtown Manhattan, which is one of the driving factors in our launch of 343 Madison Avenue this year. 

Is AI a good thing that in the balance helps the office market, or does it destroy all of mankind?

Ha-ha. I am an AI pragmatist. I believe that AI will help the office market in cities like New York and San Francisco, where AI-powered businesses are choosing to locate and expand to accommodate their top talent. There are also many new jobs being created within existing companies to leverage the power of AI — think banks and law firms. 

The firms I’ve described are BXP clients in our markets, so we feel that AI is a net positive for us. Office markets focused on back office jobs that are susceptible to replacement by AI stand to lose occupancy and see rental rate declines. We are not in those markets. 

Has the conversion craze peaked? Do you have any conversions on the horizon? 

This is one of my favorite trends. It’s been great to see how good policy combined with consumer demand spurs interesting development. Office-to-resi conversions stand to make our central business district markets more mixed-use, which supports all sorts of positive outcomes: a reduction in zombie office buildings, better retail, more 24/7 vibrancy and shorter commute times.

Our current portfolio of buildings doesn’t have good conversion candidates because they are highly occupied. We have looked at a few office-to-resi acquisitions, but haven’t yet found one that makes sense for us.

 What would be your No. 1 piece of advice you’d give to the incoming New York mayoral administration?

It’s the same basic advice that I would give anyone running a large organization. Do what you need to do to retain the best people currently in government, recruit great people to open positions, and empower them to improve and streamline the provision of services for their constituents.

Are you happy or sad that Manhattan lost out on a casino? 

BXP did not have a casino proposal, so I don’t have a strong viewpoint on it. 

Of all the tenants not in a BXP building, who would you imagine would be the dream one?

I love all of our prospective clients equally! We have a world-class roster of existing clients, so I would love to recruit clients that strengthen the synergies with our existing clients. We are seeing that opportunity come to fruition at 343 Madison Avenue, and it’s very exciting.

Lighting Round:

Mamdani, Cuomo, Adams — Friend, mute, unfollow?
Follow all of them. Pay attention to what they say, and, above all, vote.

Your pick for Fed chair `26?
The short list has qualified candidates. Having experience at the Fed seems like it might be helpful, at least at the outset.

Borrowing costs up or down by late 2026?
Short-term rate cuts, but the long end of the curve remains elevated.

More excited about — interest rate cut or Taylor Swift’s engagement?
Taylor Swift may have as much effect on local economies as interest rate cuts, but I’m still going to go with interest rate cuts.

When was your last vacation and where?
Two weekends ago, I went glamping on Governors Island with my son.

Like in ‘Freaky Friday’ you swap bodies with Jerome Powell. What would you do?
Figure out what selfless act I needed to perform to switch back.

What’s your kryptonite?
Salted licorice.

How are the tariffs going to affect your Thanksgiving shopping?
I don’t shop at Thanksgiving. Go outside!

You appear on the kisscam at a concert. Who’s performing?
The Zac Brown band. My husband and I love his concerts.

If Stephen Starr asked you which restaurant he should next reopen, what would it be?
So many good options. They’re not closed, but La Mercerie and Pastis are favorites.