Commercial Real Estate Slump Accelerated In Q2, But Bottom May Be In Sight

Boston, Commercial Real Estate, News, Tenant Representation

Founded in 1980, The Stevens Group is a Boston-based commercial real estate brokerage and advisory firm with more than four decades of experience helping companies make informed real estate decisions. Today, our practice is centered on Corporate Real Estate Advisory & Tenant Representation, providing independent, conflict-free guidance to tenants and occupiers throughout Greater Boston and beyond.

We advise clients on site selection, negotiations for new leases, renewals, relocations, expansions, consolidations, and specialized office, R&D/lab, industrial and flex requirements. As the Boston affiliate of the International Tenant Representative Alliance (ITRA Global), we can also support clients across the U.S. and internationally while maintaining the senior- level, hands-on service of an independent firm.

The Stevens Group has been certified by the Women’s Business Enterprise National Council (WBENC) as a Women’s Business Enterprise (WBE) since 2011 and is proud to celebrate 15 years of certification in 2026.

What inspired you to start your company, and what has shaped your journey woman business owner in CRE?

The Stevens Group was founded by my parents, Mark and Debra Stevens, in 1980, and I joined the firm in 2013. My mother had a remarkable career in commercial real estate and showed me firsthand what was possible for a woman in the industry, while my father was an equally important mentor and supporter. Since Debra’s passing last year, carrying forward what they built has taken on added meaning. I am proud of our history and committed to positioning The Stevens Group for the future while preserving the integrity, reputation, and client focus that define us.

What are you most proud of about the company you’ve built?

I am most proud of the trust we have earned and the long-standing relationships we have built with clients over more than four decades. Our size and independence allow us to stay closely involved, be responsive, and give objective advice. I also value that we have continued to evolve and stay current while remaining true to how we do business.

Celebrating 15 years as a certified women business enterprise is another milestone I am especially proud of.

What are you most excited about for your company and its future?

I am excited to continue expanding the ways we support clients as their real estate needs become more complex. We have the advantage of being nimble, experienced, and highly personal in our approach, while our ITRA Global affiliation gives clients broader reach when they need it. I see the next chapter as thoughtful growth, interesting assignments, and continuing to strengthen our reputation as a trusted advisor to corporate occupiers.

What does being a woman-owned business mean to you, and what perspective would you share with women considering starting a business of their own?

Being a woman-owned business is meaningful to me because it reflects how far opportunities for women in commercial real estate have come. CRE Brokerage is a demanding career, but I believe women can build successful businesses and careers in this industry without having to choose between professional growth and the other priorities in their lives. My advice is to seek out strong mentors and advisors, trust your expertise and create a culture that values high performance and flexibility. The right environment can make a meaningful difference in sustaining a rewarding career over time.

FOUNDED: 1980

HEADQUARTERS: Boston, MA

SPECIALTIES: Corporate Real Estate Advisory & Tenant Representation; Office, R&D/Lab, Industrial & Flex Requirements

MARKETS SERVED: Greater Boston/Massachusetts; and national and international supportand consulting

WOMAN-OWNED SINCE: 2011

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Tuesday, August 4, 2009

Boston Business Journal – by Michelle Hillman

Commercial real estate prices fell nationally by more than 18 percent on a year-over-year basis in the second quarter, although experts say signs of a positive “clearing effect” on the supply side may indicate a bottom is near, according to an index published by the Massachusetts Institute of Technology’s Center for Real Estate.The 18.1 percent price drop was the biggest quarterly decline in the 25 years since the index has been published. The second-biggest drop in a quarter was the fourth quarter of 2008 when the quarterly decline was 10.6 percent.

Few commercial properties have sold in Greater Boston this year with transaction dollar volume off 90 percent from the peak in 2007, according to a recent report from the Boston Business Journal.

The second quarter decline was the fifth consecutive quarterly drop and the seventh in the past eight quarters. To date, the index is down 32 percent from a year ago and 39 percent from its mid-2007 peak, according to MIT.

The index’s 39 percent drop since its mid-2007 peak dwarfs the 27 percent decline the index experienced during the commercial downturn of the late 1980s and early 1990s. By comparison, the current drop in national housing prices is 30 percent.

“The big news this quarter is not just the magnitude of the drop, but the fact that transaction volume actually increased in the presence of this decline, the first volume increase since last summer,” said David Geltner, director of research at MIT/CRE, in a statement. “Perhaps most important, the supply-side index of the prices property owners are willing to sell at plunged a record 18.5 percent, suggesting a degree of ‘capitulation’ which may help to bring market prices finally to a bottom; this is the kind of thing that could begin to rebuild liquidity in the market.”