The Best Ever CRE Show JF 4063: Market Stability, Investor Sentiment and Growth Ahead ft. John Chang
Oct 19, 2025
John Chang shares insights from meetings with top investors, revealing a low recession risk and growing optimism in the economy. He discusses inflation trends, interest rate expectations, and sector-specific dynamics in commercial real estate. Key areas of opportunity include multifamily and medical office, while caution is advised in industrial and retail markets. Chang believes commercial real estate will outperform stocks and bonds in the coming years, urging investors to stay active to maximize potential returns.
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Podcast Context And Disclosure
- John explains he's in Seattle presenting on multifamily markets across the Pacific Northwest.
- He clarifies his podcast views are his own and not Marcus & Millichap's corporate positions.
Investor Optimism About Near-Term Recession
- Top investors at the meeting were largely optimistic and didn't expect a recession within a year.
- John Chang reports only one person in a ~20-person room raised their hand expecting recession.
Inflation Pressure Exists But Timing Is Uncertain
- Inflation is elevated but hasn't produced the large wave many expected yet, sitting near 2.9%.
- Tariff pass-throughs and service-price increases suggest inflationary pressure could arrive later this year or next.