Economic Downturn & Office Demand Reduction: Sustained economic downturns, particularly affecting HPP's core tech and media tenants, could lead to reduced demand for office space, increased vacancies, and downward pressure on rental rates.

Rising Interest Rates Impact on Financing Costs: An increase in interest rates could significantly raise HPP's borrowing costs for existing debt and new acquisitions or developments, impacting profitability and asset valuations.

Tenant Concentration and Credit Risk: HPP has significant exposure to large tech and media tenants. A downturn or credit weakening of one or more major tenants could result in significant vacancy, reduced rental income, and potential lease defaults.