Trend Czar

About the Author

Jonathan D. Miller

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.

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Sydney Australia Property Market Update

House prices in Sydney are rising and show no signs of slowing. Auction clearance rates are currently sitting above 70%. RP Data results show that property values in Australia´s capital cities increased by 12.7% over the 12 months to end February 2010. In the 3 months ending February 2010 Sydney property values increased by 3.8% with the median property value now $519,000. Low supply of properties is a continual problem particularly in the sought after areas of the Eastern Suburbs, North Shore, Northern Beaches and Inner West. Whilst interest rates may rise; the low volume of available properties, low levels of new construction and high demand from buyers will likely cause Sydney properties rises to continue to rise through out the year.

If you are considering buying a home or an investment property in Sydney and need advice or require assistance with finding and negotiating the right property call Prosper Group - property buyers agent Sydney on 1300 664 373 or email us on
Posted by comment_user_455003 | Monday, May 31 2010 at 8:06AM ET
interesting post! They want to eliminate the existing generous tax treatments, which allow private equity firms to shelter gains from promotes on other people´s money.
Posted by comment_user_455002 | Monday, May 31 2010 at 12:59AM ET
1. If you truly think that a change in tax law will have no impact on how capital is invested then you shouldn´t really be writing articles about real estate. Use your journalism degree to write about something requiring less knowledge - such as politics.
2. Why do you seem to always take the viewpoint that paying more taxes is ok? I would enjoy knowing if you voluntarily pay more taxes.
3. For additional insights on Finance and Banking see
Posted by comment_user_455001 | Monday, May 24 2010 at 5:17PM ET
I suppose for the bottom feeder, the opportunity will remain. But for the shopping center owner, or current builder, the change in taxing will create even more pain in any exit strategy than was already being experienced. Focusing on the sharks is fine, and yes they will survive, but the extra 20% in ADDITIONAL taxes factored into the discounts buyers will then expect, is going to create further bankruptcies and foreclosures. If real estate's "recovery" is only to benefit the sharks then the carried interest inflicted wounds should create more blood in the water for them to celebrate. For everyone else, from shopping center owners to tenants, to customers, it is a disaster.
Posted by comment_user_455000 | Monday, May 24 2010 at 1:06PM ET
Whatever the effect on "bottom feeders" and the recovery, long term this new law will significantly discourage real estate development by entrepreneurs. Unlike hedge fund and private equity fund managers who typically risk nothing, a real estate developer will almost always have to provide a personal payment guaranty to the construction lender -- in essence risking his entire net worth on the success of the project. But per the proposed law, he will be taxed at the same rate as the fund manager who assumed zero risk for his "carried interest" and the "carried interest" the developer receives for taking that huge risk will be taxed at ordinary rates--same as the fund manager.

In short, the proposed law ignores the very real "investment" the developer makes in putting his entire worth on the line -- and to that extent will be a significant deterrent to the willingness of developers to assume that risk.
Posted by al adams | Friday, June 04 2010 at 12:57PM ET