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.

  • The Core Portfolio Manager Dilemma--Take The Money And Run?

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  • Take Off the Blinders

    Facebook's recently purchased a virtual reality goggle company. Are they putting the blinders on everyone else?

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  • The So Uncool Burbs

    The use of public transit hit its highest level since 1956, Sbarros is bankrupt, JC Penney and Sears woes continue...with its base seemingly dwindling, what will happen to the suburban mall?

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  • Paris Theme Park

    Europe essentially remains in the doldrums, and the French economy begins to look more like Italy’s or Spain’s and less like Germany’s, while the Germans feel the drag of the rest of the region.

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  • No Free Ride

    High speed rail in the United States continues to go nowhere fast…

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  • Precious Water

    Back East we’re freezing and snow covered. Out West, we’re getting thirstier…

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  • Following the Money

    Coming out of 2013, the big institutional core real estate funds reportedly are scoring handsome low-to- mid-teens annualized returns, continuing an excellent run. Concentrating investments in the major urban areas has been paying off as capital continues to flood into these markets, creating cap rate compression in an ongoing low interest rate environment. Over the last several years, apartments had a nice spike, now industrial real estate is taking over, Class A office in the best submarkets generates NOI growth off renter demand for flexible and sustainable space, and those good old fortress malls continue to score, attracting all the top retailers, who winnow positions in lesser shopping centers.

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  • Nowhere to Go

    A ton of money sits on the sidelines looking to invest in real estate—is it $50 billion, $70 billion, $100 billion—who really knows? But by all accounts there continues to be plenty of capital that seems priced out of the top markets, remains skittish about everywhere else, or both.

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  • Happy New Year! Will It Be?

    In the real estate world, 2014 will be more of the same. And so you want something more exciting and different? Look it could be a lot worse…

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  • Houston’s Ride

    The chamber of commerce spirit can be counted on to get the provincial juices flowing—where does my city (metro, town) fit in the pecking order of investment choice? Locals look at the year-end surveys to see where their market ranks. And darn if it looks pretty much the same every year. One way or another the vast amount of capital flows head into the familiar 24-hour cities, which I identified nearly 20 years ago in Emerging Trends. The order may change from year to year, but institutional capital wants to be in New York, Washington, DC and San Francisco first and foremost. And Los Angeles, Boston, and Seattle will always be perennial favorites too. These are the places where the nation’s economic engines concentrate and most commerce gets done. It is where tenant demand is strongest, driving NOI growth and real estate values. In downturns, these markets tend to hold value better and recover more quickly. That’s been true again in the most recent cycle, and these places are where the smart money invests to buy and own. They are the real estate blue chips.

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