Block & Company Quarterly Review - 1st Quarter 2024

April 9, 2024

Letter from President David M. Block

The first quarter of 2024 showed strong numbers for the sale and leasing of existing space. New construction continues to see a slowdown nationwide as businesses play the waiting game until interest rates drop. The only exceptions to the slowdown in activity have been multifamily and single-tenant industrial buildings. For restaurateurs and retailers, activity remains high but redirected towards leasing existing space in most of our shopping centers around the metropolitan area. Overall, shopping center occupancy remains extremely high in this fast-moving market. Once we hit the second half of this year, we anticipate that interest rates will come down, igniting new construction for the many national retailers looking to enter the Kansas City marketplace.

So far in 2024, Block & Company, Inc., Realtors has had an extremely active year. We've brought on several new associates and employees with the experience needed to help maintain our position as one of the premier commercial real estate firms in the Midwest.

As always, I extend my sincere appreciation to all of our clients and vendors for their trust in our professionalism and experience. We look forward to continuing to uphold these quality relationships.

Thanks again to all of our employees and agents for their continued philanthropic work in the community, that benefits all types of people facing challenges. I'm proud of the way our Block & Company family is contributing their time and money to these charities.

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