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.

  • Musings before the release of Emerging Trends

    Emerging Trends in Real Estate 2010 gets released on Thursday at the Urban Land Institute´s Fall Meeting in San Francisco.  I´ll have more to comment about the forecast, which I author, after PricewaterhouseCoopers and ULI unveil the report. But here are a couple of observations coming off several...

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  • Trying to Find Silver Linings

    I´m preparing for next week´s unveiling of Emerging Trends in Real Estate 2010 at ULI in San Francisco. I won´t be giving away the store to say next year won´t be the greatest in industry history...  I know audiences don´t want to hear all gloom and doom (who needs to sit through a downer?),...

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  • Dealmaking or Operations

    Of course, the push back on government financial regulation over trading businesses isn't surprising. The people who run the big financial firms and who dole out massive political campaign contributions have had a good thing going--massive compensation with little downside risk to their personal fortunes...

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  • The reality of austerity

    No politician would dare say it--Americans spend (waste) too much and aren't taxed enough. But we need to spend less and save more at the personal level, and should be taxed more to pay for programs we all want like social security, medicare-health care, and defense. And we must insist on getting...

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  • Confronting the CMBS problem

    Everyone I talk to says the key to real estate market recovery is resuscitating the CMBS markets. There´s plenty of equity "on the sidelines," but without credit and refinancing sources, the capital markets will stay frozen. Ironically, the CMBS concept helped jump start market recovery 15 years...

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  • Dealing with change

    "Change is good." That's what the head of an acquiring company once told me and other employees of a business he was taking over. For all the spin about mergers and acquisitions being good for companies--the majority do not pan out except for the bankers who engineer the deals and then later...

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  • Follow the Money (Consumer)

    A raft of recent statistical indicators show the recession has ended--housing prices increase in many regions, job losses decline month by month, and today the government announced a shallower contraction in GDP during the second quarter. It's odds on that third quarter GDP numbers will be in the...

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  • 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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