George Paskalis is the executive vice president of MG Commercial Real Estate Services Inc., after buying the firm together with partner Leeds Mitchell IV in 2024 from the firm’s founder, Mike Giuttari. MG Commercial was founded in 1998, serving southeastern Massachusetts and Rhode Island.
Paskalis is also the president of the Society of Industrial and Office Realtors of New England. He has been a commercial real estate broker for more than 25 years. Throughout his career, Paskalis has successfully completed more than 450 transactions, totaling well over 11 million square feet and $215 million in transaction value throughout Rhode Island and southeastern Massachusetts. A resident of East Greenwich, Paskalis holds a bachelor’s degree in economics from the University of Rochester.
PBN: In 2024, you and Leeds Mitchell acquired MG Commercial from Mike Giuttari. What’s your vision for the firm’s future under your leadership?
PASKALIS: We will certainly continue to build on the positive aspects of our company that contributed to the success of MG Commercial over the years. We envision measured growth by numbers as we continue to build our internal culture, best defined by our deep sense of teamwork, collaboration and client-first approach, along with a high-tempo, positive approach to our business.
We are continually working on advancing our technology and improving our brand and services to provide all of us with the best tools in the market to better serve our clients as well.
PBN: As one of the region’s top industrial specialists, what key trends are you currently seeing in the Rhode Island and southeastern Massachusetts industrial markets?
PASKALIS: There is strong demand to purchase industrial real estate, especially from end users, while leasing activity is steady but is less active. The tariff scenario certainly created hesitation in the market but as it gets sorted out, I would expect demand on the leasing side to ramp up. Industrial real estate remains the strongest asset class for investors seeking cap-rate and value-add deals.
PBN: With deep experience representing both landlords and tenants, what advice would you give to companies looking to lease industrial space in Rhode Island right now?
PASKALIS: Align yourself with an experienced broker specializing in industrial real estate to help your company navigate through the nuances of a building search. A specialist will have their pulse on market trends/conditions to advise properly during negotiations, but also deep knowledge of the buildings on the market and buildings that are not on the market (but coming available).
This market insight, because of the years of relationship building with landlords, can make a significant difference in securing the best space for your company given the historically low vacancy rates.
PBN: With well over 500 transactions behind you – including significant regional land deals – what’s your perspective on the evolving demand for land and industrial space in southeastern Massachusetts and Rhode Island?
PASKALIS: Demand for new construction has long been stifled by high construction costs coupled with market lease rates for existing space being significantly lower. However, with industrial lease rates rising in our market, albeit slower than other markets, the gap between new construction rents and existing rents is closing somewhat. With consistent low vacancy rates being the new norm in the last several years, I am beginning to see more activity on land deals and build-to-suit options.
PBN: You’ve held leadership roles in industry organizations like the Society of Industrial and Office Realtors and the Rhode Island Building Owners and Managers Association. How have these roles shaped your approach to commercial real estate and your knowledge of the industry?
PASKALIS: I’ve been a member of SIOR now for 15 years and have been a board member of our New England Chapter for eight or so years, currently serving as president. These roles have put me in front of some of the most successful brokers in the nation and New England region.
Whether it’s learning about other markets around the country [or] collaborating with board members on dynamic SIOR chapter events or on solutions to challenges in deals, the takeaways for me have been enormous. But the relationships built are what really counts, and that is what I value most in my approach to commercial real estate brokerage.
Marc Larocque is a PBN contributing writer. Contact him at Larocque@PBN.com. You may also follow him on X @Marc_La_Rock.
