Block & Company Quarterly Review - 2nd Quarter 2022
July 15, 2022
Letter from President David M. BlockThe first half of 2022 for Block & Company, Inc., Realtors has been unprecedented on many fronts. With the pandemic having caused delays on new construction projects nationwide over the last couple of years, many companies have shifted their focus to existing brick and mortar locations. The volume of sales and transactions we are seeing with existing properties is completely off the charts. This activity has significantly reduced our inventory of available investment properties and has challenged the firm to provide exciting redevelopment opportunities. However, new construction activity appears to be bouncing back as of late and our development team continues to explore new opportunities in emerging markets throughout Greater Kansas City and the Midwest.
Both local and national businesses are continuing their expansion efforts and the occupancy rates of Block & Company's leased and managed shopping centers remain at a very high level. Even with interest rates continuing to climb, Block & Company remains very optimistic about a strong second half of 2022. We are expecting to announce several new and exciting developments later this year. The real challenge for new construction in addition to rising interest rates is the supply chain delays which is further driving up costs.
As always, I'd like to send out my sincere appreciation to our staff and brokerage for their hard work and focus on achieving the company's goals.