Market Fundamentals from Trophy to Class C Offices

A deep dive into vacancy, absorption, leasing, and investment trends across all classes, with insights on what’s driving transactions and submarket activity

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  Rachelle Strole

  Rachelle Strole is the owner and founder of Capital Asset Management, LLC (“CAM”) a full service commercial real estate firm focusing on the development and management of commercial ventures from both the developer and institutional sides of the transactions. Raised in a hospitality development family, real estate and development has been a lifelong passion. In 1998, she founded a residential custom home development company, Hermosa Homes Builders. At age 25, she purchased 50% of a mortgage banker in Arizona and grew it into a multi-state banker while getting her Direct Endorsement Underwriter delegation from HUD. In 2008, she was approached to manage the first FDIC structured sale portfolio holding over $700MM in commercial assets throughout the nation. With that opportunity, she and her husband, Aaron Strole, founded Capital Asset Management in 2009. Still today, CAM is administering this portfolio with an end success of over 54% more return than projected. This experience has taught CAM’s team how to create, recreate and wisely deconstruct any type of commercial real estate that can be built. This experience has allowed CAM to create its development arm, Capital Development Group (“CDG”), which is now actively building retail centers and build-to-rent communities throughout Arizona, Nevada and Hawaii. Rachelle earned a Bachelor Arts degree with a specification in Foreign Languages from Arizona State University, where she graduated Cum Laude. Together with Rachelle’s broad-based experience and knowledge in new construction, rehabilitation, development, litigation, asset management, appraisal review, brokerage/sales activity, purchase/lease negotiation, property management, and asset management, she has been called upon to serve as an expert witness, consultant, and as a bank and developer liaison for work out cases. In Rachelle’s down time, she is a mother of 2 “amazing” kids and enjoys embarrassing them at all sporting events. The family cooks together, plays tennis together, works out together and chases around our many, many pets. Outside of the home, Rachelle is one of the first Pat Tillman Foundation Mentors and is an advocate of volunteering and devoting time and resources to improving our environment and community.

  Capital Asset Management

  Owner & Founder

  Rachelle Strole

  Owner & Founder

  Capital Asset Management

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  Darius Green

  Passionate about exclusively championing the agenda of the occupiers of commercial space, over the years Darius has transacted leases, purchases, and dispositions into the millions of square feet. He has experience negotiating complex and high-value leases; early renegotiations; expansion and contraction negotiations; data center colocation agreements, office, warehouse, condominium purchases and dispositions; build-to-suit developments, corporate strategy consulting, site selection, and economic incentives negotiations.

  Keyser

  Co-Founder and Partner

  Darius Green

  Co-Founder and Partner

  Keyser

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  Chris Marchildon

  Chris Marchildon joined Newmark in 2023 and brings over 15 years of commercial real estate experience in Arizona. Marchildon is involved in every aspect of the marketing and selling of commercial real estate properties. In his tenure as a Capital Markets broker, Marchildon has completed 217 transactions totaling more than $4.9 billion in value. Prior to his real estate career, Marchildon graduated with a Bachelor of Science in Finance from Creighton University where he was a member of the Financial Management Association, as well as a member of the varsity baseball team. Marchildon also enjoyed a brief career in minor league baseball prior to beginning his real estate career.

  Newmark

  Executive Managing Director

  Chris Marchildon

  Executive Managing Director

  Newmark

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  Rob Hernandez

  Rob Hernandez serves as Senior Associate within TCC’s Phoenix market. In the role he oversees all aspects of due diligence and financial modeling/underwriting of prospective developments and acquisitions including validation of market information, preparation of investment packages, participation in presentation of opportunities to internal investment committee, and maintains communication with external clients and internal offices. Rob coordinates with marketing and property management teams to implement strategic goals for projects from lease-up through stabilization. Rob brings to the team nearly a decade of experience in the engineering, construction, and development sectors, focusing on office, multifamily, and industrial product types.

  Trammell Crow Company

  Senior Associate

  Rob Hernandez

  Senior Associate

  Trammell Crow Company

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  Shane Doherty

  Shane Doherty’s entrepreneurial spirit and customer centric approach are excellent complements to his role as Vice President, Commercial National Accounts. Based in Phoenix, Arizona, Shane facilitates and oversees transactions while cultivating and fostering intentional relationships with local, regional and national brokers, lenders, principals, developers, attorneys, and other industry stakeholders. As part of the National Commercial Services division, his talents are backed equally by an expert team of title, escrow, and due diligence professionals on a local and national level. Shane seamlessly transitioned to the commercial title arena after a 23+ year career in hospitality, commercial & tribal gaming enterprises, customized distribution & supply chain, and procurement services industries. Shane’s clients have willingly admitted that he is a charismatic leader and brings a high level of change management expertise that help organizations be better and more efficient. He possesses an outstanding ability to develop meaningful connections with people: to build report, ask insightful questions, understand how best to help, and follow through. Shane’s peers will flat out tell you he is useful, intentional, and authentic. Shane grew up in Palos Verdes Estates, CA and attended the University of Arizona (Bear Down!). He moved to Phoenix in 2004, where he resides in North Central Phoenix with his wife Shawnee of 25 years and son, Rhett (17). Outside of the office, Shane enjoys watching Rhett play football at Sunnyslope HS and lacrosse, travelling, golfing, hiking, “Front Yard Fridays”, home improvement, and chairing, advocating and cure seeking for pediatric brain cancer research through the Hope Through Hollis Foundation, created in honor and remembrance of his son Hollis.

