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Steve Sacqua

Research Analyst at Evercore ISI

Steve Sakwa is Senior Managing Director and Senior Equity Research Analyst at Evercore ISI, specializing in real estate investment trusts (REITs) and consistently ranked No. 1 or No. 2 in his field by Institutional Investor over the past 16 years, with top-spot recognition since 2022. He covers leading REIT companies such as Stag Industrial, UDR, and Camden Property Trust, maintaining a 52% success rate and an average return of 1.05% across nearly 480 ratings. Sakwa began his career at May Co. before analyst roles at Morgan Stanley and Merrill Lynch, later joining Evercore ISI, where he directs global property research for over 200 stocks. He holds an MBA from NYU Stern, a BA in Economics from University of Michigan, and maintains relevant securities research credentials.

Steve Sacqua's questions to Prologis (PLD) leadership

Question · Q3 2025

Steve Sacqua asked about the expected equilibrium of supply and demand over the next year and the expectations for market rent growth in the next 12 months.

Answer

President Dan Letter described the market as a classic real estate cycle with strengthening demand from large customers and low supply (below pre-COVID levels). Managing Director Chris Caton added that the new direction in demand in Q3 was key, noting 95 million square feet of net absorption year-to-date, projecting 125 million for the full year. Vacancy rates are expected to top out around current levels (7.5%), with deliveries declining into 2026 due to a 190 million square feet under-construction pipeline.

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