The most important impact of the tragedy in Japan is of coursethe human toll. With thousands of victims and displacedindividuals, the impact will take time to fully assess. Assessingthe economic impact is also is a moving target given the unknownoutcome of the nuclear power plant disasters. However, assuming thedirect and indirect worst-case scenarios are avoided, the globaleconomic recovery may be challenged but should continue. Relief andreconstruction efforts, including international aid, will bepositive humanitarian and economic factors that could have manylasting benefits.

What will the crisis in
Japanmean for real estate investments in theUnited States?

GDP: In 2011, we still expectU.S. GDP growth of approximately 3% and job growth of approximatelytwo million, or 2%, with accelerated growth in 2012 as confidencereturns to the marketplace. Japan represents a relatively smallpercentage of our exports (just 5%), and any reduction in demandfrom Japan right now will likely be significantly offset byincreased demand, particularly for building materials andequipment, later this year and into 2012 .Reduced production ofsome Japanese products over the next six to 12 months (or perhapseven longer) will also temporarily increase market share forU.S.-made goods, in particular automobiles. To the negative,however, will be some supply shortages, particularlysemi-conductors and electronic components, as well as automotiveparts. It is noteworthy, however, that Japan no longer has thedominance in production it once had. Imports from Japan recentlyrepresented only 6% of total U.S. imports.

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Hessam Nadji

Hessam Nadji is president and chief executive officer of Marcus & Millichap, a leading commercial real estate firm specializing in investment sales, financing, research and advisory services. Founded in 1971, Marcus & Millichap has grown to more than 1,700 investment sales and financing professionals with offices throughout the United States and Canada. In 2016, the firm completed 8,995 transactions with a sales volume of over $42 billion. Mr. Nadji joined Marcus & Millichap in 1996 as vice president of research and advisory services and positioned the firm as a leading provider of market trends, analyses and expertise. Over the years, his role expanded to include marketing and strategy, enabling him to play a key role in establishing and growing Marcus & Millichap’s national brand. In 2010, Mr. Nadji assumed the leadership role for all of the firm’s national specialty brokerage divisions, which grew rapidly under his supervision. Marcus & Millichap’s specialty divisions function as client service teams of specialists with in-depth expertise in 12 real estate segments and achieved sales of $21.5 billion in 2015. Mr. Nadji also played a leading role in the preparation and execution of the firm’s IPO in 2013 as Marcus & Millichap’s chief strategy officer. He was named president and CEO in April 2016. Mr. Nadji is frequently sourced on behalf of the firm by national business media outlets, including The Wall Street Journal, Investor’s Business Daily, Real Estate Forum, CNBC, Fox Business TV, Bloomberg TV, and numerous commercial real estate publications. Prior to joining Marcus & Millichap, Mr. Nadji was senior vice president at Grubb & Ellis, where he began his career in 1986. He received a Bachelor of Science degree in information management and computer science from City University in Seattle. Mr. Nadji is a member of the National Multi Housing Council executive committee, the Urban Land Institute, the International Council of Shopping Centers and NAIOP.