  Commonwealth Title

  VP

  Moderator

  Shane Doherty

  VP

  Commonwealth Title

How to Fill Your Building & Keep it Occupied

How developers, brokers, designers, and marketing teams can attract tenants, maximize occupancy, and activate properties to stay competitive in today’s market

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  Jessica Morin

  Jessica Morin is Head of National Occupier Research at Newmark, where she leads thought leadership and research initiatives focused on occupier behavior, labor market dynamics and macroeconomic trends. Her work supports advisors and clients in making informed, data-driven real estate decisions that align portfolio optimization, workforce strategy and location planning. Morin works in close collaboration with Newmark’s Research, Consulting and Leasing teams to strengthen occupier-focused advisory and enhance the firm’s integrated research capabilities. With more than a decade of experience in commercial real estate research and economic development, Morin has a proven track record of translating complex data into actionable insights. She joined Newmark from CBRE, where she served as Director of U.S. Office Research, leading national programs analyzing office market performance, workplace strategy, and economic drivers. Other prior roles include Senior Director and Director of Market Analytics at CoStar Group, where she oversaw economic research for the Mountain West and Arizona markets; Vice President of Business Expansion at the Arizona Commerce Authority; and research positions at CBRE and Marcus & Millichap.

  Newmark

  Head of Occupier Research

  Jessica Morin

  Head of Occupier Research

  Newmark

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  Jeff Moloznik

  Moloznik leads public and private financing, entitlements, tenant relations, construction coordination, community outreach and government relations. His commitment to the community includes multiple board leadership positions and neighborhood groups.

  RED Development

  SVP Development

  Jeff Moloznik

  SVP Development

  RED Development

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  Nick Nudo

  Nick Nudo is a Vice President at Lincoln Property Company, specializing in office and industrial leasing with active involvement in ground-up development projects. With more than a decade of experience, he has built a reputation as a results-driven professional, contributing to the execution of complex lease transactions and supporting the delivery of large-scale development initiatives. Nick works closely with capital partners, development, and construction teams to align leasing strategy with project goals, helping drive successful outcomes from concept through stabilization. His collaborative approach, market insight, and client-first mindset have positioned him as a trusted advisor in the commercial real estate industry.

  Lincoln Property Company

  VP

  Nick Nudo

  VP

  Lincoln Property Company

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  Hannah Hackathorn

  Hannah, a Co-director and Principal for Mancini's Phoenix office, is a dynamic leader known for her innovative design approach and deep design-build knowledge. Her commitment to excellence and forward-thinking vision have been key in shaping our projects and inspiring our team to achieve new heights. Hannah is a collaborative leader committed to fostering an engaged and empowering work culture through strong partnerships with coworkers. She has a proven track record of building and maintaining relationships with a diverse range of stakeholders in dynamic, fast-paced environments. Her passion for design-build enables her to ensure the seamless delivery of projects.

  Mancini

  Co-director & Principal

  Hannah Hackathorn

  Co-director & Principal

  Mancini

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  David Kollar

  David Kollar serves as Senior Director, Construction & Development in Stream’s Phoenix office. He provides leadership and is responsible for a range of services, including workplace strategy, site selection, project development, plus tenant improvement, and build-to-suit construction projects in Phoenix, as well as other markets including Arizona, California, Oregon, Washington, Nevada, Ohio, Pennsylvania, New York, and Texas. David is an active leader in Phoenix’s construction and owner’s representation industries, with extensive experience delivering complex commercial real estate projects. He provides strategic oversight for tenant improvements, capital improvements, and large-scale prepositioning efforts, which brings confidence and clarity to every phase of the construction process. Known for his command of technical execution and risk management, he serves as a trusted advisor to ownership and executive teams—driving informed decision-making around cost, schedule, constructibility, and long-term asset performance. He leads multidisciplinary teams of architects, engineers, contractors, and consultants with direct, solution-oriented approach that prioritizes results. As a senior leader, he sets the standard for project delivery and professional development. He is actively involved in mentoring teams, establishing best practices, and leveraging industry relationships to create measurable value beyond the project scope. His leadership is defined by consistency, transparency, and the ability to deliver under demanding conditions.

  Stream Realty Partners

  Senior Director

  David Kollar

  Senior Director

  Stream Realty Partners

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  Cassie Van Ess

  Cassie Van Ess serves as Vice President of Business Development at Wespac Construction, where she drives strategic growth, builds client partnerships and mentors emerging talent. As the only female executive on Wespac’s leadership team, she also champions industry involvement through ULI Arizona, AZCREW, and NAIOP, while staying active in the Phoenix community through GPEC and volunteer work.

  Wespac

  VP, Business Development

  Moderator

  Cassie Van Ess

  VP, Business Development

  Wespac