Remote Work & Office Demand Declining: The lasting impact of remote and hybrid work models could reduce overall demand for office space, leading to higher vacancies and lower rental rates across Piedmont's portfolio.

Economic Downturn Impacting Tenants: A general economic recession or slowdown could cause tenants to reduce their office footprint, default on leases, or delay new space commitments, directly impacting Piedmont's rental income and occupancy.

Rising Interest Rates Increasing Costs: Higher interest rates could increase Piedmont's borrowing costs for existing debt and new financing, impacting profitability and the feasibility of future acquisitions or development projects.