Jody Thornton, Executive Chairman of Capital Markets, Americas at JLL, joins the show to unpack his decades-long journey in commercial real estate—from starting out as an accountant to helping lead the growth and IPO of HFF, and its eventual merger with JLL. Jody shares invaluable lessons on work ethic, client-first culture, mentorship, the evolution of capital markets, and why faith and relationships remain at the core of his leadership.

This episode is packed with insights for anyone looking to understand how real estate has shifted over the years and what it takes to build a career that lasts.

In This Episode

[01:52] From Accounting to Real EstateHow a background in finance and a push from his dad got Jody started—and why he left accounting to “do the deals.”

[05:37] Entering Real Estate at the Worst Possible TimeJody’s transition from Pete Marwick to HFF, the evolution of capital markets, and how representing the client—not the lender—was a radical idea back then.

[10:12] Why Institutional Capital Changed the GameA look at how the rise of pensions and family offices has permanently reshaped real estate.

[12:03] Culture Over TechnicalsWhat Jody looks for in hires, why HFF emphasized culture and ethics, and why “blue collar mindset” still matters in white collar roles.

[15:56] The Rise of Industrial Real EstateHow Jody helped build out JLL’s industrial platform and why manufacturing is coming back strong.

[18:54] Learning from the '80s and 2008The dangers of overleverage, personal recourse, and how institutional equity brought shock absorbers to the industry.

[24:25] What’s Next for Office?Office is slowly rebounding—but not without challenges. Jody shares thoughts on re-pricing, conversions, and generational preferences.

[27:27] Markets to WatchWhy San Francisco, Chicago, and the Carolinas are catching tailwinds again.

[28:55] Why HFF Merged with JLLThe culture fit, client expectations, and how full-service platforms win complex deals.

[34:00] Deals, Mentors & RelationshipsFrom Southlake Town Square to The Village in Dallas, Jody reflects on deals and peers who shaped his career.

[38:06] Walking the Talk on FaithHow his faith informs leadership, ethics, and culture at JLL.

[40:39] Work-Life Balance & FamilyBoundaries, coaching kids’ sports, and how he made time for both career and home.

[42:05] Real Estate & Tech – Frenemies or Friends?Why information flow and data matter more than ever—and how JLL's tech gives them an edge.

[47:17] Motivation, People, and the Long ViewWhat keeps him going (people), what keeps him up (people), and what he’d tell his younger self: work ethic is everything.

Guest Resources

JLL – https://www.us.jll.com

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Editing and Support by ⁠⁠⁠⁠⁠The Good Podcast Co.⁠

Q+A: The Week Ahead | 24 Nov 2025

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