Trend Czar

About This Blog

Unvarnished truth. Consultant Jonathan Miller (Miller-Ryan) has compelling views on the market, and he shares them with GlobeSt.com subscribers.
  • 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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