Block & Company Quarterly Review - 1st Quarter 2022

April 7, 2022

Letter from President David M. Block

Now that the Coronavirus appears to finally be subsiding to a point where nearly all companies are back to business as usual, I'd like to congratulate our tenants, investors, vendors, and friends of the company on their perseverance and strength in making it through the last two years. With your trust and support alongside our experienced team at Block & Company, the challenges presented from the pandemic have truly made us stronger than ever.

The first quarter of 2022 saw a significant increase in new construction and development activity which is a promising indicator for things to come this year.

Several Block & Company development projects that were in the works in 2021, will be breaking ground this year. Many of the national companies that were initially holding back expansion due to the pandemic, are now closely investigating and negotiating new locations throughout Kansas City and the country. I''m excited to report that our brokerage division has completed dozens of new sales and leases thus far. Based on the activity we've already seen, I firmly believe 2022 will be a year of resurgence that brings our industry back to pre-pandemic volumes and quite possibly a record breaking year at the firm. At the moment, the recent increase to interest rates is having very little impact on new activity within our market. I believe that the current demand will outweigh any skepticism about the increased rates in our industry for the remainder of this year.

As always, I'd like to express my sincere appreciation to our brokerage and staff members for their hard work that has played a key role in the strong start Block & Company is off to in 2022.

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