Real Talk: Real Estate Discussions with Andrew Kirsh

Overview of the Real Estate Market with Mark Gibson, JLL CEO Capital Markets, Americas

Apr 17, 2024

Mark Gibson, JLL CEO Capital Markets, Americas, discusses signs of capitulation, institutional market return, and the oversold office market. Topics include interest rate impact, distress deals, coastal market focus, sourcing capital for construction, and preferred equity investments.

34:54

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Episode guests

Mark Gibson

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Episode notes

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Quick takeaways

Institutions are returning to the real estate market, indicating a narrowing bid-ask gap and increased deal volume.

Capital owners are evaluating hard assets over treasury investments, leading to preferred equity investments for higher returns in ground-up construction projects.

Deep dives

Market Trends and Institutional Activity

Mark Gibson from JLL discusses the state of the global and real estate market, noting a recent increase in deal volume and institutional investors returning to the market. The market is experiencing capitulation with the bid-ask gap narrowing, indicating more supply at market pricing.

Introduction

2min

Current State of Real Estate Market Trends and Predictions

21min

Navigating Capital Challenges in Real Estate Development

6min

Insights into CEO's Daily Role and Career Journey at JLO Capital Markets, Americas

3min

Expressing Gratitude and Outlook for Future Discussions on Real Estate Market

2min

In this episode of Real Talk, I speak with Mark Gibson, JLL CEO Capital Markets, Americas.

We discuss:

* Starting to see signs of capitulation

* Institutions are starting to come back to the market

* Office is oversold and likely not going to see real distress in other markets

Mark leads nearly 2,000 capital markets professionals across the United States, Canada, and Latin America. He also shares responsibility for the strategic direction, growth, and client activities of JLL's global capital markets business as a member of the firm's global capital markets board. Read more about Mark on JLL's website: https://www.us.jll.com/en/about-jll/mark-gibson#:~:text=Mark%20leads%20nearly%202%2C000%20capital,firm's%20global%20capital%20markets%20board.

Key moments:

0:31 – Intro

3:05 – Gibson’s views on the current market

9:05 - Interest rate reductions

12:26 – How rates have impacted changes to deal type

15:19 - Distressed deals

20:34 – Moving back to coastal markets

23:32 – Sourcing capital for ground up construction

27:54 – Preferred equity investments

29:49 – About Mark Gibson and his work at JLL

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In each episode of Real Talk: Real Estate Discussions, Andrew Kirsh interviews industry leaders to learn their real-time opinions on today's market, their background and unique career highlights, and guidance for newcomers to the industry.

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Andrew Kirsh is a founding partner of Sklar Kirsh LLP and is the Chair of the firm’s Real Estate Department. Sklar Kirsh LLP is a boutique law firm providing services in corporate law, real estate, entertainment, bankruptcy, and litigation.

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