John Chang

John Chang, head of research at Marcus and Millichap, dives into the current economic landscape, highlighting a slow rise in inflation and its implications for Fed rate cuts. He discusses the rare positive leverage available for multifamily financing and the ongoing decline in construction starts. Chang notes the challenges posed by high labor and material costs, while also uncovering favorable long-term trends in certain asset classes like Class A/B multifamily and medical offices, rife with opportunities as conditions evolve.

John Chang, head of research at Marcus Millichap with over 20 years in commercial real estate, joins Matt Faircloth for an insightful chat. They debate the future of multifamily housing, exploring rent ceilings and demand dynamics. John highlights how construction tariffs might limit supply amid rising Gen Z household formations. The discussion also touches on the potential recovery of office spaces and opportunities in hotels trading below replacement costs. They conclude with valuable insights on recession risks and the best times to build reserves or sell.

John Chang, who leads the research team at Marcus and Millichap and has been deeply involved in commercial real estate since 2007, shares valuable insights. He delves into the latest jobs report and its implications for the Fed's interest rates, highlighting looming policy uncertainties. Chang discusses the current labor market landscape, potential stagflation, and its varying impact on commercial real estate sectors. He notes the optimistic outlook for real estate amid evolving trends, emphasizing successful niches like necessity retail and the resurgence of office spaces.

John Chang, head of research at Marcus and Millichap, dives into the pressing seniors housing supply gap fueled by the aging baby boomer population. He highlights the urgent need for construction, as occupancies and rents soar. Switching gears, he discusses the multifamily market's resilience amid rising rents and record absorption rates, warning of looming labor shortages. With a significant drop in new housing starts, Chang paints a compelling picture for long-term investors seeking opportunities in both seniors housing and multifamily real estate.

John Chang, head of research at Marcus and Millichap, dives deep into the latest jobs report, revealing a sharp drop in job creation since April. He examines economic indicators like labor force participation and inflation trends, suggesting increasing recession risks. Chang discusses the Federal Reserve's dilemma with rising inflation against weak employment, making rate cuts unlikely. He concludes by predicting how these economic shifts will impact the commercial real estate landscape, particularly for apartments, retail, and industrial sectors in the coming year.