Trend Czar

About This Blog

Unvarnished truth. Consultant Jonathan Miller (Miller-Ryan) has compelling views on the market, and he shares them with subscribers.
  • Taking the Industry Pulse… And What Does Twitter Augur?

    A year ago we were saying pricing in the nation’s leading markets looks mighty rich and asking whether an investor could feel comfortable buying existing assets with the risk of rising interest rates. Well, today we are contemplating the very same question as more international money looks to park itself in our 24-hour cities, prices have edged even higher and the economy has perked up to the point where the Fed may be more inclined to start adjusting up rates in the direction of more normalized levels. At the same time, comfort with secondary and tertiary markets has only marginally improved—continuing lackluster tenant demand does not justify an enhanced outlook and the potential for higher interest rates poses a greater threat for the prospects of commodity properties.

    Read More
  • Suffering Suburban Office

    Fifteen years ago Gwinnett County northeast of Atlanta was one the country’s fastest growing places—a center of ravenous suburban expansion—widening boulevards and parkways, strip shopping centers laced along gasoline alleys, disconnected office parks, residential subdivisions off dead-end cul de sacs, and swaths of blacktopped parking spaces. Local officials blocked extending the Atlanta MARTA subway system into the county, ensuring car dependence while consciously setting up transit barriers from poor sections of the metropolitan area to the south.

    Read More
  • Capital Concentration

    Property values continue to escalate wildly in the global gateways as the wealthy and ultra-wealthy look to park money in the world’s perceived safest and most stable places—on the top tier that means London and New York, but the effect in the U.S. extends from San Francisco and districts in Los Angeles to the Miami waterfront.

    Read More
  • The Same Old Song

    The government shutdown is a sure fire way to reduce government spending, while temporarily cutting the pay checks for millions of Americans… Obama Care is designed to reduce the amount we pay for health care impacting a huge profit-center industry that has been milking businesses and individuals for years with the highest costs in the world. Time will tell if the new health care plan will work… One way or another the federal government will temper its spending when the political parties work out some deal—actually shrinking spending is not in the cards… States and local governments, meanwhile, curtail services and eliminate what have been good paying jobs with generous benefits... And those public pensions are the next in the cross hairs as we have been pointing out.

    Read More
  • A Dream or Finally Facing Reality

    It was easily missed in President Obama’s speech on the 50th Anniversary of Martin Luther King’s march on Washington DC. It was a short passage on the challenges facing the country and the impediments to realizing Dr. King’s dream—The President said: “We shouldn't fool ourselves. The task will not be easy. Since 1963 the economy's changed. “The twin forces of technology and global competition have subtracted those jobs that once provided a foothold into the middle class, reduced the bargaining power of American workers.”

    Read More