Jonathan D. Miller

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, 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 Fundamentals Reality: Weak Demand

    We all know about fundamentals and supply and demand. But the supply and demand that many real estate investors seem to focus on today is capital. They count on more capital to make things better. They hope if capital comes back into the markets we can start doing more deals again, prices would increase in the augmented trading, and the cycle would ramp up. Bad deals transacted near the last market peak might have a chance, if they could be bailed out by appreciation.

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  • Carried Away by Carried Interest

    Leading appraisers I´ve talked to expect core institutional portfolios to register value gains averaging somewhere between 5% and 8% for the calendar year. Add in income returns, and these real estate funds should see "double digit" low to mid teens performance during 2010. Real estate is back......

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  • Out of the Woods?

    So real estate markets are give-or-take at bottom, the worst is over, recovery is in the offing. Everybody should be feeling better, but why do so many of us take pause and register lack of confidence in a solid rebound. One of the best recent commentaries on where markets are headed was released last...

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  • At Bottom

    If you´re an investor and you´ve been waiting patiently, maybe nervously, for the market bottom of commercial real estate, we´re here. Well, give or take we´re here. For all that capital that we´ve heard about standing on the sidelines ready to jump in and buy bargains-you´re time is now....

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  • The China Scene

    With the Shanghai 2010 Expo opening and early summer weather arriving, two officials from a major international luxury hotel chain were overheard talking business in the executive lounge of their Beijing flagship near Tiananmen Square late last week-"We like all the security here, it´s good for...

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  • Water and Water Infrastructure


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  • Getting our Heads Screwed on Straight

    Despite last week's passionate Tea Party rallies, taxes will increase across the board--at the federal, state, and local levels--over the next decade. Nearly 50% of Americans may pay no federal income tax, but they pay payroll taxes and sales taxes, state income taxes and property taxes, as well as...

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  • The Crime Threat

    As readers know, I am a big believer that America´s future lies in the vibrancy of its major metropolitan areas-the prime gateway cities where most of our economic activity concentrates. But the recession and its aftermath push these cities to an inflection point-after nearly 20 years of resurgence,...

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  • Shareholder Value and Real Estate

    So many stats recently... Employment is edging up... finally. But private sector hiring is barely registering any increases. And CEO pay continues to go up-now averaging 350 times more than the lowest paid company worker compared to about 25 times in 1960. All this while over the last decade the average...

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  • Good News?

    At a client meeting last week, a top broker asked me when we would see "some good news." Come to think of it, I´ve been writing this blog since November 2007, and it´s been all downhill since then. I asked him what he thought---he helps oversee a 1500-plus nationwide network trying to source deals....

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