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Stephanie has nearly 10 years of experience in the real estate industry. She is responsible for revenue generation, account P&L management, profitability and overall financial performance for nearly 100 client accounts and oversight of a team of 40 people.
Suburban office vacancy has dropped to 17.96% for the second quarter of 2022 and rental rates are holding steady or increases are being offset by inducement packages offered by the landlord. With increased construction costs, tenants are looking for move-in ready space to circumvent the expenditures and long lead times.
Overall downtown vacancy has dropped slightly to 29.28% for Q2 and market activity has been slow and steady through the summer. We saw a modest amount of positive absorption of 140,372 sf due to companies solidifying their hybrid work policies. Going forward for the remainder of the year and into 2023, tenants looking to refresh their space or relocate, construction costs will be a pain point as long as inflation stays high.
Rivers most recently worked at JLL, where he was Florida market leader from September 2018 to February of this year. The Florida market leader position is a new role at Cresa.
Other firms represent both sides of our business, and that’s very significant to our clients. There is an inherent conflict of interest there that we do talk about. We’re free of that. It feels different. It informs how we do our work and I know we do better work because of that.
The Massapequa, New York, native said the tenant rep business has been irreversibly changed by the pandemic. That makes what Cresa does even more important, Schementi said.