Jonathan D. Miller


Jonathan D. Miller
Partner and Co-owner
Miller Ryan LLC

Executive Bio

A marketing communication strategist who turned to real estate analysis, Jonathan D. Miller is a foremost interpreter of 21st citistate futures – cities and suburbs alike – seen through the lens of lifestyles and market realities.

For more than 20 years (1992-2013), Miller authored Emerging Trends in Real Estate, the leading commercial real estate industry outlook report, published annually by PricewaterhouseCoopers and the Urban Land Institute (ULI).  He has lectures frequently on trends in real estate, including the future of America's major 24-hour urban centers and sprawling suburbs. He also has been author of ULI’s annual forecasts on infrastructure and its What’s Next? series of forecasts. On a weekly basis, he writes the Trendczar blog for GlobeStreet.com, the real estate news website.

Outside his published forecasting work, Miller is a prominent communications/institutional investor-marketing strategist and partner in Miller Ryan LLC, helping corporate clients develop and execute branding and communications programs. He led the re-branding of GMAC Commercial Mortgage to Capmark Financial Group Inc. and he was part of the management team that helped build Equitable Real Estate Investment Management, Inc. (subsequently Lend Lease Real Estate Investments, Inc.) into the leading real estate advisor to pension funds and other real institutional investors. He joined the Equitable Life Assurance Society of the U.S. in 1981, moving to Equitable Real Estate in 1984 as head of Corporate/Marketing Communications. In the 1980's he managed relations for several of the country's most prominent real estate developments including New York's Trump Tower and the Equitable Center. 

Earlier in his career, Miller was a reporter for Gannett Newspapers. He is a member of the Citistates Group and a board member of NYC Outward Bound Schools and the Center for Employment Opportunities.

  • Three Strikes and You're Out

    Many investment managers and wannabe investment advisors now put together funds to take advantage of the market distress. There's plenty of talk of mountains of equity capital on the sidelines ready to pounce on deals once there are deals to pounce on. We've heard this talk for several years now...

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  • Public Pension Woes

    Public pension funds have been big investors in real estate over the past 25 years, but what´s the future for these pools of capital? Corporate pension plans are steadily getting replaced by 401K alternatives which reduce company expenses and put investment decision making into the hands of employees....

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  • The Mortgage REIT Gambit

    Mortgage REITs have been getting plenty of attention lately. Their proponents--the sponsors and Wall Street bankers--tout them as a solution for providing the real estate debt markets with desperately needed liquidity. And yes, they may provide some funding to refinance borrowers with few other available...

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  • The graying poor

    The healthcare debate points to a growing schism in the U.S. between older people and younger Americans. The economics of Social Security and Medicare (both socialist programs by the way that few if any Americans want to give up) depend on younger working people supporting older retired seniors. The numbers...

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  • No spin can save you

    The inevitable tidal wave of commercial loan busts begins to form--over the next six months more borrower reserves run out and owners come to terms with the harsh reality of rising vacancies and lowering rents. Why should they put good money after bad trying to keep up with debt service when the property...

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  • Not a Good Feeling

    It´s a year since the Lehman Brothers collapse and we read in the New York Times over the weekend about investment banks securitizing bonds backing the proceeds from life insurance policies bought from elderly people looking to cash in benefits before they die. Since the CMBS and RMBS markets are dead,...

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  • "Tough Time" Musings

    I had meeting last week with the head of real estate for a household-name institutional investor which is a big player in the international markets. He likes Brazil. Another executive who works under his umbrella favors India. U.S. real estate will be an opportunity play eventually, they say, but its...

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  • Mixed Signals

    You´d think we´re back and everything was fine. Well at least according to the chief investment officer of one of North America´s leading banking institutions. We sat in his office overlooking an expansive trading floor doing an Emerging Trends interview late last week. "It´s one of the best...

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  • Buying low and selling high

    In retrospect, it's fascinating how sophisticated investors bought into the whole risk/return spectrum rationale for commercial real estate. Back in the 1980s, investors invested in real estate funds for income and some appreciation. If you wanted to take the risk for bigger returns, you did development...

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  • Hooray-the recession is over

    So the economic consensus is that the recession is over-we landed with a big thud after prolonged contraction and growth--albeit very anemic---has resumed. That´s good news, of course. The costly stimulus and financial industry bailouts indeed appear to be working to stanch what might have been even...

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